Half-yearly Report
NEWS RELEASE
To: City Editors
For immediate release
30 November 2011
London Stock Exchange Announcement
The Biotech Growth Trust PLC
Unaudited Interim Report for the Six Months ended 30 September 2011
INVESTMENT OBJECTIVE AND BENCHMARK
The Company seeks capital appreciation through investment in the worldwide
biotechnology industry, principally by investing in emerging biotechnology
companies. Performance is measured against the NASDAQ Biotechnology Index
(sterling adjusted).
INVESTMENT POLICY
In order to achieve its investment objective, the Company invests in a
diversified portfolio of biotechnology (including emerging biotechnology
companies) and related securities on a worldwide basis.
Investment restrictions
The Board seeks to manage the Company's risk by imposing various investment
limits and restrictions. The limits and restrictions remain unchanged from
those published in the annual report for the year ended 31 March 2011. A
summary of the key limits and restrictions are as follows:
- The Company will not invest more than 15% of the portfolio in any one
individual stock at the time of acquisition.
- The largest 30 quoted stocks will normally represent at least 50% of the
quoted portfolio.
- The Company will not invest more than 10% of the portfolio in direct
unquoted investments at the time of acquisition. This limit does not include
any investment in private equity funds managed by OrbiMed Capital LLC, the
Company's Investment Manager, or any affiliate thereof.
- The majority of the emerging biotechnology companies that the Company will
invest in are likely to be companies with a market capitalisation of less than
US$3 billion that have undergone an IPO (Initial Public Offering) but as yet
are unprofitable. They will typically be focused on drug research and
development, with their valuations driven by profitable developments, clinical
trial results and partnerships.
- The Company may invest or commit for investment a maximum of US$15 million,
after the deduction of proceeds of disposal and other returns of capital, in
private equity funds managed by OrbiMed Capital LLC, the Company's Investment
Manager, or an affiliate thereof.
- The Company does not hedge its foreign currency exposure.
In accordance with the requirements of the UK Listing Authority, any material
change to the investment policy will only be made with the approval of
shareholders by ordinary resolution.
CAPITAL STRUCTURE
During the half year, a total of 1,084,144 shares were repurchased by the
Company for cancellation. At 30 September 2011, the Company had 63,870,537
shares of 25p each in issue (30 September 2010: 65,869,809; 31 March 2011:
64,954,681). Since the end of the half year 43,828 shares have been
repurchased for cancellation by the Company. As at 23 November 2011 the
Company had 63,826,709 shares in issue.
GEARING
Under the Company's Articles of Association, the maximum amount the Company
may borrow is a sum equal to 33% of the adjusted total capital and reserves.
The Board has, however, set a current limit of £15 million. The Company's
borrowing requirements are met through the utilisation of a loan facility,
repayable on demand, provided by the Company's custodian, Goldman Sachs & Co.
New York. At 30 September 2011, the Company had not used this facility.
CONTINUATION VOTE
The next continuation vote of the Company is scheduled to be held at the
Annual General Meeting in 2015. Further opportunities to vote on the
continuation of the Company shall be given to shareholders every five years
thereafter.
COMPANY SUMMARY
PERFORMANCE STATISTICS
30 September 31 March
2011 2011 % change
Net asset value per share 1 83.2p 186.0p -1.5
Share price 173.5p 166.0p +4.5
Discount of share price to 5.3% 10.8% -
net asset value per share
NASDAQ Biotechnology Index 619.7 647.9 -4.4
(sterling adjusted)
CHAIRMAN'S STATEMENT
PERFORMANCE
Against a background of severe economic and political difficulties in many
parts of the world, stock markets experienced periods of high volatility
during the Company's half year and the MSCI World Index fell by 15.1% in
sterling terms during the period. Thanks, however, to its defensive qualities,
the Biotechnology sector substantially outperformed the wider market. The
Company's benchmark, the NASDAQ Biotechnology Index, measured in sterling
terms, fell by 4.4% over the same period. The Company's net asset value per
share fell by 1.5% during the period and, while disappointing in absolute
terms, this represents a substantial outperformance of both the benchmark and
the wider market. The Company's share price performed better still, rising by
4.5% as the discount of the share price to the net asset value per share
narrowed from 10.8% at 31 March 2011 to 5.3% at 30 September 2011.
