Biotie Therapies interim report: January - June 2010
(Thomson Reuters ONE) -
BIOTIE THERAPIES CORP. INTERIM REPORT 6 August 2010 at 9.00
a.m.
Biotie Therapies interim report: January - June 2010
- Biotie reported positive data from a clinical study with its VAP-1 antibody in
rheumatoid arthritis patients earlier in 2010 and expects to report data from a
currently ongoing, similarly designed, clinical trial in psoriasis patients in
September 2010.
- After Roche notified Biotie that it does not intend to exercise its option to
license the VAP-1 antibody, Biotie decided to continue development of the
product. Preparatory activities towards start of phase 2 studies are underway.
- Biotie announced positive data from a clinical study with its oral PDE4
inhibitor in healthy volunteers. ELB353 (INN ronomilast) was well tolerated and
showed clear pharmacological activity. Enabling work for a phase 2 program has
been initiated.
- The research collaboration with Pfizer for the identification of novel PDE10
inhibitors for schizophrenia ended in June 2010. Pfizer retains the commercial
rights for all product candidates discovered as part of the research
collaboration.
- Revenues for January - June amounted to EUR 2.5 million (EUR 2.7 million in
2009). Net loss for January - June was EUR 7.1 million (EUR 5.7 million in 2009
excluding extraordinary items in relation to write-offs of certain intangible
assets. Total net loss for January - June 2009 including extraordinary items in
relation to write-offs of intangible assets was EUR 9.6 million). Basic earnings
per share amounted to EUR -0.04 (EUR -0.07 for 2009).
- Cash flow from operations in January - June amounted to EUR -8.1 million (EUR
-6.7 million in 2009). As of 30 June, liquid assets amounted to EUR 11.6 million
(EUR 18.8 million as of 30 June, 2009).
Q2/2010 in brief:
- Revenues for April - June, 2010 amounted to EUR 1.3 million (EUR 1.4 million
for comparable period in 2009). The net loss in April - June was EUR 3.4 million
(net loss of comparable period in 2009 was EUR 2.9 million excluding
extraordinary items in relation to write-offs of certain intangible assets; net
loss for April - June 2009 was EUR 6.7 million including extraordinary items).
Basic earnings per share for April - June amounted to EUR -0.02 (EUR ?0.05 in
2009).
- Cash flow from operating activities in April - June was EUR -3.7 million (EUR
-3.3 million during April - June 2009).
Timo Veromaa, Biotie's President and CEO:
"We have generated positive early clinical data for our two anti-inflammatory
programs - our proprietary VAP-1 antibody and our third generation PDE4
inhibitor ronomilast. Enabling activities for further development are underway.
We may enter into collaborations to move the programs forward if commercially
attractive terms can be achieved. Our lead program, nalmefene for the treatment
of alcohol dependence, is on track and our partner Lundbeck expects to report
top-line data from the ongoing phase 3 program towards the end of the year."
Outlook for 2010
- Biotie will continue to support its licensing partner Lundbeck in the
development of nalmefene for the treatment of alcohol dependence. Phase 3
clinical data from the ongoing studies is expected towards the end of 2010; a
possible marketing authorization submission in the EU is anticipated in 2011.
- Biotie will continue with the development of its proprietary VAP-1 antibody.
Top-line data from an ongoing study in psoriasis patients is expected in
September 2010. While the rights to the product in Japan, Taiwan, Singapore,
Australia and New Zealand have been granted to Seikagaku, Biotie retains
ownership in the rest of the world and will be looking for additional
collaboration opportunities.
- Biotie intends to continue active development of ronomilast (previously ELB
353) for the treatment of COPD. Further clinical trials are planned and Biotie
will be looking for potential collaboration opportunities for this product.
- Pfizer retains the commercial rights for all product candidates discovered so
far in a discovery alliance regarding the identification of PDE10 inhibitors for
schizophrenia which ended in June and Biotie is committed to support Pfizer in
all further development aspects.
- Biotie will need to secure its working capital beyond Q2 2011 in order to
execute its intended product development activities. Income generated from
commercial agreements relating to Biotie's clinical programs may significantly
improve the company's financial position, but no reliable forecast on any
potential income from such commercial agreements can be provided. Biotie may
therefore need to secure additional financing through the issue of shares,
either by exercising its existing standby equity distribution agreement with
Yorkville or through share issues.
