Interim Management Statement

THE BIOTECH GROWTH TRUST PLC

     Interim Management Statement - 3 months to 30 June 2008 (unaudited)

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

The 3 month period ending 30 June 2008 was a volatile one for the
biotechnology sector which saw the Company's net asset value per share rise by
3.4% compared to a rise of 1.4% in the Company's benchmark, the NASDAQ
Biotechnology Index measured in sterling terms.

The Company's share price rose by 2.8% during the three-month period as the
discount of share price to net asset value per share widened slightly to 6.9%
from 6.4%. During the period a total of 3,372,000 shares were repurchased for
cancellation at a cost of £3.4m (including expenses) at an average discount of
6.9%.

In the period from 30 June to 31 July, the Company's net asset value per share
rose by 18.9% and the share price by 16.6% as a result of strong sectoral
performance and in particular from merger and acquisition activity involving
investment portfolio holdings Genentech and Imclone Systems; the Company's
benchmark rose by 16.2% during the same period.

At the Company's Annual General Meeting, held on Wednesday, 23 July,
shareholder approval was given to make investments in private equity funds
which are managed or advised by OrbiMed Capital LLC (the Company's investment
manager) or its affiliates to a maximum of US$15m, after the deduction of
proceeds of disposal and other returns of capital.



Trust Characteristics

                       30 June 2008           31 March 2008

Number of Holdings           33                     38

Net Assets (£m)             63.1                   64.5

Gearing (AIC basis)         100                     100

Share Price (p)            99.50                   96.75

NAV (p)                    106.90                  103.39

(Discount)/Premium         (6.9%)                  (6.4%)


Source: Frostrow Capital LLP



10 Largest Investments

Name

                       % of investment         % of investment
                          portfolio               portfolio
 
                       at 30 June 2008        at 31 March 2008

Gilead Sciences             12.2                    11.2

Amgen                        7.5                     5.4

Genzyme                      5.6                     5.5

Vertex                       5.2                     4.2

Genentech                    4.8                     5.9

Imclone Systems              4.8                     4.7

Celgene                      4.7                     4.3

Curis                        4.7                     4.2

Biogen Idec                  4.2                     5.0

Allos Therapeutics           4.2                     4.4

Total                       57.9                    54.8


Source: Frostrow Capital LLP



Geographical Analysis

                       % of investment         % of investment
                          portfolio               portfolio
 
                       at 30 June 2008        at 31 March 2008

North America               92.0                    92.3

Continental Europe           2.7                     3.0

Unquoted                     1.8                     1.9

Israel                        -                      1.4

UK Listed                    3.5                     1.4
 
Total                       100.0                   100.0


Source: Frostrow Capital LLP




Performance to 30 June 2008

                       3 Months    1 Year    3 Years    5 Years

Share Price             +2.8%      -7.9%      + 5.3%     +43.2%

NAV per share           +3.4%      -7.0%      + 4.6%     +24.4%

Benchmark*              +1.4%      -0.4%      +3.5%      -2.1%


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

6 August 2008