I am pleased to report that the Company's Investment Manager has won the
techMARK Technology Fund Manager of the Year award for its management of the
Company's portfolio which was the best performing technology fund for the
period 1 October 2010 to 30 September 2011.
Further information on investment performance and the outlook for
the Company is given in the Review of Investments beginning on page 4 of this
Interim Report.
DISCOUNT MANAGEMENT POLICY AND SHARE BUYBACK POLICY
The Board has continued to implement its policy of active discount
management and to buy back shares for cancellation when the discount of the
share price against the net asset value per share is
greater than 6%. During the six months under review the Company repurchased a
total of 1,084,144 shares for cancellation at a cost of £1,947,000 (including
expenses).
REVENUE AND DIVIDENDS
The revenue loss for the period was £170,000 (six months ended 30 September
2010: loss of £202,000) and no interim dividend is declared (six months ended
30 September 2010: nil).
OUTLOOK
There is enormous uncertainty regarding the outlook for the markets for the
remainder of 2011 and beyond. Massive global economic imbalances persist, the
euro zone is in chronic turmoil, growth in many countries is stubbornly low
and employment in the U.S. is apparently an intractable problem. Nevertheless,
in spite of these worrying circumstances, your Board believes that
historically low valuations in the Biotechnology sector, the sector's role as
a key source of innovative new drugs and continuing merger and acquisition
activity will together enable the long term investor in the sector to be well
rewarded.
JOHN SCLATER CVO CHAIRMAN
23 NOVEMBER 2011
INTERIM MANAGEMENT REPORT
PRINCIPAL RISKS AND UNCERTAINTIES
A review of the half year, including reference to the risks and uncertainties
that existed during the period, and the outlook for the Company can be found
in the Chairman's Statement beginning on page two and in the Review of
Investments beginning on page four. The principal risks faced by the Company
fall into ten broad categories: objective and strategy; level of discount/
premium; portfolio performance; operational and regulatory; market price risk;
liquidity risk; shareholder profile; currency risk; the risk associated with
the Company's loan facility; and credit risk. Information on each of these
areas is given in the Business Review within the annual report and accounts
for the year ended 31 March 2011. In the view of the Board these principal
risks and uncertainties are applicable to the remaining six months of the
financial year as they were to the six months under review.
RELATED PARTY TRANSACTIONS
During the first six months of the current financial year, no transactions
with related parties have taken place which have affected the financial
position or the performance of the Company during the period.
DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the interim report in accordance
with applicable law and regulations. The Directors confirm that to the best of
their knowledge the condensed set of financial statements, within the interim
report, have been prepared in accordance with IAS 34 and that the Chairman's
Statement and the Interim Management Report include a fair review of the
information required by 4.2.7R and 4.2.8R of the FSA's Disclosure and
Transparency Rules.
The interim report was approved by the Board on 23 November 2011
and the above responsibility statement was signed on its behalf by:
JOHN SCLATER CVO CHAIRMAN
REVIEW OF INVESTMENTS
PERFORMANCE
The Company's net asset value per share decreased by 1.5% during the period.
The Company's benchmark index, the NASDAQ Biotechnology Index (measured on a
sterling adjusted basis), declined by 4.4% during this period.
The top contributors to performance in the portfolio were Pharmasset,
Pharmacyclics, Idenix Pharmaceuticals, Cubist Pharmaceuticals and Biogen Idec.
- Pharmasset continued to be a top performer due to emerging data showing that
its nucleotide polymerase inhibitors are likely to be leaders among the next
generation of hepatitis C treatments. The strong potency and high barrier to
resistance of these compounds make them ideal candidates to replace
Interferon-containing regimens as standard of care with potentially higher
cure rates and more favourable side-effect profiles. Since the period end
Gilead Sciences confirmed its agreement to acquire Pharmasset for
approximately U.S.$1 1 billion. This represents an 89% premium to Pharmasset's
closing share price on 18 November.