Financial calendar 2010
Publication of interim report January - September 2010: October 29, 2010
Conference call
An analyst and media conference call will take place on August 6, 2010 at 2.00
p.m. Central European Time. The conference call will be held in English. The
interim report will be presented by Biotie's President and CEO Timo Veromaa and
CFO Thomas Taapken.
Callers may access the conference directly at the following telephone
numbers:US: +1 212 444 0898 UK: +44 (0)20 7806 1968 Finland: +358 (0)9
2319 4349 access code 6094903. Lines are to be reserved ten minutes before the
start of conference call. The event can also be viewed as a live webcast at
www.biotie.com. An on demand version of the conference will be published on
Biotie´s website later during the day.In case you need additional information or
assistance, please contact: Virve Nurmi, IR Manager Biotie Therapies, Tel.+358
2 2748 911
_______________________________________________________________________________
Biotie Therapies detailed interim report
About Biotie
Biotie is a drug discovery and development company focused on central nervous
system and inflammatory diseases. It has a broad range of innovative small
molecule and biological drug candidates at different stages of clinical and
pre-clinical development. Biotie's products address diseases with high unmet
medical need and significant market potential, including addiction and psychotic
disorders, rheumatoid arthritis, psoriasis and chronic obstructive pulmonary
disease (COPD).
Drug development projects and operations:
Nalmefene, a new treatment paradigm for alcohol dependence. Nalmefene builds on
a novel principle of treating alcohol dependence. Unlike existing therapies, the
treatment with Nalmefene is not aimed at keeping the patients from drinking.
Nalmefene instead removes the desire to drink, thereby controlling and limiting
the intake of alcohol. Nalmefene distinguishes itself by being available as an
oral tablet formulation to be taken on an as needed basis.
Biotie has granted worldwide rights for Nalmefene to Lundbeck, with the
exception of Korea. Currently, Lundbeck is undertaking three phase 3 clinical
trials with Nalmefene for the treatment of alcohol dependence. We expect
top-line data from the ongoing clinical trials to become available towards the
end of 2010. Biotie is participating in financing some of the clinical
development costs.
Ronomilast (previously known as ELB353), an oral PDE4 inhibitor for COPD in
clinical development. Ronomilast is a once-daily, oral phosphodiesterase 4
(PDE4) inhibitor with therapeutic potential in chronic inflammatory disorders,
particularly in chronic obstructive pulmonary disease (COPD), a serious
respiratory disorder with major unmet medical need.
In previously completed clinical studies, ronomilast has been demonstrated to be
safe and well tolerated at all tested doses up to 100mg once daily. No serious
or severe adverse events were reported in any of the study subjects. The
pharmacokinetic characteristics of ronomilast demonstrated its suitability for a
once daily dosing regimen. Robust and statistically highly significant biomarker
responses confirmed the pharmacological activity of well tolerated doses of
ronomilast in man.
Vascular Adhesion Protein-1 (VAP-1), a key inflammation receptor. VAP-1 has been
shown to play a key role in inflammatory chronic diseases such as rheumatoid
arthritis, psoriasis and diabetes. Potentially it also plays a role in other
chronic inflammatory diseases for which there is a clear unmet medical need.
Biotie has a vast knowledge and strong intellectual property position around
this target.
VAP-1 function can be blocked by either antibody (biologic) drugs or small
molecule drugs which target the enzyme (SSAO) domain of the receptor. Both
approaches are being pursued by Biotie for various therapeutic indications.
VAP-1 antibody, a high value biologic for inflammatory diseases in clinical
development. Biotie is developing a fully human monoclonal antibody which blocks
VAP-1 function. Biotie previously reported that it has successfully completed a
clinical trial with its VAP-1 antibody (BTT-1023) in rheumatoid arthritis
patients, demonstrating the safety, tolerability, and pharmacokinetics of
repeated doses of intravenously administered antibody in 24 rheumatoid arthritis
patients. Although the study was not designed to enable formal statistical
evaluation of therapeutic activity, in several assessments of treatment effect
such as Disease Activity Score based on 28 joint assessment (DAS28) criteria,
American College of Rheumatology (ACR) criteria, physician's global assessment
and erythrocyte sedimentation rate, responses in the higher dose groups were
greater than in the placebo group. Several patients receiving higher doses of
BTT-1023 reached an ACR50 response (i.e. a 50% reduction in their ACR score)
during treatment whereas none of the placebo patients reached an ACR50 response.
