Directed offer of treasury shares in Biotie Therapies Corp. pursuant to Standby Equity Distribution Agreement
(Thomson Reuters ONE) -
BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 22 NOVEMBER 2010 at 8:30 a.m.
Directed offer of treasury shares in Biotie Therapies Corp. pursuant to Standby
Equity Distribution Agreement
The Board of Directors of Biotie Therapies Corp. has decided to offer 1.359.434
treasury shares to YA Global Master SPV Ltd, a fund managed by Yorkville
Advisors, LLC, through a directed share offer against cash payment of EUR
500,000 pursuant to a Standby Equity Distribution Agreement ("SEDA") as
announced on 23 October 2009.
The subscription price of EUR 0.37 per share was determined by the Board of
Directors on the basis of the volume-weighted average price of Biotie's share in
the trading on the NASDAQ OMX Helsinki stock exchange during 15 to 19 November
2010 in the manner determined in the SEDA. The subscription price corresponds to
95 % of the share price of the closing price of the Company's shares determined
in the trading on 19 November 2010.
" This SEDA arrangement with Yorkville provides us with additional financial
flexibility to progress our clinical and business development plans. These are
exciting times for Biotie as we await completion of the Phase III program for
nalmefene in alcohol dependence with our partner Lundbeck. ", said Timo Veromaa,
President and CEO of Biotie.
The offer is made in order to strengthen Biotie's working capital and to provide
further financing for the Company's R&D programs.
The shares are offered based on the authorisation by the General Meeting of
Shareholders of Biotie held on 15 April 2010. The subscription price of the
offered shares will be registered in its entirety to the share capital of
Biotie. Biotie now has 159.762.432 shares outstanding and holds additional
16.240.959 treasury shares after the transfer.
Evli Bank Plc acts as a lead arranger to Biotie regarding the execution of the
SEDA.
In Turku, 22 November 2010
Biotie Therapies Corp.
The 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
www.biotie.com
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Main Media
[HUG#1464350]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Biotie Therapies Oyj via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 22.11.2010 - 07:32 Uhr
Sprache: Deutsch
News-ID 48974
Anzahl Zeichen: 3049
contact information:
Town:
Turku
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 208 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Directed offer of treasury shares in Biotie Therapies Corp. pursuant to Standby Equity Distribution Agreement"
steht unter der journalistisch-redaktionellen Verantwortung von
Biotie Therapies Oyj (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
