Biotie Reaches Milestone in Wyeth Collaboration
(Thomson Reuters ONE) - BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE August 28, 2009 at09:00 a.m.Biotie Reaches Milestone in Wyeth CollaborationBiotie announced today that it has reached a milestone in itscollaboration with Wyeth for the development of PDE10(phosphodiesterase 10) inhibitors for schizophrenia, triggering a USD1.0 million milestone payment to Biotie.Timo Veromaa, President and CEO of Biotie said "We are pleased withthe progress we have made in collaboration with Wyeth on the PDE10inhibitor program and look forward to beginning our work together inthe clinic. We believe this partnership provides further validationfor our PDE platform technology, which has already provided us withone active clinical program and several pre-clinical programs."PDE10 is a novel CNS drug target that is thought to play an importantrole in the pathophysiology of schizophrenia. Biotie has demonstratedthat inhibitors of PDE10 display promising antipsychotic activity inexperimental models, indicating the potential for a superior efficacyand tolerability profile versus current standard therapies. Data fromthese studies has recently been presented for the first time at theAmerican Chemical Society Fall National Meeting in Washington DC(August 16 - 20). Additional data will also be presented at theSociety for Neuroscience Annual Meeting in Chicago, IL (October 17 -21).Turku, August 28, 2009Biotie Therapies Corp.Timo VeromaaPresident and CEOFor further information, please contact:Virve Nurmi, Biotie Therapies Corp.tel. +358 2 274 8900, e-mail:www.biotie.comDistribution:NASDAQ OMX Helsinki LtdMain MediaBiotie Therapies Corp.Biotie is a drug discovery and development company focused on centralnervous system and inflammatory diseases. It has a broad range ofinnovative small molecule and biological drug candidates at differentstages of clinical and pre-clinical development. Biotie's productsaddress diseases with high unmet medical need and significant marketpotential, including addiction and psychotic disorders, rheumatoidarthritis, psoriasis and chronic obstructive pulmonary disease(COPD). The most advanced product, nalmefene for alcohol dependence,is currently in phase III clinical development by licensing partnerH. Lundbeck A/S.The commercial value of the pipeline has been demonstrated throughexisting alliances with top-tier global pharmaceutical companies suchas Lundbeck, Roche and Wyeth. Biotie has operations in Turku, Finlandand Radebeul, Germany.Biotie shares are listed on NASDAQ OMX Helsinki Ltd.For more information, please refer to www.biotie.comBiotie agreement with WyethUnder the terms of the research collaboration and license agreementbetween Biotie and Wyeth, Biotie is eligible for up to USD 110million in funding related to the initial signing fee, researchfunding and milestone payments. Biotie is also eligible to receiveroyalties on sales following commercialization.SchizophreniaSchizophrenia is a chronic, severe and disabling disorder of thecentral nervous system affecting up to one percent of the population.The disease is characterized by hallucinations, social withdrawal,and deficits in cognition and memory. Current treatments are mostlyefficacious in the treatment of hallucinations but have insufficientefficacy for social withdrawal and may have intolerable side effectsincluding weight gain, diabetes, movement disorders and anxietydisorders.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.08.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 5212
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