Half-yearly Report
NEWS RELEASE
To: City Editors
For immediate release
16 November 2009
London Stock Exchange Announcement
The Biotech Growth Trust PLC
Unaudited Interim Report For the Six Months Ended 30 September 2009
INVESTMENT OBJECTIVE
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, 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 will not invest more than 10%, in aggregate, of the value of
its gross assets in other closed ended investment companies (including
investment trusts) listed on the London Stock Exchange, except where the
investment companies themselves have stated investment policies to invest
no more than 15% of their gross assets in other closed ended investment
companies (including investment trusts) listed on the London Stock
Exchange.
* The Company will not invest more than 15%, in aggregate, of the value of
the gross assets of the Company in other closed ended investment companies
(including investment trusts) listed on the London Stock Exchange.
Gearing policy
Under the Articles, the maximum amount the Company may borrow is a sum equal to
33% of the adjusted total capital and reserves.
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 1,168,950 shares were repurchased by the
Company for cancellation.
At 30 September 2009, the Company had 50,127,463 shares of 25p each in issue
(30 September 2008: 55,789,463; 31 March 2009: 51,296,413). Since the end of
the half year no further shares have been repurchased by the Company. As at 12
November 2009 the Company had 50,127,463 shares in issue.
CONTINUATION VOTE
The next continuation vote of the Company is scheduled to be held at next
year's Annual General Meeting. 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 % Change
2009 2009
Net asset value per share 153.5p 136.9p +12.1
Share price 146.0p 130.5p +11.9
Discount of share price to net asset value 4.9% 4.7% -
per share
NASDAQ Biotechnology Index (sterling 524.2 477.5 +9.8
adjusted)
Chairman's Statement
Performance
I am pleased to report another successful period for the Company. This was
achieved against a background of a strong recovery in global markets generally
due, in part, to a rerating of financial and resources stocks over the period.
The Company's net asset value per share rose by 12.1% over the period, an
outperformance of 2.3% over our benchmark, the NASDAQ Biotechnology Index,
measured in sterling terms. The index rose by 9.8%. Our outperformance can be
attributed principally to stock selection with some of the top contributors
announcing important clinical progress with their products during the period.
Despite our good performance relative to our benchmark index, it should be
noted that the biotechnology sector lagged global markets in the period, with
the MSCI World Index having risen by approximately 25% in sterling terms. This
underperformance compared to global markets in the six month period followed a
significant outperformance by the Company and the sector during the Company's
previous financial year where the Company's net asset value per share rose by
32.4% compared to a fall of 22.2% in the MSCI World Index measured in sterling
terms. I would therefore highlight that, overall, during the 18 month period to
30 September 2009 the performance of the Company and the biotechnology sector
has been both stronger and less volatile than that of the wider market.
The Company continues to be significantly exposed to the exchange rate
prevailing between the U.S. dollar and sterling. During the period the exchange
rate moved from 1.4334 to 1.5994, a strengthening of sterling when compared to
the U.S. dollar of 11.6%. This adversely affected the Company's performance. It
remains the policy of the Company not to hedge against currency exposure.
The Company's share price also outperformed the Company's benchmark, rising by
11.9% over the period. The discount of share price to net asset value per share
widened slightly from 4.7% at 31 March 2009 to 4.9% at 30 September 2009.
Further information on the investment performance and the outlook for the
Company is given in the Review of Investments beginning on page five of this
Interim Report.
New share issue
On 25 September the Board announced that it is considering raising additional
funds through a placing and offer of ordinary shares. This possibility remains
under review and a further announcement will be made in due course.
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 1,168,950 shares at a cost of £
1.5m (including expenses) for cancellation.
Revenue and Dividends
The revenue loss for the period was £233,000 (six months ended 30 September
2008: loss of £202,000) and no interim dividend is declared (six months ended
30 September 2008: nil).
VAT
During the period the Company's previous Manager, Close Investments Limited
(`Close'), submitted a claim to HM Revenue and Customs for the repayment of £
168,000 which equates to 0.3p per share. This amount is in respect of VAT on
investment management and performance fees previously paid by the Company to
Close and which is now reclaimable by the Company following the ruling by the
European Court of Justice in October 2007. In view of the fact that the timing
of the recovery of this amount remains uncertain, no receivable amount has been
recorded in the Company's financial statements as at 30 September 2009.
