Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

      Interim Management Statement - 3 months to 30 June 2010 (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 2010 was a challenging one for the Company
due, in part to concerns over the global economy. The Company's net asset value
per share fell by 15.4% and the share price by 9.7%. This is attributable to a
combination of a general weakness among a large number of major biotechnology
companies, a mild currency headwind and the failure of a Phase 2 trial of a
cancer drug developed by Curis, which was a significant holding in the
portfolio. This holding has now been disposed of. The Company's benchmark, the
NASDAQ Biotechnology Index measured in sterling terms fell by 13.5% during the
same period.

During the three-month period no shares were repurchased for cancellation.
Since the period end to 22 July 2010 25,258 shares have been bought back for
cancellation at a cost of £37k including expenses.

In the period from 30 June 2010 to 22 July 2010, the Company's net asset value
per share rose by 1.2% and the share price fell by 9.3% compared to a rise of
0.02% in the Company's benchmark.

At the Company's Annual General Meeting, held on 16 July 2010, all of the
resolutions were passed.

Trust Characteristics

                                 30 June 2010              31 March 2010      
                                                                              
Number of Holdings                    34                        43            
                                                                              
Net Assets (£m)                     101.9m                    120.0m          
                                                                              
Gearing (AIC basis)                   100                       107           
                                                                              
Share Price (p)                     158.75                    175.75          
                                                                              
NAV (p)                             154.47                    181.94          
                                                                              
(Discount)/Premium                   2.8%                     (3.4%)          

Source: Frostrow Capital LLP

Geographical Analysis

                                % of portfolio            % of portfolio       
                                at 30 June 2010          at 31 March 2010     
                                                                              
North America                        88.4                      90.0           
                                                                              
Continental Europe                    5.5                       4.7           
                                                                              
Unquoted                              1.2                       0.5           
                                                                              
UK Listed                             4.9                       4.8           
                                                                              
Far East                               -                         -            
                                                                              
Total                                100.0                     100.0          

Source: Frostrow Capital LLP

10 Largest Investments

Name

                                % of portfolio            % of portfolio         
                                at 30 June 2010          at 31 March 2010     
                                                                              
Amgen                                 9.0                       7.7           
                                                                              
Celgene                               8.8                       8.1           
                                                                              
Genzyme                               8.0                       5.3           
                                                                              
Gilead Sciences                       6.4                       7.4           
                                                                              
Shire                                 4.9                       4.8           
                                                                              
Pharmacyclics                         4.8                       2.9           
                                                                              
Cubist Pharmaceuticals                4.5                       2.8           
                                                                              
Human Genome Science                  4.0                       1.8           
                                                                              
Actelion                              3.9                       2.9           
                                                                              
Illumina                              3.9                       2.7           
                                                                              
Total                                58.2                      46.4           

Source: Frostrow Capital LLP

Performance to 30 June 2010

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     -9.7%           +31.2%         +47.0%          +68.0%         
                                                                              
NAV per share   -15.4%          +16.6%         +34.4%          +51.2%         
                                                                              
Benchmark*      -13.5%          +17.4%         +33.7%          +38.8%         

Source: Bloomberg & 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

23 July 2010