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2010-10-29 08:01:00 CEST 2010-10-29 08:01:53 CEST REGULATED INFORMATION Biotie Therapies - Company AnnouncementBiotie and Roche conclude research and option agreement for SSAO inhibitorsBIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 29 October 2010, at 9:00 a.m. Biotie and Roche conclude research and option agreement for SSAO inhibitors Biotie announced today that its research and option agreement with Roche for the development of small molecule inhibitors of SSAO (semicarbazide-sensitive amine oxidase) has been terminated by mutual agreement. Timo Veromaa, Chief Executive Officer of Biotie commented, "We have made significant progress in the SSAO inhibitor program but given the announced change in our business strategy to focus our efforts on programs in clinical development stage we will now seek alternative ways to monetize this asset, such as sale or technology transfer agreement. Biotie's option agreement with Seikagaku Corporation regarding the SSAO inhibitor program for Japan, Taiwan, Singapore, Australia and New Zealand remains in force. Biotie could receive up to $16.7 MM from a license agreement and would be eligible for royalties on future sales in the territory if Seikagaku exercises its option. SSAO is a novel drug target with potential in a range of inflammatory and metabolic diseases. Inhibition of SSAO has been shown to have a beneficial impact in a number of pre-clinical disease models. The agreement between Biotie and Roche, which started in 2004 as a research collaboration and option agreement, has yielded several promising compounds that would be ready for preclinical development. Turku, 29 October 2010 Biotie Therapies Corp. Timo Veromaa President and CEO For further information, please contact: Virve Nurmi, Investor Relations Manager tel. +358 2 274 8911, e-mail: virve.nurmi@biotie.com www.biotie.com Distribution: NASDAQ OMX Helsinki Ltd Main Media 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 or 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. For more information, please refer to www.biotie.com [HUG#1456962] |
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