Alternative Investment Fund Manager (`AIFM') Directive
The AIFM Directive is draft legislation currently being considered in Europe
which will regulate `alternative investment funds'. It potentially affects all
investment companies, including this Company. The Board supports the
initiatives being taken by the Association of Investment Companies to ensure
that the Directive is tailored to accommodate the investment company structure.
The Board will keep shareholders informed of developments concerning the
Directive as they arise.
Outlook
Market conditions in our current financial year have been a welcome contrast to
those experienced in our previous financial year and our outlook for the sector
remains positive. This is principally against a background of new product
development from within the biotechnology sector and renewed merger and
acquisition activity as large pharmaceutical companies take advantage of
depressed valuations of emerging biotechnology companies. In addition the
appointment of a new U.S. Food and Drug Administration (`FDA') commissioner is
expected to improve the regulatory environment in the U.S. market.
Our focus remains on the selection of stocks with strong prospects for capital
enhancement and we continue to believe that the long term investor in our
sector will be well rewarded.
John Sclater CVO
Chairman
12 November 2009
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 five. The principal risks faced by the Company fall into nine
broad categories: objective and strategy; level of discount/ premium; portfolio
performance; operational and regulatory; market price; liquidity; shareholder
profile; currency; and loan facility. Information on each of these areas is
given in the Business Review within the Annual Report and Accounts for the year
ended 31 March 2009. 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 PARTIES 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 has not been reviewed by the Company's auditors.
The interim report was approved by the Board on 12 November 2009 and the above
responsibility statement was signed on its behalf by:
JOHN SCLATER CVO
CHAIRMAN
Review of Investments
Performance
We are pleased to report that the Company's net asset value per share posted a
strong increase of 12.1% during the period, compared to an increase of 9.8% in
our benchmark index, the NASDAQ Biotechnology Index, measured in sterling
terms.
Some of the top contributors to the portfolio's performance announced important
new clinical progress for their products, including Dendreon, Celgene, and
Pharmasset. Dendreon announced positive phase III data for its novel
immunotherapy Provenge for prostate cancer, sending the stock up 133% on the
day of the announcement. With this favourable result, Provenge will likely be a
multi-billion dollar product and the first in a novel class of cancer
therapies. Another oncology company, Celgene, reported successful phase III
data for Revlimid in front-line multiple myeloma, which will lead to greater
use of the drug earlier in treatment. Pharmasset reported positive data for its
hepatitis C virus (HCV) protease inhibitor and initiated a phase IIb trial of
R7128, an HCV drug partnered with Roche. These compounds are some of the most
promising next generation HCV drugs, each with a billion-dollar market
potential.
Environment and Outlook
The past six months have shown strong performance for the broader markets as
the financial crisis has abated and the fundamentals of the economy have begun
to recover. Biotech, particularly the major biotech companies, underperformed
the broader markets during this period. This underperformance stemmed from
investor concerns over healthcare reform in the U.S. and followed a period of
strong outperformance of biotech versus the broader markets during the market
downturn in 2008.
Emerging biotech tended to outperform major biotech during the period. At the
lows of the market during the first quarter of 2009, there was fear among
biotech investors that an inability to finance their operations would lead a
number of smaller, unprofitable firms into bankruptcy. As the markets
stabilised, a financing window re-opened in the United States, which has
provided much needed cash to many smaller companies. A number of our emerging
biotech names benefited from the rally that ensued as investors returned to
smaller cap names.
Uncertainty over healthcare reform in the United States has been an overhang on
the biotech sector this year and has contributed to the sector's
underperformance. Fears that President Obama and congressional Democrats would
enact legislation which would adversely affect the sector have weighed on the
minds of many investors. Congressional committees have proposed multiple
versions of a healthcare reform bill and lawmakers are now attempting to
reconcile the multiple bills into one final piece of legislation. The most
controversial aspect of the bill remains whether it will include a public
insurance option to compete with private plans to cover the uninsured.
Investors are concerned that such an option could eventually lead toward a
single-payor system in which the government would have the ability to limit the
cost of drugs. We continue to believe that any public option will either be
limited in scope or nonexistent in the final legislation. A final vote on a
bill will likely occur by the end of the year, whereupon we expect a "relief
rally" in the sector as the reform overhang is lifted.
Ultimately we believe that healthcare reform will actually be positive for
biotech. Biotech companies will benefit from the increased drug utilisation
from broader insurance coverage and may get extra marketing exclusivity for
their products. Generalist investors remain underweight in healthcare, so we
expect large money flows into the sector once reform is finalised.
We continue to expect increased merger and acquisition in the biotech space and
have positioned the portfolio with this in mind. In May, one of our portfolio
companies, Cougar Biotechnology, was acquired by Johnson & Johnson for its
potential prostate cancer drug, Abiraterone. The portfolio is currently
positioned with a large exposure to companies in the "sweet spot" for
acquisition - companies close to product approval or in the early stage of
product launch, such as Dendreon, Allos Therapeutics and Alexion
Pharmaceuticals.
The number of holdings remains approximately 30, exclusive of unquoted
investments and warrants. The geographic distribution of assets is 94.5% North
America, 5.1% Europe and 0.4% Asia. Currently approximately 40% of the
Company's assets are invested in major biotechnology and 60% are invested in
emerging biotechnology. The portfolio is still weighted more heavily towards
major biotech relative to our historical allocation as we expect these stocks
to perform especially well when clarity is reached on healthcare reform.
The Company has authority from the Board to borrow up to £15m which is not
currently being utilised. We intend to use the Company's borrowing powers to
enhance our exposure when opportunities arise.
OrbiMed Capital LLC
Investment Manager
12 November 2009
Investments
As At 30 September 2009
Security Country Fair Value % of
£'000
Investments
Celgene United States 7,863 10.1
Amgen United States 7,697 9.9
Gilead Sciences United States 7,107 9.2
Genzyme United States 3,932 5.1
Curis * United States 3,903 5.0
Dendreon United States 3,578 4.6
Biogen Idec United States 3,464 4.5
Vertex United States 3,177 4.1
Pharmaceuticals
Alexion United States 3,149 4.1
Pharmaceuticals
Cephalon United States 2,367 3.1
Top 10 Investments 46,237 59.7
United Therapeutics United States 2,357 3.1
Intermune United States 2,335 3.0
Thermo Fisher United States 2,233 2.9
Scientific
Pharmasset United States 2,155 2.8
BioMarin United States 2,029 2.6
Pharmaceutical
Shire United Kingdom 1,732 2.2
Endo Pharmaceuticals United States 1,726 2.2
OSI Pharmaceuticals United States 1,718 2.2
Medicines United States 1,621 2.1
Genmab Denmark 1,415 1.8
Top 20 Investments 65,558 84.6
Allos Therapeutics United States 1,326 1.7
Cubist United States 1,161 1.5
Pharmaceuticals
Santarus United States 1,094 1.4
Cytokinetics United States 1,033 1.3
Momenta United States 961 1.3
Pharmaceuticals
Seattle Genetics United States 877 1.1
Savient United States 855 1.1
Pharmaceuticals
Alexza United States 844 1.1
Pharmaceuticals *
Transition Canada 831 1.1
Therapeutics
Medivir Sweden 802 1.1
Top 30 Investments 75,342 97.3
Incyte Genomics United States 767 1.0
Rigel United States 560 0.7
Pharmaceuticals
Anadys United States 470 0.6
Pharmaceuticals *
Caduceus Asia Far East 280 0.4
Partners (unquoted)
BioWisdom (unquoted) United Kingdom 15 -
Ligand
Pharmaceuticals
Warrants
10/13/11 United States - -
Total Investments 77,434 100.0
Income Statement
For the six months ended 30 September 2009
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30 September 2009 30 September 2008 31 March 2009
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment
income
Investment 4 - 4 19 - 19 39 - 39
income
Total income 4 - 4 19 - 19 39 - 39
(note 2)
Gains and
losses on
investments
Gains on - 9,119 9,119 - 13,891 13,891 - 19,774 19,774
investments
held at fair
value
through
profit or
loss
Exchange - (62) (62) - (397) (397) - (469) (469)
losses on
currency
balances
Expenses
Investment - (621) (621) - (319) (319) - (871) (871)
management,
management
and
performance
fees
(note 3)
Other (235) - (235) (215) (8) (223) (408) (7) (415)
expenses
Profit/ (231) 8,436 8,205 (196) 13,167 12,971 (369) 18,427 18,058
(loss)
before
finance
costs and
taxation
Finance (2) (3) (5) (6) (22) (28) (7) (75) (82)
costs
Profit/ (233) 8,433 8,200 (202) 13,145 12,943 (376) 18,352 17,976
(loss)
before
taxation
Taxation - - - - - - - - -
Profit/ (233) 8,433 8,200 (202) 13,145 12,943 (376) 18,352 17,976
(loss) for
the period
Earnings/ (0.5)p 16.9p 16.4p (0.3)p 22.4p 22.1p (0.7)p (32.7)p (32.0)
(loss) per p
share (note
4)
The Company does not have any income or expenses which are not included in the
profit for the period. Accordingly, the "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 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 during the period.
