Portfolio Manager Factsheet

June 2019

New biotechnology IPOs continued through June, with the Trust participating in the IPO of Stoke Therapeutics, an early-stage RNA modification company, as well as the IPO of Adaptive Biotechnologies, a next-generation sequencing company. Shares of Stoke and Adaptive have appreciated 50% and 85% since their respective IPOs. Genfit shares were weak after a competitor product with a similar mechanism of action to the company’s elafibranor failed to show a robust clinical effect in a Phase 2 trial in nonalcoholic steatohepatitis (NASH).

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The Biotech Growth Trust PLC conducts its affairs so that its shares can be recommended by independent financial advisers (IFAs) to retail private investors. The shares are excluded from the Financial Conduct Authority's (FCA's) restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust.