Biotie updates outlook - completion of annual impairment review
(Thomson Reuters ONE) -
BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 27 February
2015 at 8.40 a.m.
Biotie updates outlook - completion of annual impairment review
Biotie has completed its annual impairment review of intangible assets and
goodwill. This has resulted in a non-cash impairment charge being recognized in
the consolidated statement of comprehensive income for the year-ended 31
December 2014 in respect of nepicastat (SYN117) and SYN120. The carrying value
of both tozadenant (SYN115) and goodwill was fully supported by the review.
On 30 January 2015, Biotie announced top-line results from a Phase 2 clinical
study with nepicastat in cocaine-dependent patients. When compared to placebo,
nepicastat did not meet the primary efficacy endpoint of an increased proportion
of subjects remaining abstinent from cocaine during the last two weeks of the
treatment period. As a result, the carrying value of nepicastat has been fully
impaired on 31 December 2014. This has resulted in a non-cash impairment charge
of EUR 11.1 million, which will be recognized in the consolidated statement of
comprehensive income in Q4 2014.
The impairment review for SYN120 has been performed using Parkinson's disease
dementia as the indication, following the start of recruitment in the Phase 2
study in Q4 2014. This has resulted in an impairment charge of EUR 16.5 million
being recognized in the consolidated statement of comprehensive income in Q4
2014. Should the development plans change, including for example if the
previously planned Alzheimer's disease study could be funded, then this may
result in an increase in the value of the asset to a maximum of the impaired
amount.
Turku, 27 February 2015
Biotie Therapies Corp.
Timo Veromaa
President and CEO
Further information:
For further information, please contact:
Virve Nurmi, Investor Relations Manager
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 on products for
neurodegenerative and psychiatric disorders. Biotie's development has delivered
Selincro (nalmefene) for alcohol dependence, which received European marketing
authorization in 2013 and is currently being rolled out across Europe by partner
Lundbeck. The current development products include tozadenant for Parkinson's
disease, which is transitioning into Phase 3 development, and two additional
compounds which are in Phase 2 development for cognitive disorders including
Parkinson's disease dementia, and primary sclerosing cholangitis (PSC), a rare
fibrotic disease of the liver.
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Source: Biotie Therapies Oyj via GlobeNewswire
[HUG#1897890]
Unternehmensinformation / Kurzprofil:
Datum: 27.02.2015 - 07:40 Uhr
Sprache: Deutsch
News-ID 374774
Anzahl Zeichen: 3586
contact information:
Town:
Turku
Kategorie:
Business News
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