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2011-11-04 07:50:00 CET 2011-11-04 07:50:41 CET REGULATED INFORMATION Biotie Therapies - Company AnnouncementBiotie Updates Outlook - Non-cash Impairment Charge for SYN118BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 4 November 2011 at 8:50 a.m. (Helsinki time) Biotie Updates Outlook - Non-cash Impairment Charge for SYN118 Biotie announced in May 2011 the results from an exploratory phase 2a study of its HPPD inhibitor SYN118 in Parkinson's disease (PD). These data did not show a significant improvement in measures of PD motor function when compared to placebo. SYN118 is subject to an option agreement with UCB as part of a broader partnership. Biotie has continued to evaluate different development options for the compound. Based on this evaluation, Biotie has fully impaired the carrying value of this asset due to the uncertainty and likelihood of UCB exercising their option or further internal development of this product. This results in a non-cash charge to the income statement of EUR 11.7 million in Q3 2011. The impairment charge has no cash flow effect or impact to the forecast. In Turku, 4 November 2011 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 Media contact: Julie Walters, Tudor Reilly Office: +44 (0) 20 7034 7610 Mobile +44 (0) 775 362 6967 www.biotie.com Distribution: NASDAQ OMX Helsinki Ltd Main Media [HUG#1560874] |
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