Biotie Therapies - Decisions of extraordinary general meeting

Resolutions of the Extraordinary General Meeting of Biotie Therapies Corp. held on November 14, 2008

BIOTIE THERAPIES CORP.  STOCK EXCHANGE RELEASE  November 14, 2008, at
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Resolutions of the Extraordinary General Meeting of Biotie Therapies
Corp. held on November 14, 2008

The Extraordinary General Meeting of Biotie Therapies Corp. was held
on November 14, 2008. The Meeting resolved to approve all proposals.

Biotie Therapies Corp. ("Biotie" or the "Company") has entered into
an agreement with elbion NV on the acquisition of its fully owned
subsidiary, elbion GmbH (the "Transaction"). To complete the
Transaction, the Board of Directors of Biotie have proposed to the
General Meeting of Shareholders of Biotie to be convened on 14
November 2008 that the General Meeting would resolve, in deviation
from the shareholders' pre-emptive subscription right: (i) to offer
46,802,967 new shares (the "Exchange Shares") to be subscribed by
elbion NV as consideration for one (1) share in elbion GmbH (the"Exchange Offer") and (ii) in connection with the Exchange Offer to
offer up to 7,305,733 new shares to be subscribed by certain funds
held or managed by Burrill & Company, TVM Capital and AGF Private
Equity (the "Offer Shares", the "Offering") (the Offer Shares and the
Exchange Shares together, the "Shares").

1. Issue of new shares

(A) CONSIDERATION SHARES

The Extraordinary General Meeting resolved to issue 46,802,967 new
shares for subscription, in deviation from the shareholders'
pre-emptive subscription right referred to in chapter 9, section 3 of
the Companies Act, to elbion NV.

The issuance of the new shares to elbion NV will enable the
completion of the acquisition through equity financing. Thus, from
the Company's point of view there is a weighty reason for the
deviation from the shareholders' pre-emptive right referred to in
chapter 9, section 4, subsection 1 of the Companies Act.

The subscription price for the shares is EUR 0.4517 per share. The
subscription price has been determined by calculating the trade
weighted average of the Company's share price during the 20 trading
days prior to and including 22 October 2008.

Instead of a cash payment, the subscription price for the shares
shall be paid as contribution in kind by conveying the share capital
of elbion GmbH, a wholly owned subsidiary of elbion NV.

The subscription price of the new shares shall be paid upon the
subscription which shall take place between 14 November 2008 and 18
November 2008.

The subscription price shall be recorded in the Company's share
capital. The subscriber is entitled to exercise the rights belonging
to a shareholder in the Company once the new shares have been
registered. Upon the registration with the Trade Register, the
Company will apply for filing of the shares, subscribed through the
share issue, to be listed for public trading on NASDAQ OMX Helsinki
Ltd and traded equal to other series of shares of the Company.

(B) INSTITUTIONAL OFFERING SHARES

The Company issues a maximum of 7,305,733 new shares for
subscription, in deviation from the shareholders' pre-emptive
subscription right referred to in chapter 9, section 3 of the
Companies Act, to certain funds held or managed by Burrill & Company,
TVM Capital and AGF Private Equity.

Since the purpose of the directed new issue is to secure the
financing of the working capital required by the new business entity
formed through this exchange of shares in the short and medium term,
there is a weighty financial reason for the Company for the deviation
from the shareholders' pre-emptive subscription right referred to in
chapter 9, section 4, subsection 1 of the Companies Act.

The subscription price for the shares is EUR 0.4517 per share. The
subscription price has been determined by calculating the trade
weighted average of the Company's share price during the 20 trading
days prior to and including 22 October 2008.

The subscription price of the new shares shall be paid upon the
subscription which shall take place between 14 November 2008 and 18
November 2008.

The subscription price, in total a maximum of EUR 3.3 million, shall
be recorded in the Company's share capital. The subscriber is
entitled to exercise the rights belonging to a shareholder in the
Company once the new shares have been registered. Upon the
registration with the Trade Register, the Company will apply for
filing of the shares, subscribed through the share issue, to be
listed for public trading on NASDAQ OMX Helsinki Ltd and traded equal
to other series of shares of the Company.


2. Authorization to the Board of Directors to resolve on a share
issue and granting of option and other specific rights entitling to
the shares

The Extraordinary General Meeting authorised the Board of Directors
to resolve on one or more share issues which contains the right to
issue new shares or dispose of the shares in the possession of the
Company and to issue options or other specific rights to the shares
pursuant to chapter 10 of the Companies Act. The authorisation
consists of up to 7,000,000 shares in the aggregate. A maximum of
819,000 own shares in the possession of the Company can be conveyed.

The authorisation does not exclude the Board of Directors' right to
decide on a directed share issue. The authorisation can be used for
material arrangements from the Company's point of view, such as
financing or implementing business arrangements or investments or for
other such purposes determined by the Board of Directors in which
case a weighty financial reason for issuing shares, options or other
specific rights and possibly directing a share issue would exist.
Further, the authorisation can be used to create new share-based
incentive schemes. The authorisation shall be effective until 1 April
2010.

The Board of Directors is authorised to resolve on all other terms
and conditions of a share issue, options and other specific share
entitlements as referred to in chapter 10, section 1 of the Companies
Act, including resolving on the payment period, determination grounds
for the subscription price and subscription price or allocation of
shares, stock options or specific rights free of charge or that the
subscription price may be paid besides in cash also by other assets
either partially or entirely.

The Extraordinary General Meeting resolved to revoke the option
program approved by the Annual General Meeting of Shareholders on 28
March 2008 and based on which program no option right have been
allocated.

The Extraordinary General Meeting resolved that the authorisation
resolved on at the meeting does not supersede earlier authorisations
concerning share issues and granting of option and other specific
rights entitling to the shares.


3. Election of new Board Members

In addition to the present members of the Board of Directors, the
Extraordinary General Meeting elected Ann Hanham, Bernd Kastler and
Christoph Schroeder to the Board of Directors.


Turku, November 14, 2008

Biotie Therapies Corp.


Timo Veromaa
President and CEO

For further information, please contact:

Timo Veromaa, President and CEO, Biotie Therapies Corp.
tel. +358 2 274 8900, e-mail: timo.veromaa@biotie.com

www.biotie.com


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