Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

    Interim Management Statement - 3 months to 31 December 2009 (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 2009 the Company's net asset value
per share fell by 1.6% compared to a fall of 0.3% in the Company's benchmark,
the NASDAQ Biotechnology Index, measured in sterling terms. The Company's share
price rose by 0.3% during the three-month period as the discount of share price
to net asset value per share narrowed from 5.3% to 3.4%. No shares were
repurchased by the Company for cancellation during the period. This performance
was achieved against a background of a depreciating US$ against sterling. The
exchange rate at 30 September 2009 was 1.5994 compared to 1.6149 at 31 December
2009, a movement of 1%.

In the period from 31 December 2009 to 15 February 2010, the Company's net
asset value per share rose by 6.8% and the share price by 8.0 %. The Company's
benchmark rose by 6.1% during the same period. During this period no shares
were repurchased by the Company.

The fund raising that took place in December 2009 raised £23.9m of additional
funds for the Company. 16,006,227 new ordinary shares were issued at a price if
149.18p per new ordinary share and following this the Company has 66,133,690
ordinary shares in issue. The net proceeds of the issue have been invested in
accordance with the Company's investment policy.

Valuations remain attractive as healthcare stocks underperformed the general
market in 2009, particularly post the announcement of the US healthcare reform
proposals in late February. The Company's Investment Manager believes that this
performance lag will close, particularly since some of the proposed reforms
(for example lower prices) appear to be politically impossible to achieve. The
rise in the Company's net asset value since the fundraising is in part
explained by the receding threat of more radical reforms.

                               31 December 2009          30 September 2009    
                                                                              
Number of Holdings                    41                        36            
                                                                              
Net Assets (£m)                     100.3m                     77.3m          
                                                                              
Gearing (AIC basis)                   100                       100           
                                                                              
Share Price (p)                     146.50                    146.00          
                                                                              
NAV (p)                             151.71                    154.16          
                                                                              
(Discount)/Premium                  (3.4%)                    (5.3%)          

Source: Frostrow Capital LLP

Geographical Analysis

                               % of portfolio             % of portfolio      
                                                                              
                             at 31 December 2009       at 30 September 2009   
                                                                              
North America                       92.6                       93.3           
                                                                              
Continental Europe                   3.0                       2.9            
                                                                              
Unquoted                             1.5                       1.6            
                                                                              
UK Listed                            2.9                       2.2            
                                                                              
Total                               100.0                     100.0           

Source: Frostrow Capital LLP

10 Largest Investments

Name

                                % of portfolio            % of portfolio      
                                                                              
                              at 31 December 2009      at 30 September 2009   
                                                                              
Amgen                                10.7                       9.9           
                                                                              
Celgene                               8.3                      10.1           
                                                                              
Gilead Sciences                       8.1                       9.1           
                                                                              
Curis                                 5.4                       5.0           
                                                                              
Dendreon                              4.6                       4.6           
                                                                              
Genzyme                               4.0                       5.1           
                                                                              
Thermo Fisher Scientific              3.5                       2.9           
                                                                              
Allos                                 3.4                       1.7           
                                                                              
Biogen Idec                           3.3                       4.5           
                                                                              
Vertex                                3.3                       4.1           
                                                                              
Total                                54.6                      57.0           

Source: Frostrow Capital LLP

Performance to 31 December 2009

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     +0.3%           +19.8%         +30.2%          +73.4%         
                                                                              
NAV per share   -1.6%           +12.8%         +32.5%          +49.8%         
                                                                              
Benchmark*      -0.3%           +4.4%          +28.0%          +30.2%         

Source: Morningstar

* 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

ISIN -

Ordinary Shares GB0000385517

For further information contact: Mark Pope on 0203 008 4913

Frostrow Capital LLP

Company Secretary

17 February 2010