A similarly designed clinical study in psoriasis patients is currently ongoing
and results from this study are expected in September 2010.
Biotie has granted a license to Seikagaku Corporation for the commercial rights
to the product in Japan, Taiwan, Singapore, New Zealand, and Australia against
up to USD 16.7 million in milestone payments plus royalties on sales in the
territory.
Biotie is committed to continuing development of its VAP-1 antibody and
preparatory activities towards the start of phase 2 studies are underway. If
deemed necessary and if commercially attractive terms can be achieved, Biotie
will seek additional development and commercial partners in addition to
Seikagaku.
VAP-1 SSAO inhibitors. Biotie is pursuing the development of small molecule
inhibitors of VAP-1 SSAO. Currently the program is at the pre-clinical stage.
Biotie has granted options to the program to Roche and Seikagaku (for Japan,
Taiwan, Singapore, Australia and New Zealand). Under the terms of the option
agreements, the parties carry their own costs, but Biotie retains ownership of
the developed compounds until the partners choose to exercise its option rights
to in-license the product.
Phosphodiesterase 10 (PDE10) inhibitors, a novel treatment paradigm for
schizophrenia. PDE10 is a novel molecular drug target in schizophrenia and
Biotie has shown antipsychotic activity of PDE10 inhibitors in animal models.
Biotie's PDE10 inhibitors are believed to serve the unmet medical need for novel
anti-psychotic drugs with an improved side effect profile and improved efficacy
in schizophrenia.
Biotie and Pfizer were engaged in a discovery alliance to jointly identify novel
PDE10 inhibitors which ended in June 2010. Pfizer retains the commercial rights
for all product candidates discovered until then.
Financial review
Revenues: Revenues for the reporting period January - June 2010 amounted to EUR
2.5 million (EUR 2.7 million in the same period 2009) and consisted of income
from the ongoing research collaboration with Pfizer, periodization of previously
received up-front payments from licensing agreements that the company has in
place with several licensing partners and grant income under a grant from the
central development agency for the state of Saxony (Sächsische Aufbaubank, SAB,
Germany).
Financial result: The net loss for the reporting period amounted to EUR 7.1
million (Total net loss for January-June 2009 including extraordinary items
amounted to EUR 9.6 million.). Research and development costs for the reporting
period amounted to EUR 7.3 million (Research and development costs for the
comparable period in 2009 amounted to EUR 7.5 million, excluding extraordinary
items).
Financing: Cash and cash equivalents totaled EUR 11.6 million on June 30 (EUR
18.8 million on June 30, 2009).
The company has invested its liquid assets into bank deposits. Bank deposits
with maturity more than 3 months are reported in "investments held to maturity"
whereas deposits with maturity less than 3 months are reported in the "cash and
cash equivalents".
Biotie has a standby equity distribution agreement with US fund Yorkville in
place. Yorkville is obliged to subscribe and pay for ordinary no-par Biotie
shares up to a total value of EUR 20 million during the period until September
2012 at Biotie's discretion (Biotie option). The purpose of this arrangement is
to have an option to secure the financing of Biotie's working capital in the
short and medium term.
Shareholder's equity: The shareholders' equity of the group amounts to EUR -15.9
million (IFRS). Biotie's equity ratio was -67.2% on 30 June 2010 (-29.8% on 30
June 2009).
Investments and cash flow: Cash flow from operations was EUR -8.1 million for
January - June (EUR -6.7 million during January - June 2009). The group's
investments during the reporting period amounted to EUR 180 thousand (EUR 86
thousand in 2009).
Personnel
During the reporting period January - June 2010, the company´s personnel average
was 82 (80 during January - June, 2009) and at the end of the reporting period
it was 80 (81 on June 30, 2009).
Share capital and shares
Biotie shares are all of the same class and have equal rights. Each share
entitles the holder to one vote at the general meeting of shareholders. All
shares are freely transferable and are quoted on NASDAQ OMX Helsinki Ltd (Small
cap, Healthcare).
Biotie´s share capital is EUR 51,506,678.10 (FAS), the total number of shares is
158,752,560. Of these shares, 463,255 are owned by Biotie Therapies Corp.
