Final Results

Finsbury Emerging Biotechnology Tst
06 June 2007


                                                                    NEWS RELEASE

                                                                     6 June 2007


         Unaudited Preliminary results for the year ended 31 March 2007


Finsbury Emerging Biotechnology Trust PLC today announces preliminary results
for the year ended 31 March 2007


                                   31 March 2007      31 March 2006     % change

Shareholders' Funds (£'000)             76,803             36,556       +110.1
Net Asset Value per share                117.1p             131.8p       (11.2)
Share Price                              109.8p             135.5p       (19.0)
(Discount)/premium of Share Price
to Net Asset Value per share              (6.2)%              2.8%           N/A
NASDAQ Biotechnology Index
(sterling adjusted)                      394.7              483.7        (18.4)
Total Expense Ratio (excluding
exceptional expenses and
performance fee accrued)                   1.9%*              3.0%*          N/A

*The total expense ratio, shown above, excludes exceptional expenses of £193,000
in 2006 incurred in connection with the identification and appointment of a new
Investment Manager and is based on the average amount of shareholders' funds
during the year.



For and on behalf of Frostrow Capital LLP - Company Secretary


6 June 2007

                                    - ENDS -





The following are attached:

   • Chairman's Statement

   • Income Statement

   • Statement of Changes in Equity

   • Balance Sheet

   • Cash Flow Statement

   • Notes to the Financial Statements



For further information please contact:
Alastair Smith, Frostrow Capital LLP                              020 3 008 4911
Mark Pope, Frostrow Capital LLP                                   020 3 008 4913
Jennie Denholm, Quill Communications                               020 7758 2230


Chairman's Statement

PERFORMANCE

The year under review was a difficult one for the Company with the net asset
value ("NAV") per share falling by 11.2%. While this was a disappointing return
in absolute terms, the Company's benchmark index fell further, by 18.4%, during
the same period. The Company's share price fell by 19.0% as the discount of
share price to net asset value per share widened from a premium of 2.8% as at 31
March 2006 to a discount of 6.2% at the end of the period under review.

Merger and acquisition ("M&A") activity was strong, contributing some of the
investment portfolio's largest gains, but the weakness of the US dollar
continued to hurt us. During the Company's financial year the US dollar
depreciated more than 13.0% against sterling, moving from 1.73 at the end of
March 2006 to 1.96 at the end of March 2007. The Board continues, nevertheless,
to take the view that the Company's investment policy should be to identify the
best companies in the sector without being swayed by currency fluctuations.

EARNINGS AND DIVIDEND

Earnings per share were 1.2p for the year, comprising a revenue deficit of 0.5p
per share (2006: deficit of 1.9p) and a capital return of 1.7p (2006: return of
32.0p). No dividend is recommended in respect of the year ended 31 March 2007
(2006: Nil).

DISCOUNT MANAGEMENT POLICY AND BUY-BACK AUTHORITY

As I mentioned in my Chairman's Statement last year, the Board has undertaken to
continue with its policy of active discount management and to buy back shares if
the market price is at a discount greater than 6.0% to the net asset value per
share. During the year, a total of 335,000 shares were bought back for
cancellation, at an average discount to net asset value per share of 6.2%,
costing £364,000. The execution and timing of any share buy-back will continue
to be at the absolute discretion of the Board.

Shareholder approval to renew the authority to buy-back shares will be sought at
the Annual General Meeting. The Board will also now give consideration to the
holding of any shares repurchased in the future as treasury shares. The Board
will have regard to any guidelines issued by investor groups which may be
published at the time of any such purchase with regard to the holding and
re-sale of treasury shares, but the Directors will not in any circumstances sell
treasury shares at less than the net asset value per Ordinary share prevailing
at the time of sale. No dividends will be paid on any shares held in treasury
and no voting rights will attach to such shares.

ELECTRONIC COMMUNICATION AND VOTING


We are proposing a resolution at the Annual General Meeting, to facilitate the
future use of communications with shareholders both in electronic form and via
the website. We expect these new communication arrangements to begin next year.
Notwithstanding these developments, shareholders wishing to receive
communications, and to vote, in the usual way will still be able to do so.

