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2010-11-22 07:30:00 CET 2010-11-22 07:31:40 CET REGULATED INFORMATION Biotie Therapies - Company AnnouncementDirected offer of treasury shares in Biotie Therapies Corp. pursuant to Standby Equity Distribution AgreementBIOTIE 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@biotie.com www.biotie.com DISTRIBUTION: NASDAQ OMX Helsinki Ltd Main Media [HUG#1464350] |
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