Changes in ownership
From April to June 2010, the company did not become aware of changes in
ownership exceeding the disclosure thresholds.
Information on notices of changes in ownership and a monthly updated list of
Biotie's major shareholders is available on the company's website at
www.biotie.com/investors.
Short-term risks and uncertainties
Biotie's strategic risks are predominantly related to the technical success of
the drug development programs, regulatory issues, strategic decisions of its
commercial partners, ability to obtain and maintain intellectual property rights
for its products, launch of competitive products and the development of the
sales of its products. The development and success of Biotie's products depends
to a large extent on third parties. Any adverse circumstance in relation to any
of its R&D programs might impair the value of the asset and thus, represent a
severe risk to the company. Such adverse events could happen on a short term
notice and are not possible to foresee.
The key operational risks of Biotie's activities include the dependency on key
personnel, assets (especially in relation to intellectual property rights) and
dependency on its license partners' decisions.
Furthermore, significant financial resources are required to advance the drug
development programs into commercialized pharmaceutical products. To fund the
operations, Biotie relies on financing from three major sources: income from its
license partners, grant income and raising equity financing in the capital
markets.
Although Biotie has currently active license agreements in place, the
termination of any such agreement would have a negative effect on the short to
medium term access to liquidity for the company. Grants have been historically
available to Biotie at substantial levels. Availability of grants in the future
cannot be guaranteed and this thus poses a potential risk to the income
situation of the group in the future. Currently ongoing grant programs are
available until Q3 2010. The company relies on capital markets to raise equity
financing from time to time. There can be no assurance that sufficient funds can
be secured in order to permit the company to carry out its planned activities.
Current capital market conditions are volatile and it is currently uncertain
whether the company can secure equity financing if and when it needs it.
To protect the continuity of Biotie's operations, it will need to secure its
working capital beyond Q2 2011 in order to execute its intended product
development activities. Although income generated from commercial agreements
with third parties relating to its clinical programs might significantly improve
its financial position, a forecast on possible income from future licensing
arrangements cannot be provided reliably. Therefore it is possible that Biotie
will need to secure additional financing from share issues, either through
exercise of its existing standby equity distribution agreement with Yorkville or
through share issues in the future.
The group can influence the amount of capital used in its operations by adapting
its cost base according to the financing available. Management monitors the
capital and liquidity on the basis of the amount of equity and cash funds. These
are reported to the Board on a monthly basis.
IFRS and accounting principles
This interim financial report has been prepared in accordance with IFRS
recognition and measurement principles, and applying the same accounting policy
as for the 2009 financial statements. The interim report has been prepared in
accordance with IAS 34, Interim Financial Reporting.
This interim report is unaudited.
Turku, August 6, 2010
Biotie Therapies Corp.
Board of Directors
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
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS)
1.4.- 1.4.- 1.1.- 1.1.- 1.1.-
30.6.2010 30.6.2009 30.6.2010 30.6.2009 31.12.2009
EUR 1,000 3 months 3 months 6 months 6 months 12 months
--------------------------------------------------------------------------------
Revenue 1,254 1,357 2,455 2,740 5,628
Research and -3,523 -8,988 -7,292 -12,913 -21,109
development expenses
General and -1,124 -937 -2,169 -1,899 -3,768
administrative expenses
Other operating income 177 352 272 760 1,618
Other operating expense 0 -8 0 -12 0
--------------------------------------------------------------------------------
Operating profit/loss -3,216 -8,224 -6,734 -11,324 -17,631
Financial income 20 187 65 446 627
Financial expenses -211 -267 -424 -544 -938
--------------------------------------------------------------------------------
Profit/loss before taxes -3,407 -8,304 -7,093 -11,422 -17,942
Taxes 0 1,624 0 1,859 1,859
--------------------------------------------------------------------------------
Net income/loss -3,407 -6,680 -7,093 -9,563 -16,083
Total comprehensive income of -3,407 -6,680 -7,093 -9,563 -16,083
the period
Net income/loss attributable
to
Parent company shareholders -3,407 -6,680 -7,093 -9,563 -16,083
Total comprehensive income
attributable to:
Parent company shareholders -3,407 -6,680 -7,093 -9,563 -16,083
Earnings per share (EPS) -0.02 -0.05 -0.04 -0.07 -0.11
basic & diluted, EUR
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(IFRS) EUR 1,000
30.6.2010 30.6.2009 31.12.2009
-----------------------------------------------------------------------------
Assets
Non-current assets
Intangible assets 7,169 7,217 7,186