MANAGER AND COMPANY SECRETARY

During the year, following a programme of reorganisation within the asset
management division of Close Brothers Group, Close Investments Limited ("CIL")
became the Company's Manager and Company Secretary in December 2006, on the same
terms as Close Finsbury Asset Management Limited, from whom the contract was
novated. Following a review of these arrangements by the Board the Company
entered into a new agreement with Frostrow Capital LLP ("Frostrow") on 10 April
2007. Frostrow is a new firm established by former employees of CIL to provide
specialist management, administration, company secretarial and marketing
services to investment companies and is authorised and regulated in the UK by
the Financial Services Authority. The Board is satisfied that, given the
continuity of the individuals providing these services to the Company, a
continued high level of service will be provided. The notice period on the new
agreement signed with Frostrow Capital LLP is 12 months. Further details of the
new arrangements can be found in the Company's Annual Report & Accounts. OrbiMed
Capital LLC's partners have a minority financial interest of 20% in Frostrow.

The Company has also entered into a new investment management agreement with
OrbiMed Capital LLC under which OrbiMed will continue to provide discretionary
investment management services to the Company on the same terms as before.

CHANGE OF NAME OF THE COMPANY

As part of the arrangements discussed above, a special resolution will be
proposed at the Annual General Meeting to change the Company's name to The
Biotech Growth Trust PLC.

OUTLOOK

Last year was difficult and unrewarding but your Board continues to believe that
the prospects for the biotechnology sector are bright. There are growing numbers
of profitable biotechnology companies, M&A activity remains at a high level and
there is an increasing global demand for healthcare products. The Board also
believes that our Investment Manager's strategy of identifying investment
opportunities in a well-researched group of emerging biotechnology companies and
in a number of undervalued larger companies will prove beneficial for
Shareholders.

ANNUAL GENERAL MEETING

The Annual General Meeting of the Company will be held at 25 Southampton
Buildings, London WC2A 1AL on Wednesday, 25 July 2007 at 12 noon, and I hope as
many Shareholders as possible are able will attend. This will be an opportunity
to meet the Board and to receive a presentation from our Investment Manager.

John Sclater
Chairman




Unaudited Income Statement
for the year ended 31 March 2007

                          Year ended 31 March 2007          Year ended 31 March 2006
                                                                    
                          Revenue  Capital     Total          Revenue  Capital  Total
                            £000      £000      £000           £000     £000     £000
---------------------     -------   -------   -------        -------  -------  -------
Investment income
Investment income 
( note 2)                     36         -        36             93        -       93
Other income 
( note 2)                      8         -         8             18        -       18
---------------------     -------   -------   -------        -------  -------  -------
Total income                  44         -        44            111        -      111

Gains and losses on
investments
Gains on investments 
held at fair value 
through profit or loss         -     3,373     3,373              -    9,774    9,774
Exchange losses on
currency balances              -      (277)     (277)             -     (207)    (207)
Expenses
Investment management 
fees ( note 3)                 -    (2,048)   (2,048)             -     (752)    (752)
Other expenses              (355)        -      (355)          (605)       -     (605)
---------------------     -------   -------   -------        -------  -------  -------
(Loss)/profit before 
finance costs and 
taxation                    (311)    1,048       737           (494)   8,815    8,321
---------------------     -------   -------   -------        -------  -------  -------
Finance costs                (20)      (17)      (37)           (16)     (21)     (37)
---------------------     -------   -------   -------        -------  -------  -------
(Loss)/profit
before taxation             (331)    1,031       700           (510)   8,794    8,284
---------------------     -------   -------   -------        -------  -------  -------
Taxation                       -         -         -              -        -        -
---------------------     -------   -------   -------        -------  -------  -------
(Loss)/profit for
the year                    (331)    1,031       700           (510)   8,794    8,284
---------------------     -------   -------   -------        -------  -------  -------
Earnings/(loss) per
Ordinary share 
( note 4)                   (0.5)p     1.7p      1.2p          (1.9)p   32.0p    30.1p
---------------------     -------   -------   -------        -------  -------  -------

The total column of this statement represents the Company's Income Statement,
prepared in accordance with International Financial Reporting Standards (IFRS).
The revenue return and capital return columns are supplementary to this and are
prepared under guidance published by the Association of Investment Companies
(formerly known as the Association of Investment Trust Companies). All items in
the above statement derive from continuing operations.


