Biotie interim report 1 January - 30 September 2013

GlobeNewswire

BIOTIE THERAPIES CORP. Stock Exchange Release 1 November, 2013 at 9.00 a.m.

Biotie interim report 1 January - 30 September 2013;

Company Highlights
July - September 2013

  • Completed a portfolio review which established the best way for Biotie to maximize value from its current products. Introduced a new "evolved" strategy to seek additional pipeline opportunities, including those that Biotie could potentially develop itself through to regulatory approval and beyond.

  • H. Lundbeck A/S (Lundbeck) launched Selincro in further European markets, including Italy which resulted in a milestone payment of EUR 2 million; Biotie received royalties on sales of Selincro across all markets of EUR 36,000 during the third quarter. To date Biotie has received EUR 16 million in milestone payments from Lundbeck.

  • Continued to actively develop NRL-1, a proprietary intranasal diazepam formulation and an important strategic opportunity for Biotie. NRL-1 became part of Biotie`s development portfolio in June 2013 through an option arrangement with Neurelis, Inc.

  • Continued to advance Phase 3 development plans for tozadenant (SYN115) and, in connection, received the first Phase 3 development milestone from its partner UCB Pharma S.A. (UCB). This amounted to USD 8.5 million, of which EUR 2.5 million was recognized as revenue during the quarter.

  • Biotie`s financial result for Q3 2013 was a net loss of EUR 1.8 million; the financial result for 9 months ended 30 September 2013 was a net income of EUR 4.1 million.

  • Biotie ended the third quarter on 30 September 2013 with cash, cash equivalents and short term investments of EUR 46.9 million (EUR 44.7 million, 30 June 2013).

Key Financials
Figures in brackets, unless otherwise stated, refer to the same period in the previous year (EUR million)

for the period July - September 2013

  • Revenues EUR 4.5 million (3.9).

  • Research and development costs EUR 4.4 million (4.5)

  • Financial result EUR -1.8 million (-2.4)

  • Cash flow from operating activities EUR 2.7 million (-3.5)

  • Earnings per share EUR -0.00 (-0.01)

for the period January - September 2013

  • Revenues EUR 21.9 million (4.2).

  • Research and development costs EUR 10.7 million (17.0)

  • Financial result EUR 4.1 million (-16.8)

  • Cash flow from operating activities EUR 13.4 million (-19.4)

  • Earnings per share EUR 0.01 (-0.04)

  • Liquid assets at the end of period EUR 46.9 million (44.7)

The interim report is unaudited. Liquid assets comprise cash, cash equivalents and investments held to maturity.

Timo Veromaa, Biotie`s President and CEO commented, "The completion of our portfolio review was an important step in Biotie`s development as we continue to maximize the value our current pipeline. Our decision to evolve our strategy to acquire additional product opportunities, including those that Biotie could potentially develop itself through to regulatory approval and beyond, is designed to give us greater self-determination and to generate attractive returns for our shareholders."

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