Portfolio Update

3 October 2007

                         THE BIOTECH GROWTH TRUST PLC                          

                                (the "Company")                                

                      QUARTERLY STATEMENT OF INVESTMENTS                       

In compliance with the Listing Rules - Chapter 21 Investment Entities (I)(ii),
the Company discloses the following:

  * Investments valuing greater than 5% of the Company's gross assets comprise
    the following:
   
Company Name                                 Value of Investment   % of Total  
                                                      at            Portfolio  
                                                                     Assets    
                                              30 September 2007                
                                                                               
GILEAD SCIENCES INC COM USD0.001                  6,416,178           8.48     
                                                                               
AMGEN COM USD0.0001                               5,401,531           7.14     
                                                                               
GENZYME CORP GENERAL DIVISION COM USD0.01         3,937,090           5.20     
                                                                               
GENENTECH INC COM STK USD0.02 NPV                 3,806,507           5.03     

  * The ten largest investments held by the Company comprise the following:
   
Company Name                                 Value of Investment   % of Total  
                                                      at            Portfolio  
                                                                     Assets    
                                              30 September 2007                
                                                                               
GILEAD SCIENCES INC COM USD0.001                  6,416,178           8.48     
                                                                               
AMGEN COM USD0.0001                               5,401,531           7.14     
                                                                               
GENZYME CORP GENERAL DIVISION COM USD0.01         3,937,090           5.20     
                                                                               
GENENTECH INC COM STK USD0.02 NPV                 3,806,507           5.03     
                                                                               
ONYX PHARMACEUTICALS COM USD0.001                 3,367,095           4.45     
                                                                               
GEN-PROBE INC USD0.0001                           2,969,387           3.92     
                                                                               
ARQULE COM USD0.01                                2,822,113           3.73     
                                                                               
BIOMARIN PHARMACEUTICAL COM STK USD0.001          2,807,618           3.71     
                                                                               
CELGENE COM STK US$0.01                           2,799,323           3.70     
                                                                               
VERTEX PHARMACEUTICALS COM USD0.01                2,472,166           3.27     

                                   - ENDS -                                    

For further information please contact:

Mark Pope, Company Secretary

Frostrow Capital LLP

Telephone: [phone]