Statement of Changes in Equity
Six months
ended 30
September
2009
(Unaudited)
Share Special Capital Capital Retained Total £
Capital Reserve Redemption Reserve Earnings '000
£'000 Reserve £'000 £'000
£'000
£'000
At 31 March 12,824 33,800 4,307 21,926 (2,649) 70,208
2009
Net profit/ - - - 8,433 (233) 8,200
(loss) for
the period
Buyback of (292) (1,475) 292 - - (1,475)
shares
At 30 12,532 32,325 4,599 30,359 (2,882) 76,933
September 200
9
Six months
ended 30
September
2008
(Unaudited)
Share Special Capital Capital Retained Total £
Capital Reserve Redemption Reserve Earnings '000
£'000 Reserve £'000 £'000
£'000
£'000
At 31 March 15,596 46,065 1,535 3,574 (2,273) 64,497
2008
Net profit/ - - - 13,145 (202) 12,943
(loss) for
the period
Buyback of (1,649) (6,897) 1,649 - - (6,897)
shares
At 30 13,947 39,168 3,184 16,719 (2,475) 70,543
September
2008
Year ended
31 March
2009
(Audited)
Share Special Capital Capital Retained Total £
Capital Reserve Redemption Reserve Earnings '000
£'000 Reserve £'000 £'000
£'000
£'000
At 31 March 15,596 46,065 1,535 3,574 (2,273) 64,497
2008
Net profit/ - - - 18,352 (376) 17,976
(loss) for
the year
Buyback of (2,772) (12,265) 2,772 - - (12,265)
shares
At 31 March 12,824 33,800 4,307 21,926 (2,649) 70,208
2009
Balance Sheet
as at 30 September 2009
(Unaudited) (Unaudited) (Audited)
30 30 31 March
September September
2009 2008 2009
£'000 £'000 £'000
Non current assets
Investments held at fair value through 77,434 72,657 71,256
profit or loss
Current assets
Other receivables 2,031 257 1,066
Cash and cash equivalents 95 483 2,161
2,126 740 3,227
Total assets 79,560 73,397 74,483
Current liabilities
Other payables 2,627 932 1,136
Bank overdraft - 239 -
Bank loan - 1,683 3,139
2,627 2,854 4,275
Net assets 76,933 70,543 70,208
Equity attributable to equity holders
Share capital 12,532 13,947 12,824
Special reserve 32,325 39,168 33,800
Capital redemption reserve 4,599 3,184 4,307
Capital reserve 30,359 16,719 21,926
Retained earnings (2,882) (2,475) (2,649)
Total equity 76,933 70,543 70,208
Net asset value per share (note 5) 153.5p 126.4p 136.9p
Cash Flow Statement
for the six months ended 30 September 2009
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30 September 200 30 September 2008 31 March 2009
9
£'000 £'000
£'000
Net cash inflow from 3,218 5,382 10,679
operating activities (note
6)
Net cash inflow before 3,218 5,382 10,679
financing
Net cash outflow from (5,222) (5,552) (8,860)
financing activities
Net (decrease)/increase in (2,004) (170) 1,819
cash and cash equivalents
Cash and cash equivalents 2,161 811 811
at start of period
Realised loss on foreign (62) (397) (469)
currency
Cash and cash equivalents 95 244 2,161
at period end
Notes to the Interim Financial Statements
1. Accounting Policies
The condensed financial statements have been prepared under the historical cost
convention, except for the measurement of investments which are valued at fair
value, and in accordance with applicable accounting standards and with the
Statement of Recommended Practice `Financial Statements of Investment Trust
Companies' dated January 2009.