Goodwill 379 379 379
Property, plant and equipment 2,502 2,903 2,666
Other shares 10 10 10
-----------------------------------------------------------------------------
10,060 10,509 10,241
Current assets
Prepaid expenses 101 0 0
Available for sale investment 34 131 34
Investments held to maturity 3,000 10,000 0
Accounts receivables and other receivables 1,896 2,170 1,507
Financial assets at fair value through 0 3,011 8,853
profit or loss
Cash and cash equivalents 8,638 5,769 10,891
-----------------------------------------------------------------------------
13,669 21,081 21,285
Total 23,729 31,590 31,526
Equity and liabilities
Shareholders' equity
Share capital 43,057 36,361 43,057
Reserve for invested unrestricted equity 1,180 980 1,180
Retained earnings -53,093 -37,204 -37,092
Net income/loss -7,093 -9,563 -16,083
-----------------------------------------------------------------------------
Shareholders' equity total -15,949 -9,426 -8,938
Non-current liabilities
Provisions 143 153 160
Non-current financial liabilities 25,714 25,403 25,597
Pension benefit obligation 554 586 543
Other non-current liabilities 7,095 6,359 6,729
Non-current deferred revenues 429 1,593 1,375
-----------------------------------------------------------------------------
33,935 34,094 34,404
Current liabilities
Provisions 597 641 594
Pension benefit obligation 16 15 17
Current financial liabilities 199 233 217
Current deferred revenues 1,891 3,056 1,953
Accounts payable and other current liabilities 3,040 2,977 3,279
-----------------------------------------------------------------------------
5,743 6,922 6,060
Liabilities total 39,678 41,016 40,464
Total 23,729 31,590 31,526
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Attributable to equity holders of the parent company
EUR 1,000 Shares Share Reserve Own Retained Share-
(1000 Capital For Shares Earnings holders'
pcs) invested equity
Un- total
restricted
equity
--------------------------------------------------------------------------------
BALANCE AT 1.1.2009 144,321 36,361 980 -15 -37,215 110
--------------------------------------------------------------------------------
Total comprehensive income -16,083 -16,083
for the period
Options granted 339 339
Share issue 14,432 7,216 7,216
Cost of share issue -520 -520
Reissue of own shares 200 -200 0
pursuant to SEDA agreement
--------------------------------------------------------------------------------
14,432 6,696 200 0 -15,944 -9,048
--------------------------------------------------------------------------------
BALANCE AT 31.12.2009 158,753 43,057 1,180 -15 -53,160 -8,938
--------------------------------------------------------------------------------
Total comprehensive income -7,093 -7,093
for the period
Options granted 82 82
--------------------------------------------------------------------------------
0 0 0 0 -7,011 -7,011
--------------------------------------------------------------------------------
BALANCE AT 30.6.2010 158,753 43,057 1,180 -15 -60,171 -15,949
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
1.1.- 1.1.- 1.1.-
30.6.2010 30.6.2009 31.12.2009
EUR 1,000 6 months 6 months 12 months
--------------------------------------------------------------------------------
Cash flow from operating Activities
Net income/loss -7,093 -9,563 -16,083
Adjustments:
Non-cash transactions -494 4,141 3,331
Addition/disposal due to revaluation of 0 -11 -53
financial assets
at fair value through profit or loss
Interest and other financial expenses 424 544 963
Interest income -127 -445 -599
Taxes 0 -1,859 -1,859
Change in working capital:
Change in accounts receivables and other -490 -589 -126
receivables
Change in accounts payable and other -255 904 1,172
liabilities
Change in mandatory provisions -14 32 -8
Interests paid -36 -81 -106
Interests received 32 242 48
Taxes paid -6 -5 -6
--------------------------------------------------------------------------------
Net cash from operating activities -8,059 -6,690 -13,326
Cash flow from investing activities
Change in financial assets at fair value through
profit or loss
Additions 0 -3,000 -9,000
Disposals 8,886 0 200
Change in investments held to maturity
Additions -3,000 -900 -900
Disposals 0 9,400 20,142
Investments to tangible assets -180 -86 -165
--------------------------------------------------------------------------------
Net cash used in investing activities 5,707 5,414 10,277
Cash flow from financing activities
Payments from share issue 0 0 7,216
Share issue costs 0 0 -520
Proceeds from borrowings 186 360 632
Repayment of loans 0 0 -40
Repayment of lease Commitments -87 -52 -86
--------------------------------------------------------------------------------
Net cash from financing activities 99 308 7,202
Net increase (+) or decrease (-) -2,253 -969 4,153
in cash and cash equivalents
Cash and cash equivalents in the 10,891 6,738 6,738
beginning of the period
Cash and cash equivalents in the 8,638 5,769 10,891
end of the period
Contingent liabilities
EUR 1,000 30.6.2010 30.6.2009 31.12.2009
----------------------------------------------------------
Operating lease commitments 111 145 137
Due within a year 78 82 88
Due later 33 63 49
Rent commitments 303 454 382
Due within a year 237 233 237
Due later 66 221 145
----------------------------------------------------------
Total 414 599 519
The Group leases motor vehicles, machines and equipment with leases of 3 to 5
years.
