Biotie's employee co-determination process concluded - restructuring complete
(Thomson Reuters ONE) -
BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 22 December 2010 at
11:00 a.m.
Biotie's employee co-determination process concluded - restructuring complete
Biotie announced today that the company's co-determination process with
employees in Finland, started in October 2010 as part of the company's planned
restructuring, has concluded. The process resulted in the termination of 15 full
time employees.
On October 29 2010, Biotie announced that it will focus its resources on the
clinical assets that the company believes will best enhance shareholder value.
As part of the restructuring process, all employees and all pre-clinical assets
of Biotie Therapies GmbH (Biotie's subsidiary in Radebeul, Germany) were
transferred in an MBO transaction into a new company, biocrea GmbH, in which
Biotie has become a minority shareholder.
Following the spin-off in Germany and conclusion of the restructuring measures
in Finland, Biotie now has a total of 22 employees, all based at its
headquarters in Turku, Finland.
Turku, 22 December 2010
Biotie Therapies Corp.
Timo Veromaa
President and CEO
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 THERAPIES
Biotie is a specialized drug development company focused on central nervous
system and inflammatory diseases. It has several innovative small molecule and
biological drug candidates at different stages of clinical development. Biotie's
products address diseases with high unmet medical need and significant market
potential, including addiction and a broad range of inflammatory conditions such
as rheumatoid arthritis and chronic obstructive pulmonary disease (COPD). The
most advanced product, nalmefene for alcohol dependence, is currently in phase
III clinical development by licensing partner H. Lundbeck A/S.
Biotie is based in Turku, Finland and its shares are listed on NASDAQ OMX
Helsinki Ltd.
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
[HUG#1474975]
Unternehmensinformation / Kurzprofil:
Datum: 22.12.2010 - 10:01 Uhr
Sprache: Deutsch
News-ID 49993
Anzahl Zeichen: 2965
contact information:
Town:
Turku
Kategorie:
Business News
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