Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

      Interim Management Statement - 3 months to 30 June 2007 (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 2007 was a volatile one for the biotechnology
sector which saw the Company's net asset value per share fall by 2.3% compared
to a rise of 1.3% in the Company's benchmark, the NASDAQ Biotechnology Index
measured in sterling terms. June proved to be a particularly difficult month
where the Company's net asset value per share fell by 6.9% compared to a
decline of 5.2% in the benchmark index.

The Company's share price fell by 1.6% during the three-month period as the
discount of share price to net asset value per share narrowed slightly from
6.7% to 6.0%. During the period a total of 210,000 shares were repurchased for
cancellation at a cost of £229,244 (including expenses) at an average discount
of 9.0%.

The Company changed its name from Finsbury Emerging Biotechnology Trust PLC
having gained shareholder approval to do so at the Annual General Meeting held
on 25 July 2007.

Trust Characteristics

                           30 June 2007               31 Mar 2007              
                                                                               
Number of Holdings         41                         40                       
                                                                               
Net Assets (£m)            75.1                       77.2                     
                                                                               
Gearing (AIC basis)        100                        101                      
                                                                               
Share Price (p)            108.00                     109.75                   
                                                                               
NAV (p)                    114.94                     117.67                   
                                                                               
(Discount)/Premium         (6.0%)                     (6.7%)                   

Source: Frostrow Capital LLP

10 Largest Investments

Name

                                     % of                      % of           
                                                                              
                             investment portfolio      investment portfolio   
                                                                              
                                at 30 June 2007           at 31 Mar 2007      
                                                                              
Amgen                                 9.9                       6.6           
                                                                              
Gilead Sciences                       6.6                       6.7           
                                                                              
Genzyme                               6.3                       5.5           
                                                                              
Genentech Inc                         6.0                       6.2           
                                                                              
Biogen Idec                           4.4                       3.4           
                                                                              
Gen-Probe                             3.8                       2.8           
                                                                              
Cephalon                              3.6                        -            
                                                                              
Vertex Pharmaceuticals                3.1                       2.9           
                                                                              
Indeyus Pharmaceuticals               3.1                       3.1           
                                                                              
Onyx Pharmaceuticals                  3.0                       3.2           
                                                                              
Total                                49.8                                     

Source: Frostrow Capital LLP

Geographical Analysis

                                     % of                       % of           
                                                                               
                             investment portfolio       investment portfolio   
                                                                               
                               at 30 June 2007             at 31 Mar 2007      
                                                                               
North America                        87.2                       88.2           
                                                                               
Continental Europe                   8.0                        7.0            
                                                                               
Unquoted                             1.8                        2.2            
                                                                               
Israel                               1.7                        1.6            
                                                                               
UK Listed                            1.3                        1.0            
                                                                               
Total                               100.0                      100.0           

Source: Frostrow Capital LLP

Performance

                3 Months        1 Year          3 Years         5 Years        
                                                                               
Share Price     -1.6%           +3.3%           +30.1%          +35.0%         
                                                                               
NAV per share   -2.3%           +6.7%           +13/3%          +12.6%         
                                                                               
Benchmark*      +1.3%           -0.4%           -4.5%           +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 is available on the Company's website 
www.finsburyeb.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

8 August 2007