Rent commitments include Pharmacity premises until 30 November 2011. These
premises have been subleased.
Commitments
On June 30, 2010 Biotie had purchase commitments, primarily for contract
research work services, totaling EUR 3,1 million.
Related party transactions
There have not been major changes within the related party transactions in 2010.
KEY FIGURES
1.1.- 1.1.- 1.1.-
30.6.2010 30.6.2009 31.12.2009
EUR 1,000 6 months 6 months 12 months
----------------------------------------------------------------------
Business development
Revenues 2,455 2,740 5,628
Personnel on average 82 80 81
Personnel at the end of period 80 81 82
Research and development costs 7,292 12,913 21,109
Capital expenditure 180 86 475
Profitability
Operating profit/loss -6,734 -11,324 -17,631
as percentage of revenues, % -274.3 -413.3 -313.27
Profit/loss before taxes -7,093 -11,422 -17,942
as percentage of revenues, % -288.9 -416.9 -318.80
Balance sheet
Cash and cash equivalents 11,638 18,780 19,744
Shareholders equity -15,949 -9,426 -8,938
Balance sheet total 23,729 31,590 31,526
Financial ratios
Return on equity, % - - -
Return on capital employed, % -56.0 -53.9 -86.0
Equity ratio, % -67.2 -29.8 -28.4
Gearing, % -89.5 -72.7 -67.9
Per share data
Earnings per share (EPS) basic & -0.04 -0.07 -0.11
diluted, EUR
Shareholders´equity per share, EUR -0.10 -0.07 -0.0563
Dividend per share, EUR - - -
Pay-out ratio, % - - -
Effective dividend yield, % - - -
P/E-ratio - - -
Share price
Lowest share price, EUR 0.45 0.23 0.23
Highest share price, EUR 0.65 0.48 0.67
Average share price, EUR 0.55 0.30 0.42
End of period share price, EUR 0.47 0.33 0.55
Market capitalization 74.6 47.6 87.3
at the end of period MEUR
Trading of shares
Number of shares traded 39,220,905 20,710,329 51,471,584
As percentage of all 24.7 14.4 32.4
Adjusted weighted average 158,752,560 144,320,560 144,992,735
number of shares during the period
Adjusted number of shares 158,752,560 144,320,560 158,752,560
at the end of the period
Formulas for the Calculation of the Key figures
Return on capital employed, %
Profit (loss) before taxes + interest expenses and other financial expenses
--------------------------------------------------------------- x 100
Balance sheet total - non-interest bearing liabilities
Equity ratio, %
Shareholders' equity
--------------------------------------------------------------- x 100
Balance sheet total - advanced received
Gearing, %
Interest bearing liabilities - cash and cash equivalents
-------------------------------------------------------------- x 100
Shareholders' equity
Earnings per share (EPS)
Profit attributable to parent company shareholders
------------------------------------------------------------------
Adjusted average number of outstanding shares during the period
Shareholders' equity per share
Shareholders' equity
------------------------------------------------------------------
Adjusted number of shares at the end of the period
[HUG#1436256]
Biotie_Q2 2010:
http://hugin.info/132030/R/1436256/381391.pdf
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Source: Biotie Therapies Oyj via Thomson Reuters ONE
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Datum: 06.08.2010 - 08:02 Uhr
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