BTG plc (LSE: BGC): Interim Results for the Six Months Ended 30 September 2008

London, UK, 12 November 2008: BTG plc (LSE: BGC), the life sciences company, today announces its interim results for the six months ended 30 September 2008.

Financial highlights

· Recurring royalty revenues increase 17% to £24.2m (H1 07/08: £20.7m)

        o net recurring royalty revenues up 25% to £15.1m (H1 07/08: £12.1m)

· £6.0m revenues from non-recurring transactions (H1 07/08: £26.9m)

        o net non-recurring revenues £3.0m (H1 07/08: £15.1m)

· Net gains on sales of investments of £1.6m (H1 07/08: £0.2m)

· Research and development expenditure increased to £6.9m (H1 07/08: £4.8m)

· Operating costs stable at £8.6m (H1 07/08: £8.9m)

· Profit before tax of £3.4m (H1 07/08: £15.2m) and profit after tax £3.2m (H1 07/08: £13.4m)

· Cash reserves at £57.5m (31/03/08: £57.0m)

Operating highlights

· Recommended all-share offer by BTG plc for Protherics PLC to be effected by way of scheme of arrangement announced 18 September 2008

        o Requisite shareholder approvals received at BTG’s EGM on 5 November 2008 and at Protherics’ EGM and Court Meeting on 11 November 2008

        o Anticipated effective date of the scheme 4 December 2008

· Post period end, BGC945 licensed to Onyx Pharmaceuticals for $13m upfront (£8.0m gross, £7.3m net) and potential $307m additional milestones plus royalties

· Good progress with internal development programmes

        o Varisolve® (varicose veins) US Phase II study completed showing no cerebral injury in patients with cardiac shunts; preparatory studies for Phase III programme progressing in parallel with commercialisation planning

        o BGC20-0134 (multiple sclerosis) completed Phase I study - expected to start Phase II in H1 2009

        o BGC20-1531 (migraine) Phase I study nearing completion – Phase II planned for H1 2009

        o BGC20-1259 (Alzheimer’s disease) completing last of Phase II preparatory work

        o BGC20-0166 (sleep apnoea) IND preparations progressing in parallel with partnering discussions

· Strong progress in partnered programmes

        o TRX4 commenced a Phase III trial in type 1 diabetes, triggering $7.5m milestone payment

        o CB7630 commenced a Phase III trial in prostate cancer, triggering a milestone payment

        o Campath® final Phase II data in multiple sclerosis published showing significant reductions in risk for relapse and risk for accumulation of disability compared with interferon

Louise Makin, BTG’s Chief Executive Officer, commented: “We are very pleased with the strong growth in our recurring royalties and the good progress in our development pipeline and partnered programmes. With a robust cash position and the merger with Protherics due to complete in December, BTG is well positioned to build a self-sustaining specialty pharmaceuticals business with revenues from royalties and product sales and a pipeline of later-stage products.”

For further information contact:

BTG
Andy Burrows, Director of Investor Relations
+44 (0)20 7575 1741; mobile: +44 (0)7990 530605
Christine Soden, Chief Financial Officer
+44 (0)20 7575 1596

Financial Dynamics
Ben Atwell
+44 (0)20 7831 3113

About BTG
BTG in-licenses, develops and commercialises pharmaceuticals and has a broad pipeline of development programmes targeting neurological and other disorders including varicose veins. The company also has a substantial and growing revenue stream of milestone payments and royalties from out-licensed products. BTG operates from offices in London, Philadelphia and Osaka. For further information, visit: www.btgplc.com.