2013-02-28 07:56:26 -
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
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: firstname.lastname@example.org
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 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.
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Source: Biotie Therapies Oyj via Thomson Reuters ONE