Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

      Interim Management Statement - 3 months to 30 June 2009 (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 2009 was a challenging one for the Company
due in part continued uncertainty about US healthcare reform and also to an
appreciation of sterling against the US$ in the period. The Company's net asset
value per share fell by 3.2% and the share price by 7.3%, compared to a fall of
4.7% in the Company's benchmark, the NASDAQ Biotechnology Index measured in
sterling terms.

During the three-month period a total of 799,500 shares were repurchased for
cancellation. Since the period end to 12 August 2009 a further 91,700 shares
have also been bought back for cancellation. The shares repurchased during the
period and up to 12 August 2009 were done so at a cost of £1.09m (including
expenses).

In the period from 30 June 2009 to 12 August 2009, the Company's net asset
value per share and the share price both rose by 5.7% and 5.8% respectively
compared to a rise of the 5.9% in the Company's benchmark.

At the Company's Annual General Meeting, held on 23 July 2009, all of the
resolutions were passed.

Trust Characteristics

                                 30 June 2009              31 March 2009      
                                                                              
Number of Holdings                    33                        30            
                                                                              
Net Assets (£m)                      66.9m                     70.2m          
                                                                              
Gearing (AIC basis)                   100                       104           
                                                                              
Share Price (p)                     121.00                    130.50          
                                                                              
NAV (p)                             132.47                    136.82          
                                                                              
(Discount)/Premium                  (8.7%)                    (4.6%)          

Source: Frostrow Capital LLP

Geographical Analysis

                                % of portfolio            % of portfolio      
                                                                              
                                at 30 June 2009          at 31 March 2009     
                                                                              
North America                        96.3                      86.8           
                                                                              
Continental Europe                    2.7                       1.9           
                                                                              
Unquoted                              1.0                       1.0           
                                                                              
UK Listed                              -                       10.3           
                                                                              
Far East                               -                         -            
                                                                              
Total                                100.0                     100.0          

Source: Frostrow Capital LLP

10 Largest Investments

Name

                                % of portfolio            % of portfolio      
                                                                              
                                at 30 June 2009          at 31 March 2009     
                                                                              
Gilead Sciences                      13.7                      14.2           
                                                                              
Amgen                                11.1                       9.2           
                                                                              
Celgene                              10.1                       9.8           
                                                                              
Curis                                 5.5                       5.8           
                                                                              
Allos Therapeutics                    5.1                       4.4           
                                                                              
Vertex                                4.5                       4.6           
                                                                              
Alexion                               4.4                       4.2           
                                                                              
Dendreon                              3.7                       0.7           
                                                                              
Genzyme                               3.7                       8.0           
                                                                              
Biomarin                              3.7                       3.0           
                                                                              
Total                                65.5                      63.9           

Source: Frostrow Capital LLP

Performance to 30 June 2009

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     -7.3%           +21.6%         +15.8%          +45.8%         
                                                                              
NAV per share   -3.2%           +23.9%         +22.8%          +30.4%         
                                                                              
Benchmark*      -4.7%           +14.2%         +13.2%          +8.8%          

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

SEDOL Code:

Ordinary shares - 0038551

For further information contact: Mark Pope on 0203 008 4913

Frostrow Capital LLP

Company Secretary

14 August 2009