- Pharmacyclics performed strongly due to positive phase II data presented at
the American Society of Clinical Oncology annual meeting demonstrating robust
activity of its lead compound PCI-32765 for the treatment of chronic
lymphocytic leukemia and mantle cell lymphoma. We continue to believe that
this is one of the most exciting compounds currently in clinical development
against cancer.
- Idenix Pharmaceuticals' shares strengthened due to the rising profile of
polymerase inhibitors against hepatitis C based on the Pharmasset data, and
increased optimism that its own polymerase inhibitor would prove safe in the
clinic.
- Cubist's shares advanced after the company announced a settlement in its
patent dispute with Teva concerning lead drug Cubicin. The patent issue had
long been an overhang on the stock that compressed the valuation. The
settlement delays the launch of a generic version of the drug until 2018.
- Biogen Idec shares rose due to better than expected phase III data for BG-1
2 for Multiple Sclerosis. We expect this drug to compete favourably against
existing treatments.
The largest losses were from positions such as in K-V Pharmaceutical,
Illumina, and Life Technologies.
- K-V Pharmaceutical shares declined in part due to the U.S. Food and Drug
Administration's decision to not block compounding pharmacies from making
generic versions of the company's drug Makena. As a result, the launch of the
product has fallen short of expectations.
- Illumina and Life Technologies, both providers of equipment and reagents for
academic and commercial research, declined due to concerns about cutbacks in
the research budget of the U.S. National Institutes of Health. Additionally,
Life Technologies was affected by supply disruptions for its sequencing
instruments due to the Fukushima earthquake.
REVIEW OF INVESTMENTS (continued)
OUTLOOK
Macroeconomic worries intensified during the period concerning slowing global
growth and the debt crisis in Europe and biotechnology stocks were not
completely immune from this. However, the fundamentals of the industry remain
strong. Valuations are at the low end of the historical range and the major
biotechnology companies have generally met or exceeded financial expectations.
Although healthcare reform in the U.S. had been a concern previously, it has
not had significant negative consequences for the biotechnology sector.
Biotechnology continues to be a key source of innovative new drugs, and the
potential reward to investors of correctly identifying these drug candidates
at an early stage is very significant.
The number of holdings in the portfolio is approximately 40, exclusive of
unquoted investments and warrants. The geographic distribution of assets is
90% North America, 6% Europe and 4% Asia. Currently approximately 45% of the
Company's assets are invested in major capitalisation companies, and 55% are
invested in small and mid-capitalisation companies. We believe that the
Company is well positioned to capitalise on the opportunities in the sector.
SVEN BORHO
ORBIMED CAPITAL LLC INVESTMENT MANAGER 23 NOVEMBER 2011
TOP AND BOTTOM FIVE CONTRIBUTORS TO NET ASSET VALUE PERFORMANCE
FOR THE SIX MONTHS TO 30 SEPTEMBER 2011
Contribution for Contribution
the six months per share
to 30 September (pence)*
2011
£'000
Top Five Contributors
1 Pharmasset 6,736 10.5
2 Pharmacyclics 4,375 6.8
3 Idenix Pharmaceuticals 1,581 2.5
4 Cubist Pharmaceuticals 1,239 1.9
5 Biogen Idec 1,024 1.6
14,955 23.3
Bottom Five Contributors
1 K-V Pharmaceutical (2,350) (3.7)
2 Illumina (2,047) (3.2)
3 Warner Chilcott (1,496) (2.3)
4 Life Technologies (1,486) (2.3)
5 Insmed (1,312) (2.0)
(8,691) (13.5)
*based on 64,268,350 ordinary shares being the weighted average number of
shares in issue during the period ended 30 September 2011
Source: Frostrow Capital LLP
INVESTMENTS
AS AT 30 SEPTEMBER 2011
Fair Value % of
Security Country £'000 Investments
Pharmasset United States 11,485 10.2
Gilead Sciences United States 11,308 10.0
Pharmacyclics United States 5,316 4.7
Incyte Genomics United States 5,237 4.6
Alexion United States 4,954 4.4
Pharmaceuticals
Amgen United States 4,937 4.4
Affymetrix United States 4,591 4.1
Life Technologies United States 4,564 4.1
Thermo Fisher United States 3,944 3.5
Scientific
Perrigo United States 3,862 3.4
Top 10 investments 60,198 53.4
Celgene United States 3,220 2.9
Illumina United States 3,073 2.7
Teva Israel 3,034 2.7
Pharmaceutical
Industries
Shire Ireland 2,846 2.5
3SBio China 2,785 2.5
BioMarin United States 2,762 2.4
Pharmaceutical
Warner Chilcott Ireland 2,568 2.3
VIVUS United States 2,516 2.2
Biogen Idec United States 2,493 2.2
Fluidigm United States 2,343 2.1
Top 20 investments 87,838 77.9
Exact Sciences United States 2,248 2.0
Affymax United States 2,039 1.8
Trius Therapeutics United States 2,005 1.8
*
Regeneron United States 1,532 1.4
Pharmaceuticals
OrbiMed Asia
Partners L.P.
