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2011-11-28 08:00:00 CET 2011-11-28 08:00:45 CET REGULATED INFORMATION Biotie Therapies - Company AnnouncementBiotie's loan obligations to Tekes reduced by EUR 2.2 millionBIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 28 November 2011, at 9.00 a.m. Biotie's loan obligations to Tekes reduced by EUR 2.2 million The Finnish Funding Agency for Technology and Innovation (Tekes) has, based on an application from Biotie, informed the company that it has decided to forgive certain capital loans relating to Biotie's bioheparin project discontinued in 2006. Biotie's justification for the application was that the Tekes funded R&D project did not lead to commercially profitable business. The loan forgiveness will reduce the group's non-current financial liabilities on the consolidated statement of financial position by EUR 2.2 million and increase financial income on the consolidated statement of comprehensive income by EUR 2.2 million in the full year financial statements for 2011. In addition, all accrued interest relating to these loans are also forgiven. This will reduce other non-current liabilities on the consolidated statement of financial position by EUR 0.4 million and increase financial income on the consolidated statement of comprehensive income by EUR 0.4 million in the full year financial statements for 2011. As at 31 December 2010 the Company's loan obligations to Tekes were EUR 19.7 million as capital loans and EUR 4.2 million as R&D loans. In Turku, 28 November 2011 Biotie Therapies Corp. Timo Veromaa, President and CEO For further information, please contact: Virve Nurmi, Biotie Therapies Corp. tel. +358 2 274 8900, e-mail:virve.nurmi@biotie.com www.biotie.com Distribution: NASDAQ OMX Helsinki Ltd Main Media [HUG#1566927] |
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