Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

    Interim Management Statement - 3 months to 31 December 2008 (unaudited)    

The Biotech Growth Trust PLC seeks capital appreciation through investment in
the worldwide biotechnology industry principally by investing in emerging
biotechnology companies.

Trust Characteristics

In the three month period ended 31 December 2008 the Company's net asset value
per share rose by 6.2% compared to a rise of 6.6% in the Company's benchmark,
the NASDAQ Biotechnology Index, measured in sterling terms. The Company's share
price rose by 4.0% during the three-month period as the discount of share price
to net asset value per share widened from 7.2% to 9.1%. During the period a
total of 1,834,500 shares were repurchased for cancellation at a cost of £2.03m
(including expenses) at an average discount of 9.7%. For the calendar year to
31 December 2008, the Company's share price performance, measured on a total
return basis, was ranked third out of 247 listed investment companies (source:
Winterflood Securities Limited).

In the period from 31 December 2008 to 12 February 2009, the Company's net
asset value per share rose by 11.9% and the share price by 10.0 %, due in part
to strong performance from take over target Tepnel Life Sciences. The Company's
benchmark rose by 7.1% during the same period. During this period a further
473,450 shares were repurchased for cancellation at a cost of £605,000
(including expenses) at an average discount of 9.2%.

The Board has implemented a discount control mechanism to establish a maximum
level of 6% discount of share price to net asset value per share. It remains
possible, however, for the share price discount to net asset value per share to
be greater than 6% on any one day as the Company's share price is influenced by
overall supply and demand in the secondary market. The average share price
discount to net asset value per share during the 3 month period ended 31
December 2008 was 7.2%. The Board believes that the number of shares bought
back during the quarter was the result of profit taking, following the
Company's continued strong absolute performance, and also that certain of its
large institutional shareholders have had to raise cash to cover redemptions
from their own funds.

With regard to the Company's investment in Caduceus Asia Partners, a venture
capital fund that makes private investments in Asian healthcare companies,
managed by OrbiMed Capital LLC, the Company's Investment Manager, a second
capital call representing 5% of the commitment (or US$250,000) was made on 18
December 2008.

                               31 December 2008          30 September 2008    
                                                                              
Number of Holdings                    31                        34            
                                                                              
Net Assets (£m)                      72.6m                     70.6m          
                                                                              
Gearing (AIC basis)                   104                       102           
                                                                              
Share Price (p)                     122.25                    117.50          
                                                                              
NAV (p)                             134.53                    126.64          
                                                                              
(Discount)/Premium                  (9.1%)                    (7.2%)          

Source: Frostrow Capital LLP

Geographical Analysis

                          % of investment portfolio % of investment portfolio
                             at 31 December 2008      at 30 September 2008   
                                                                             
North America                       89.3                      90.9           
                                                                             
Continental Europe                   2.0                       2.1           
                                                                             
Unquoted                             1.8                       2.1           
                                                                             
UK Listed                            4.9                       4.9           
                                                                             
Far East                             2.0                        -            
                                                                             
Total                               100.0                     100.0          

Source: Frostrow Capital LLP

10 Largest Investments

Name

                          % of investment portfolio % of investment portfolio
                             at 31 December 2008      at 30 September 2008   
                                                                             
Amgen                               13.6                      11.6           
                                                                             
Gilead Sciences                     11.7                       8.6           
                                                                             
Genentech                            8.0                       7.1           
                                                                             
Celgene                              6.4                       5.2           
                                                                             
Vertex                               5.3                       4.8           
                                                                             
Genzyme                              4.9                       5.9           
                                                                             
Biogen Idec                          4.7                       4.1           
                                                                             
Allos Therapeutics                   4.2                       4.2           
                                                                             
Onyx Pharmaceuticals                 3.7                       3.2           
                                                                             
Infinity Pharmaceuticals             3.6                       3.5           
                                                                             
Total                               66.1                      58.2           

Source: Frostrow Capital LLP

Performance to 31 December 2008

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     +4.0%           +12.7%         +1.2%           +45.5%         
                                                                              
NAV per share   +6.2            +18.2%         +9.3%           +28.1%         
                                                                              
Benchmark*      +6.6%           +18.9%         +8.9%           +23.3%         

Source: Bloomberg & Fundamental Data

* Benchmark - NASDAQ Biotechnology Index measured in sterling terms.

Past performance is not a guide to future performance.

This Interim Management Statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

This Interim Management Statement is available on the Company's website 
www.biotechgt.com.

The Company's net asset value per share is announced daily and is available,
together with the share price, on the TrustNet website at www.trustnet.com

For further information contact: Mark Pope on 0203 008 4913

Frostrow Capital LLP
Company Secretary
16 February 2009