Result of Equity Issue

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE
REPUBLIC OF SOUTH AFRICA OR JAPAN.

The Biotech Growth Trust PLC

4 December 2009

Results of Placing and Offer for Subscription

The Board of The Biotech Growth Trust PLC (the `Company') announces the results
of the Company's recent Placing and Offer for Subscription.

The Company will issue 16,009,579 New Ordinary Shares raising approximately £
23.9 million of additional funds for the Company. As set out in the Prospectus,
the Issue Price has been calculated as at the close of business on 2 December
2009 at 149.18p per New Ordinary Share. All valid applications under the Offer
for Subscription will be satisfied in full.

The net proceeds of the Issue will be invested in accordance with the Company's
investment policy.

Following the Issue of the New Ordinary Shares the Company will have 66,137,042
Ordinary Shares in issue.

Application has been made to the UK Listing Authority for all the New Ordinary
Shares to be admitted to the Official List. Application has also been made for
such New Ordinary Shares to be admitted to trading on the London Stock
Exchange. It is expected that such admissions will become effective and that
dealings in the New Ordinary Shares will commence on 9 December 2009.

Capitalised terms which are not defined in this announcement are defined in the
Prospectus published on 16 November 2009.

Enquiries

Grant Challis                           020 3008 4912                          
                                                                               
Frostrow Capital LLP                                                           
                                                                               
Jane Lewis                              020 3100 0295                          
                                                                               
Winterflood Investment Trusts                                                  

The distribution of this announcement and/or the Prospectus in certain
jurisdictions may be restricted by law. No action has been taken by the Company
or Winterflood Securities that would permit an offer of the New Ordinary Shares
or possession or distribution of this announcement and/or the Prospectus or any
other offering or publicity material in any jurisdiction where action for that
purpose is required, other than in the United Kingdom. Persons into whose
possession this announcement and/or the Prospectus comes should inform
themselves about and observe any such restrictions. Any failure to comply with
these restrictions may constitute a violation of the securities laws of any
such jurisdiction.

Neither this announcement nor the Prospectus and any accompanying documents
constitute an offer to sell, or the solicitation of an offer to subscribe for
or buy, shares in any jurisdiction in which such offer or solicitation is
unlawful and none of them are for distribution in or into the United States,
Australia, Canada, the Republic of South Africa or Japan. The New Ordinary
Shares described in the Prospectus have not been, and will not be, registered
under the United States Securities Act of 1933 (as amended) (the "Securities
Act") or the securities laws of any state of the United States or under any of
the applicable securities laws of Australia, Canada, the Republic of South
Africa or Japan. Accordingly, subject to certain exceptions, the New Ordinary
Shares may not be offered, sold or delivered, directly or indirectly, in or
into the United States, Australia, Canada, the Republic of South Africa or
Japan or to or for the account or benefit of any US person (within the meaning
of Regulation S under the Securities Act), or any person resident in Australia,
Canada, the Republic of South Africa or Japan. In addition, the Company has not
been and will not be registered under the United States Investment Company Act
of 1940, as amended and investors will not be entitled to the benefits of such
Act.