Biotie's loan obligations to Tekes reduced by EUR 2.8 million
(Thomson Reuters ONE) -
BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 21 November 2013,
at 4.00 p.m.
Biotie's loan obligations to Tekes reduced by EUR 2.8 million
The Finnish Funding Agency for Technology and Innovation (Tekes) has, based on
an application from Biotie, informed the Company that it has decided to forgive
certain capital loans relating to Biotie's carbohydrate and cancer
glycosylation projects that were discontinued in 2005 and an R&D loan relating
to Biotie's Integrin project that was discontinued in 2010. Biotie's
justification for the application was that the Tekes funded R&D projects did not
lead to commercially profitable business.
The loan forgiveness will reduce the group's non-current financial liabilities
on the consolidated statement of financial position by EUR 2.8 million and
increase financial income on the consolidated statement of comprehensive income
by EUR 2.8 million in the full year financial statements for 2013. In addition,
all accrued interest relating to these loans is also forgiven. This will reduce
other non-current liabilities on the consolidated statement of financial
positions by EUR 0.4 million and increase financial income on the consolidated
statement of comprehensive income by EUR 0.4 million in the full year financial
statements for 2013.
As at 31 December 2012 the Company's loan obligations to Tekes were EUR 17.4
million as capital loans and EUR 4.4 million as R&D loans.
In Turku, 21 November 2013
Biotie Therapies Corp.
Timo Veromaa, President and CEO
For further information, please contact:
Virve Nurmi, Biotie Therapies Corp.
tel. +358 2 274 8900, e-mail: virve.nurmi(at)biotie.com
Distribution:
NASDAQ OMX Helsinki Ltd
Main Media
www.biotie.com
ABOUT BIOTIE
Biotie is a specialized drug development company focused primarily on products
for neurodegenerative and psychiatric disorders. For the past years, Biotie has
successfully operated a strategy built around search, profile and partner. This
has delivered Selincro (nalmefene) for alcohol dependency, which received
European marketing authorization in February 2013 and is currently being rolled
out across Europe by partner H. Lundbeck A/S, and tozadenant, a novel A2a
antagonist which is transitioning into Phase 3 development for Parkinson's
disease in collaboration with UCB Pharma S.A.. Biotie also has exclusive rights
through an option to acquire Neurelis Inc., which includes NRL-1, an intranasal
formulation of diazepam for epileptic seizure management. Biotie plans to seek
further opportunities of this kind to generate a strong portfolio of products.
Biotie's shares are listed on NASDAQ OMX Helsinki.
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Source: Biotie Therapies Oyj via Thomson Reuters ONE
[HUG#1744931]
Unternehmensinformation / Kurzprofil:
Datum: 21.11.2013 - 15:00 Uhr
Sprache: Deutsch
News-ID 319210
Anzahl Zeichen: 3540
contact information:
Town:
Turku
Kategorie:
Business News
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