(unquoted) Far East 1,527 1.3
Onyx United States 1,500 1.3
Pharmaceuticals
Cubist United States 1,366 1.2
Pharmaceuticals
Stratec Biomedical Germany 1,325 1.2
Systems
NPS Pharmacuticals United States 1,320 1.2
ArQule United States 1,297 1.1
Top 30 investments 103,997 92.2
All of the above investments are equities unless otherwise stated. *Includes
warrants
INVESTMENTS (continued)
Fair Value % of
Security Country £'000 Investments
Medivir Sweden 1,245 1.1
Tranzyme United States 1,159 1.0
Human Genome United States 1,149 1.0
Science
Ariad United States 1,054 0.9
Pharmaceuticals
Bavarian Nordic Denmark 1,010 0.9
K-V United States 745 0.7
Pharmaceutical
Endocyte United States 682 0.6
Medivation United States 555 0.5
Oncothyreon United States 529 0.5
Anadys United States 425 0.4
Pharmaceuticals
Top 40 112,550 99.8
investments
Alnylam United States 181 0.2
Pharmaceuticals
Ligand
Pharmaceuticals
Wts 10/13/11 * United States - -
Total investments 112,731 100.0
All of the above investments are equities unless otherwise stated. *Includes
warrants
Income Statement
for the six months ended 30 September 2011
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30 September 2011 30 September 2010 31 March 2011
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 Total £'000 £'000 £'000 £'000 £'000
Investment
Income
Investment
income 2 85 - 85 7 - 7 69 - 69
Total income 85 - 85 7 - 7 69 - 69
Gains and
losses on
investments
(Losses)/gains
on investments
held at fair
value through
profit or loss - (1,199) (1,199) - (8,913) (8,913) - 2,691 2,691
Exchange gains
on currency
balances - 351 351 - 223 223 - 402 402
Expenses
Investment
management,
management and
performance
fees 3 - (857) (857) - (512) (512) - (752) (752)
Other expenses (225) - (225) (199) - (199) (398) - (398)
(Loss)/profit
before finance
costs and
taxation (140) (1,705) (1,845) (192) (9,202) (9,394) (329) 2,341 2,012
Finance costs (18) - (18) (10) - (10) (11) - (11)
(Loss)/profit
before taxation (158) (1,705) (1,863) (202) (9,202) (9,404) 2,341 2,001
Taxation (12) - (12) - - - (1) - (1)
(Loss)/profit
for the
period/year (170) (1,705) (1,875) (202) (9,202) (9,404) 2,341 2,000
(Loss)/earnings
per share 4 (0.3)p (2.6)p (2.9)p (0.3)p (14.0)p (14.3)p (0.5)p 3.5p 3.0p
The Company does not have any income or expenses which are not included in the
profit for the period. Accordingly the "(loss)/profit for the period" is also
the "Total comprehensive income for the period", as defined in IAS 1 (revised)
and no separate Statement of Comprehensive Income has been presented.
All of the (loss)/profit and total Comprehensive Income for the period is
attributable to the owners of the Company.
The total column of the statement is the Income Statement of the
Company prepared in accordance with IFRS. The supplementary revenue and
capital columns are presented for information purposes as recommended by the
Statement of Recommended Practice issued by the Association of Investment
Companies.
All items in the above statement derive from continuing operations. No
operations were acquired or discontinued in the period.