The same accounting policies used for the year ended 31 March 2009 have been
applied.
2. Income
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended 30 ended 30 31 March
September September
2009
2009 2008
£'000 £'000 £'000
Investment income 4 19 39
Total income 4 19 39
3. Investment Management, Management and Performance Fees
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended 30 ended 30 31 March
September September
2009
2009 2008
£'000 £'000 £'000
Investment management fee 226 223 449
Management, administrative and 101 96 198
company secretarial fee fee
Performance fee accrued 294 - 224
621 319 871
4. Earnings/(Loss) per Share
The earnings/(loss) per share figure is based on the net gain for the six
months of £8,200,000 (six months ended 30 September 2008: £12,943,000 gain;
year ended 31 March 2009: £17,976,000 gain) and on 50,043,197 (six months ended
30 September 2008: 58,644,725 and year ended 31 March 2009: 56,196,626) shares,
being the weighted average number of shares in issue during the period.
Notes to the Interim Financial Statements (continued)
The return per share detailed above can be further analysed between revenue and
capital as follows:
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended 30 ended 30 31 March
September September 2009
2009 2008
£'000
£'000 £'000
Net revenue loss (233) (202) (376)
Net capital gain 8,433 13,145 18,352
Net total gain 8,200 12,943 17,976
Weighted average number of shares 50,043,197 58,644,725 56,196,626
in issue during the period
Pence Pence Pence
Revenue loss per share (0.5) (0.3) (0.7)
Capital earnings per share 16.9 22.4 32.7
Total earnings per share 16.4 22.1 32.0
5. Net Asset Value per Share
The net asset value per share is based on the net assets attributable to equity
shareholders of £76,933,000 (30 September 2008: £70,543,000; 31 March 2009: £
70,208,000) and on 50,127,463 (30 September 2008: 55,789,463; 31 March 2009:
51,296,413) shares, being the number of shares in issue at the period end.
6. Reconciliation of Profit Before Taxation to Net Cash Outflow From Operating
Activities
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended 30 ended 30
September 2009 September 2008 31 March
£'000 £'000 2009
£'000
Profit before taxation 8,200 12,943 17,976
Gain on investments held at fair (9,057) (13,494) (19,305)
value through profit or loss
Net sales of investments held at 3,678 5,926 11,788
fair value through profit or loss
Decrease/(increase) in other 17 5 (9)
receivables
Increase in other payables 380 2 229
Net cash inflow 3,218 5,382 10,679
Notes to the Interim Financial Statements (continued)
7. Transaction Costs
Purchase and sale transaction costs for the six months ended 30 September 2009
were £183,000 (year ended 31 March 2009: £239,000; six months ended 30
September 2008: £125,000). These costs comprise mainly stamp duty and broker
commission.
8. Contingent Asset
On 31 October 2007 the Association of Investment Companies announced that HM
Revenue and Customs had confirmed to the Investment Management Association that
investment trust investment management fees should no longer attract Value
Added Tax (VAT). As a result, during the period the Company's previous
investment manager, Close Investments Limited (`Close'), submitted a claim to
HM Revenue and Customs for the repayment of £168,000, equating to 0.3p per
share. This amount is in respect of VAT previously paid by the Company to Close
and which is now reclaimable by the Company. In view of the fact that the
timing of the recovery of this amount remains uncertain, no receivable amount
has been recorded in the Company's financial statements as at 30 September
2009.
9. 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 2009 and 2008 has
not been audited or reviewed by the auditors.
The information for the year ended 31 March 2009 has been extracted from the
latest published audited financial statements. The audited financial statements
for the year ended 31 March 2009 have been filed with the Registrar of
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 237(2) or (3) of the Companies Act 1985.
Company Information
DIRECTORS
John Sclater CVO, (Chairman)
Sven Borho
Paul Gaunt
Dr John Gordon
Peter Keen
Lord Waldegrave of North Hill
COMPANY REGISTRATION NUMBER
3376377 (Registered in England)
The Company is an investment company as defined under Section 833 of the
Companies Act 2006.
