|
|||
2012-08-03 07:50:00 CEST 2012-08-03 07:50:51 CEST REGULATED INFORMATION Biotie Therapies - Company AnnouncementBiotie renews SEDA agreement with YA Global, securing committed standby equity of up to 20 million euroBIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 3 AUGUST 2012 AT 8.50 A.M. Biotie renews SEDA agreement with YA Global, securing committed standby equity of up to 20 million euro Biotie has renewed its Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd. ("YA Global") a fund managed by Yorkville Advisors, LLC of Jersey City, New Jersey, USA ("Yorkville"). Under the terms of the agreement, Biotie has the option under certain conditions to take up YA Global's commitment to subscribe and pay for ordinary Biotie shares in multiple tranches up to a total value of 20 million euro over the period until November 2015. The purpose of the Standby Equity Distribution Agreement is to secure the financing of Biotie's working capital in the short and medium term. It remains at the sole and exclusive discretion of Biotie to exercise this option. Timo Veromaa, Chief Executive Officer of Biotie commented, "We have found the SEDA with Yorkville an innovative and flexible financing tool. While we have not used the facility extensively in the past, and do not plan to use it in the near term, it is prudent in these financial markets to have access to multiple sources of capital and so we are pleased to renew this arrangement for a further 3 years." The terms of the renewed SEDA follow the previous SEDA agreement published on 23 October 2009. Detailed information on the terms of this agreement can be found at www.biotie.com/investors. In consideration of the committed standby equity Biotie will pay to YA Global a one-time commitment fee of EUR 200,000 either in cash or shares Biotie will, as a general rule, publish a separate stock exchange release every time the SEDA instrument is used once the pricing of the respective shares has been determined. In Turku, 3 August 2012 Biotie Therapies Corp. Timo Veromaa President and CEO For further information, please contact: Panu Miettinen CFO email: panu.miettinen@biotie.com Tel: +358 2 274 8900 Virve Nurmi, IR Manager tel. +358 2 274 8900, email: virve.nurmi@biotie.com www.biotie.com Distribution: NASDAQ OMX Helsinki Ltd Main Media About Biotie Biotie is a specialized drug development company focused on the development of drugs for neurodegenerative and psychiatric disorders (e.g. Parkinson's disease, Alzheimer's disease and other cognitive disorders, alcohol and drug dependence (addiction) and post traumatic stress disorder), and inflammatory and fibrotic liver disease.The company has a strong and balanced development portfolio with 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. Biotie has a strategic collaboration with UCB Pharma S.A. covering tozadenant for Parkinson's disease. The Marketing Authorization Application for Biotie's most advanced product, SelincroTM (nalmefene) for alcohol dependence was filed in the EU by our partner H. Lundbeck A/S and was accepted for review by the European Medicines Agency in December 2011. Biotie shares are listed on NASDAQ OMX Helsinki Ltd. [HUG#1631434] |
|||
|