Biotie Therapies Oyj : Biotie updates outlook - non-cash impairment charge for
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.
President and CEO
For further information, please contact:
Virve Nurmi, Investor Relations Manager
tel. +358 2 274 8911, e-mail: email@example.com
NASDAQ OMX Helsinki Ltd
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 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
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.
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Source: Biotie Therapies Oyj via Thomson Reuters ONE
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