Biotie Therapies Oyj : Biotie updates outlook - non-cash impairment charge for ronomilast BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 28 February 2013 at 8:55 a.m. Biotie updates outlook - non-cash impairment charge for ronomilast Due to the complexity and size of studies required for the development of medicines for the treatment of chronic obstructive pulmonary disease (COPD), Biotie has been seeking a corporate partnership to optimize the development path for ronomilast. Due to a lack of success in partnering efforts Biotie has fully impaired the carrying value of ronomilast on December 31, 2012. This resulted in a non-cash impairment charge of EUR 3.4 million in Q4/2012. Turku, 28 February 2013 Biotie Therapies Corp. Timo Veromaa President and CEO For further information, please contact: Virve Nurmi, Investor Relations Manager tel. +358 2 274 8911, e-mail: firstname.lastname@example.org www.biotie.com Distribution: NASDAQ OMX Helsinki Ltd Main Media Ronomilast is a once-daily, potentially best-in-class oral phosphodiesterase-4 (PDE4) inhibitor with therapeutic potential in chronic inflammatory disorders, including chronic obstructive pulmonary disease (COPD), a serious respiratory disorder with major unmet medical need. In three clinical studies with a total of 126 subjects ronomilast was safe and well tolerated at all tested doses up to 100mg once daily. Robust and statistically highly significant biomarker responses have confirmed the pharmacological activity of well tolerated doses of ronomilast in man. Biotie Biotie is a specialized drug development company focused on the development of drugs for neurodegenerative and psychiatric disorders (e.g. Parkinson's disease, Alzheimer's disease and other cognitive disorders, alcohol and drug dependence (addiction) and post-traumatic stress disorder), and inflammatory and fibrotic liver disease. The company has a strong and balanced development portfolio with several innovative small molecule and biological drug candidates at different stages of clinical development. Biotie's products address diseases with high unmet medical need and significant market potential. Biotie's most advanced product, Selincro(^TM) (nalmefene), licensed to Lundbeck A/S, has on 14 December 2012 received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) recommending marketing authorization of Selincro(TM) for the reduction of alcohol consumption in adult patients with alcohol dependence who have a high level of alcohol consumption. In addition, Biotie has a strategic collaboration with UCB Pharma S.A. covering tozadenant which has successfully completed a Phase 2b study in 420 patients with advanced Parkinson's disease. Biotie shares are listed on NASDAQ OMX Helsinki Ltd. ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Biotie Therapies Oyj via Thomson Reuters ONE HUG#1681713
Biotie Therapies Oyj : Biotie updates outlook - non-cash impairment charge for ronomilast
Press spacebar to pause and continue. Press esc to stop.