STATEMENT OF CHANGES IN EQUITY
(Unaudited)
Six months ended 30 September 2011
Ordinary Share Capital
Share Premium Special Redemption Capital Revenue
Capital Account Reserve Reserve Reserve Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 March
2011 16,239 19,300 30,420 4,893 53,311 (3,345) 120,818
Netlossfor
period - - - - (1,705) (170) (1,875)
Buyback of
shares (271) - (1,947) 271 - - (1,947)
At 30
September 2011 15,968 19,300 28,473 5,164 51,606 (3,515) 116,996
(Unaudited)
Six months ended 30 September 2010
Ordinary Share Capital
Share Premium Special Redemption Capital Revenue
Capital Account Reserve Reserve Reserve Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 March
2010 16,490 19,298 32,021 4,642 50,970 (3,004) 120,417
Net loss for
period - - - - (9,202) (202) (9,404)
Buy back of
shares (23) - (134) 23 - - (134)
Refund of
issue costs - 2 - - - - 2
At 30
September 2010 16,467 19,300 31,887 4,665 41,768 (3,206) 110,881
(Audited)
Year ended 31 March 2011
Ordinary Share Capital
Share Premium Special Redemption Capital Revenue
Capital Account Reserve Reserve Reserve Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 March
2010 16,490 19,298 32,021 4,642 50,970 (3,004) 120,417
Net
profit/(loss)
for the year - - - - 2,341 (341) 2,000
Buy-back of
shares (251) - (1,601) 251 - - (1,601)
Refund of
issue costs - 2 - - - - 2
At 31 March
2011 16,239 19,300 30,420 4,893 53,311 (3,345) 120,818
STATEMENT OF FINANCIAL POSITION
as at 30 September 2011
(Unaudited) (Unaudited) (Audited)
30 30 31 March
September September 2011
2011 2010 £'000
Note £'000 £'000
Non current assets
Investments held at fair
value through profit or loss 112,731 113,061 128,346
Current assets
Other receivables 5,466 643 1,161
Cash and cash equivalents 3,870 5,294 5,691
9,336 5,937 6,852
Total assets 122,067 118,998 135,198
Current liabilities
Other payables 5,071 8,117 14,380
5,071 8,117 14,380
Net assets 116,996 110,881 120,818
Equity attributable to equity
holders
Ordinary share capital 15,968 16,467 16,239
Share premium account 19,300 19,300 19,300
Special reserve 28,473 31,887 30,420
Capital redemption reserve 5,164 4,665 4,893
Capital reserve 51,606 41,768 53,311
Revenue reserve (3,515) (3,206) (3,345)
Total equity 116,996 110,881 120,818
Net asset value per share 5 183.2p 168.3p 186.0p
CASH FLOW STATEMENT
for the six months ended 30 September 2011
(Unaudited) (Unaudited) (Audited)
Six months Six months
ended ended Year ended
30 30
September September 31 March
2011 2010 2011
£'000 £'000 £'000
Net cash
(outflow)/inflow
from operating
activities (note 6) (298) 13,692 15,376
Net cash
(outflow)/inflow
before financing (298) 13,692 15,376
Net cash outflow
from financing
activities (1,874) (8,621) (10,087)
Net
(decrease)/increase
in cash and cash
equivalents (2,172) 5,071 5,289
Cash and cash
equivalents at start
of period 5,691 - -
Realised gain on
foreign currency 351 223 402
Cash and cash
equivalents at
period end 3,870 5,294 5,691
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
The condensed financial statements have been prepared under the historical
cost convention, except for the measurement at fair value of investments, and
in accordance with IAS 34, applicable accounting standards and with the
revised Statement of Recommended Practice 'Financial Statements of Investment
Trust Companies and Venture Capital Trusts' dated January 2009 (the "SORP").
Where presentational guidance set out in the revised SORP is consistent with
the requirements of International Financial Reporting Standards, the Directors
have sought to prepare the condensed financial statements on a basis compliant
with the recommendations of the SORP.
The same accounting policies used for the year ended 31 March 2011 have been
applied.
2. INCOME
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2011 2010 2011
£'000 £'000 £'000
Investment
income 85 7 69
Total income 85 7 69
3. INVESTMENT MANAGEMENT, MANAGEMENT AND PERFORMANCE FEES
(Unaudited) (Unaudited) (Audited)
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2011 2010 2011
£'000 £'000 £'000
Investment
management fee 397 336 711
Managementfee 176 158 322
Performance fee
accrued/(written
back) in the
period/year* 284 18 (281)
857 512 752
*In accordance with the performance fee arrangements described on page 12 of
the 2011 Annual Report, a performance fee of £284,000 was accrued at the
period end (six months ended 30 September 2010: £506,000; year ended 31 March
2011: £nil).
NOTES TO THE FINANCIAL STATEMENTS (continued)
4. (LOSS)/EARNINGS PER SHARE
The (loss)/earnings per share figure is based on the net loss for the six
months of £1,875,000 (six months ended 30 September 2010: £9,404,000 loss;
year ended 31 March 2011: £2,000,000 gain) and on 64,268,350 shares, (six
months ended 30 September 2010: 65,934,855 and year ended 31 March 2011:
65,687,388) being the weighted average number of shares in issue during the
period.
The (loss)/return per share detailed above can be further analysed between
revenue and capital as follows:
(Unaudited) (Unaudited) (Audited)
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2011 2010 2011
£'000 £'000 £'000
Net revenue loss (170) (202) (341)
Net capital (1,705) (9,202) 2,341
(loss)/gain
Net total (1,875) (9,404) 2,000
(loss)/gain
Weighted average
number of shares
in issue during
the period/year 64,268,350 65,934,855 65,687,388
Pence Pence Pence
Revenue loss per (0.3) (0.3) (0.5)
share
Capital (2.6) (14.0) 3.5
(loss)/earnings
per share
Total (2.9) (14.3) 3.0
(loss)/earnings
per share
5. NET ASSET VALUE PER SHARE
The net asset value per share is based on the net assets attributable to
equity shareholders of £116,996,000 (30 September 2010: £1 10,881,000; 31
March 2011: £120,818,000) and on 63,870,537 shares, (30 September 2010:
65,869,809; 31 March 2011: 64,954,681) being the number of shares in issue at
the period end.
NOTES TO THE FINANCIAL STATEMENTS (continued)
6. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO NET CASH (OUTFLOW
)/INFLOW FROM OPERATING ACTIVITIES
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
30 30 31 March
September September 2011
2011 2010 £'000
£'000 £'000
(Loss)/profit before
taxation (1,863) (9,404) 2,001
Losses/(gains) on
investments held at fair
value through profit or
loss 848 8,690 (3,093)
Movements in investments
held at fair value through
profit or loss 417 14,674 17,294
Decrease/(increase) in 33 18 (15)
other receivables
Increase/(decrease) in 267 (286) (811)
other payables
Net cash (outflow)/inflow (298) 13,692 15,376
7. TRANSACTION COSTS
Purchase and sale transaction costs for the six months ended 30 September 2011
were £229,000 (six months ended 30 September 2010: £256,000; year ended 31
March 2011: £530,000). These costs comprise mainly commission.
8. COMPARATIVE INFORMATION
The financial information contained in this interim report does not constitute
statutory accounts as defined in section 435(1) of the Companies Act 2006. The
financial information for the six months ended 30 September 2011 and 2010 has
not been audited, or reviewed by the auditors.
The information for the year ended 31 March 2011 has been extracted from the
latest published audited financial statements. The audited financial
statements for the year ended 31 March 2011 have been filed with the Registrar
of the Companies. The report of the auditors on those accounts was
unqualified, did not include a reference to any matters to which the auditors
drew attention by way of emphasis without qualifying the report and did not
contain statements under section 498 of the Companies Act 2006.
Frostrow Capital LLP
Company Secretary
30 November 2011
0203 008 4913
www.frostrow.com
A copy of the interim report has been submitted to the National
Storage Mechanism and will shortly be available for inspection at
www.hemscott.com/nsm.do
The interim report is available on the Company's website at
www.biotechgt.com where up to date information on the Company, including daily
NAV, share prices and fact sheets, can also be found.
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