Unaudited Statement of Changes in Equity
For the year ended 31 March 2007

                                Ordinary                           Capital                                
                                   Share     Share    Special   Redemption    Capital    Retained             
                                 Capital   Premium    Reserve      Reserve    Reserve    Earnings      Total
                                    £000      £000       £000         £000       £000        £000       £000
------------------------         -------   -------    -------     --------    -------     -------     ------
At 31 March 2006                   6,935       272     19,167          653     11,201      (1,672)    36,556

Net profit/(loss) for 
the year                               -         -          -            -      1,031        (331)       700

Issue of Ordinary shares           9,543    31,267          -            -          -           -     40,810

Issue expenses                         -      (938)         -            -          -           -       (938)

Share premium account
cancelled                              -   (30,601)    30,601            -          -           -          -

Issue expenses written back            -         -         39            -          -           -         39

Buyback of Ordinary shares           (84)        -       (364)          84          -           -       (364)
------------------------         -------   -------    -------     --------    -------     -------     ------
At 31 March 2007                  16,394         -     49,443          737     12,232      (2,003)    76,803
------------------------         -------   -------    -------     --------    -------     -------     ------

For the year ended 31 March 2006

                                Ordinary                           Capital                                
                                   Share     Share    Special   Redemption    Capital    Retained             
                                 Capital   Premium    Reserve      Reserve    Reserve    Earnings      Total
                                    £000      £000       £000         £000       £000        £000       £000
------------------------         -------   -------    -------     --------    -------     -------     ------
At 31 March 2005                   7,525         -     21,679            -      2,407      (1,162)    30,449

Net profit/(loss) for 
the year                               -         -          -            -      8,794        (510)     8,284

Issue of Ordinary shares              63       272          -            -          -           -        335

Buyback of Ordinary shares          (653)        -     (2,512)         653          -           -     (2,512)
------------------------         -------   -------    -------     --------    -------     -------     ------
At 31 March 2006                   6,935       272     19,167          653     11,201      (1,672)    36,556
------------------------         -------   -------    -------     --------    -------     -------     ------


Unaudited Balance Sheet
As at 31 March 2007



                                                        31 March      31 March
                                                            2007          2006
                                                           £'000         £'000
------------------------------------------------       ---------    ----------
Non current assets
Investments held at fair value through profit or
loss                                                      78,088        37,043

Current assets
Other receivables                                          2,443         1,295
Cash and cash equivalents                                      -           729
------------------------------------------------       ---------    ----------
                                                           2,443         2,024
------------------------------------------------       ---------    ----------

Total assets                                              80,531        39,067

Current liabilities
Other payables                                             2,635         1,362
Bank overdrafts                                            1,093         1,149
------------------------------------------------       ---------    ----------
                                                           3,728         2,511
------------------------------------------------       ---------    ----------
Net assets                                                76,803        36,556
------------------------------------------------       ---------    ----------

Equity attributable to equity holders
Ordinary share capital                                    16,394         6,935
Share premium                                                  -           272
Special reserve                                           49,443        19,167
Capital redemption reserve                                   737           653
Capital reserve - realised                                12,305         6,576
Capital reserve - unrealised                                 (73)        4,625
Retained earnings                                         (2,003)       (1,672)
------------------------------------------------       ---------    ----------
Total equity                                              76,803        36,556
------------------------------------------------       ---------    ----------

Net asset value per Ordinary share                         117.1p        131.8p
( note 5)




Unaudited Cash Flow Statement
For the year ended 31 March 2007
                                                          31 March    31 March
                                                              2007        2006
                                                             £'000       £'000
------------------------------------------------         ---------  ----------
Operating activities
Profit before tax                                              700       8,284
Add back interest paid                                          37          37
Less: gain on investments held at fair value
through profit or loss                                      (3,096)     (9,567)
Purchases of investments held at fair value through
profit or loss                                             (97,713)    (45,475)
Sales of investments held at fair value through
profit or loss                                              58,760      48,454
Decrease in other receivables                                    -          22
Increase/(decrease) in other payables                        1,406         (62)
------------------------------------------------         ---------  ----------
Net cash (outflow)/inflow from operating activities
before interest and taxation                               (39,906)      1,693
------------------------------------------------         ---------  ----------