REGISTERED OFFICE
One Wood Street,
London EC2V 7WS
Website: www.biotechgt.com
INVESTMENT MANAGER
OrbiMed Capital LLC
767 Third Avenue, 30th Floor, New York NY1 00172023 USA Telephone: +1
212-739-6400 www.orbimed.com
Registered under the U.S. Securities Exchange Commission.
MANAGER, ADMINISTRATOR AND COMPANY SECRETARY
Frostrow Capital LLP
25 Southampton Buildings, London WC2A 1AL
Telephone: 0203 008 4910 E-Mail: info@frostrow.com Website: www.frostrow.com
Authorised and regulated by the Financial Services Authority.
If you have an enquiry about the Company or if you would like to receive a copy
of the Company's monthly fact sheet by e-mail, please contact Frostrow Capital
using the above e-mail address.
AUDITORS
Grant Thornton UK LLP 30 Finsbury Square, London EC2P 2YU
STOCKBROKERS
Winterflood Investment Trusts The Atrium Building,
Cannon Bridge, 25 Dowgate Hill, London EC4R 2GA
REGISTRARS
Capita Registrars
Northern House, Woodsome Park, Fenay Bridge, Huddersfield,
West Yorkshire HD8 0LA
Telephone (in UK): 0871 664 0300†Telephone (from overseas): +44 208 639 3399
Facsimile: +44 (0) 1484 600911 E-Mail: ssd@capitaregistrars.com Website:
www.capitaregistrars.comPlease contact the Registrars if you have a query about
a certificated holding in the Company's shares.
†Calls cost 10p per minute plus network extras and may be recorded for training
puposes. Lines are open from 8.30 a.m.-5.30 p.m. Monday-Friday.
SHARE PRICE LISTINGS
The price of your shares can be found in various publications including the
Financial Times, The Daily Telegraph, The Times, The Scotsman and The Herald.
The Company's net asset value per share is announced daily on the TrustNet
website at www.trustnet.com
IDENTIFICATION CODES
Shares: SEDOL : 0038551
ISIN : GB0000385517
BLOOMBERG : BIOG LN
EPIC : BIOG
Capita Registrars - Share Dealings Service
A quick and easy share dealing service is available to existing shareholders
through the Company's Registrar, Capita Registrars, either sell or buy more
shares. An online and telephone dealing facility is available providing
shareholders with an easy to access and simple to use service.
Type of trade Online Telephone
Share certificates 1.0% of the value of the deal 1.50% of the value of the deal
(Minimum £20.00, max £75.00) (Minimum £25.00, max £102.50)
There is no need to pre-register and there are no complicated forms to fill in.
The online and telephone dealing service allows you to trade "real time" at a
known price which will be given to you at the time you give your instruction.
To deal online or by telephone all you need is your surname, shareholder
reference number, full postcode and your date of birth. Your shareholder
reference number can be found on your latest statement or certificate where it
will appear as either a `folio number'or `investor code'. Please have the
appropriate documents to hand when you log on or call, as this information will
be needed before you can buy or sell shares.
For further information on this service please contact:
www.capitadeal.com(online dealing) or 0871 664 0446†(telephone dealing).
†Calls cost 1 0p per minute plus network extras and may be recorded for
training purposes.
ALLIANCE TRUST SAVINGS LIMITED
An investment can be made in the Company through the Savings Scheme, Childrens'
First Steps Plan and ISA run by Alliance Trust Savings Limited. You can call
them on 01382 573737*, email: contact@alliancetrust.co.uk
*calls to this number are recorded for monitoring purposes and will be charged
on local rates, non-BT line charges may vary.
DISABILITY ACT
Copies of this interim report and other documents issued by the Company are
available from the Company Secretary. If needed, copies can be made available
in a variety of formats, including Braille, audio tape or larger type as
appropriate. You can contact the Registrar to the Company, Capita Registrars,
which has installed telephones to allow speech and hearing impaired people who
have their own telephone to contact them directly, without the need for an
intermediate operator, for this service please call 0800 731 1888. Specially
trained operators are available during normal business hours to answer queries
via this service. Alternatively, if you prefer to go through a
`typetalk'operator (provided by The Royal National Institute for Deaf People)
you should dial 18001 followed by the number you wish to dial.
Enquiries:
Mark Pope - Tel: 0203 008 4913
Frostrow Capital LLP
25 Southampton Buildings
London WC2A AL
16 November 2009
END
Friday, 22nd November 2024
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