Biotie Rises Most in a Year on Parkinson’s Trial Results
Biotie Therapies Oyj (BTH1V), the drugmaker that developed an anti-alcoholism medicine with H. Lundbeck A/S, rose the most in almost a year after it said a mid-stage trial met its goals in helping patients with Parkinson’s disease.
Biotie advanced almost 13 percent to close at 45 cents in Helsinki. The gain was the biggest since Jan. 11, 2011.
The experimental medicine SYN115 showed “highly significant” effects on Parkinson’s disease symptoms, and full data from the mid-stage study of 420 patients will be disclosed at upcoming medical conferences, Turku, Finland-based Biotie said today in a statement.
“We are extremely pleased with the results of this study,” Chief Executive Officer Timo Veromaa said in the statement. “The rigor with which the study was conducted also makes us optimistic that it may be considered a pivotal study within the envisioned development program.”
SYN115 is licensed to Brussels-based UCB SA (UCB), which probably will decide on the next steps for the drug in the first quarter of next year, Veromaa said. Biotie can receive as much as $370 million if goals for the product are met, the company has said.
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