Interest paid                                                  (37)        (37)
Tax on overseas income                                           -           1
------------------------------------------------         ---------  ----------
Net cash (outflow)/ inflow from operating
activities                                                 (39,943)      1,657
------------------------------------------------         ---------  ----------

Financing activities
Issue of Ordinary shares                                    40,810         335
Buy-backs of Ordinary shares                                  (364)     (2,512)
Issue expenses paid                                           (899)          -
------------------------------------------------         ---------  ----------
Net cash inflow/(outflow) from financing                    39,547      (2,177)
------------------------------------------------         ---------  ----------

Decrease in cash and cash equivalents                         (396)       (520)
Cash and cash equivalents at start of year                    (420)        301
Effect of foreign exchange rate changes                       (277)       (201)
------------------------------------------------         ---------  ----------

Cash and cash equivalents at end of year                    (1,093)       (420)
------------------------------------------------         ---------  ----------


Notes to the Financial Statements

1 Basis of Preparation

This preliminary announcement of the Company has been prepared in accordance
with International Financial Reporting Standards ("IFRS") and using the same
accounting policies as those in the last published annual accounts, being those
to 31 March 2006.

2 Income

                                                        2007              2006
                                                       £'000             £'000
                                                    ----------        ----------
Income from listed investments                            36                91
Unfranked interest                                         -                 2
Overseas dividends
                                                    ----------        ----------
                                                          36                93
                                                    ----------        ----------
Other operating income                                     8                18
Interest receivable
                                                    ----------        ----------
                                                           8                18
                                                    ----------        ----------
                       
---------------------                               ----------        ----------
Total Income                                              44               111
---------------------                               ----------        ----------

Total income comprises:
Dividends                                                  -                 2
Interest                                                  44               109
---------------------                               ----------        ----------
                                                          44               111
---------------------                               ----------        ----------


3 Investment Management Fees


                    Revenue  Capital  Total         Revenue  Capital  Total
                     2007     2007     2007          2006     2006     2006
                    £'000    £'000    £'000         £'000    £'000    £'000
-----------       -------  -------  -------       -------  -------  -------

Periodic fee            -      672      672             -      519      519
Performance fee
accrual                 -    1,351    1,351             -      168      168
Irrecoverable VAT
thereon                 -       25       25             -       65       65
-----------         -------  -------  -------       -------  -------  -------
Total                   -    2,048    2,048             -      752      752
-----------         -------  -------  -------       -------  -------  -------


4 Earnings/(loss) per Ordinary share

Total earnings per Ordinary share of 1.2p (2006: 30.1p) is based on total
earnings attributable to equity shareholders of £700,000 (2006: £8,284,000).

Revenue loss per Ordinary share of 0.5p (2006:1.9p) is based on the revenue loss
attributable to equity shareholders of £331,000 (2006: £510,000).

Capital gain per Ordinary share of 1.7p (2006:32.0p) is based on the capital
gain attributable to equity shareholders of £1,031,000 (2006: £8,794,000).

Total earnings, revenue loss and capital gain per share are based upon the
weighted average number of Ordinary shares throughout the year of 59,520,000
(2006: 27,490,000).

5 Net Asset Value per Ordinary share

The net asset value per Ordinary share is based on the net assets attributable
to equity shareholders of £76,803,000 (2006: £36,556,000) and on 65,577,263
(2006: 27,740,000) Ordinary shares in issue at 31 March 2007.

6 Financial information

This preliminary statement is not the Company's statutory accounts. The above
results for 2007 have been agreed with the Auditors and are an abridged version
of the Company's full draft accounts, which have not yet been approved, audited
or filed with the Registrar of Companies. The 2007 accounts have been prepared
in accordance with International Financial Reporting Standards ("IFRS").

The statutory accounts for the year end 31 March 2006 have been delivered to the
Registrar of Companies and those for 31 March 2007 will be despatched to
shareholders shortly. The 2006 accounts received an audit report which was
unqualified did not include a reference to any matter to which the auditors drew
attention without qualifying the report, and did not contain statements under
Section 237 (2) and (3) of the Companies Act 1985.

Frostrow Capital LLP
Company Secretary
6 June 2007


                                    - ENDS -



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