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2010-08-26 07:30:00 CEST 2010-08-26 07:31:21 CEST REGULATED INFORMATION Biotie Therapies - Company AnnouncementDirected issue of shares in Biotie Therapies Corp. pursuant to Standby Equity Distribution AgreementBIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 26 AUGUST 2010 at 8:30 a.m. Directed issue of shares in Biotie Therapies Corp. pursuant to Standby Equity Distribution Agreement The Board of Directors of Biotie Therapies Corp. ("Biotie" or "Company") has decided to offer 114,233 treasury shares to YA Global Master SPV Ltd, a fund managed by Yorkville Advisors, LLC, through a directed share issue against cash payment of EUR 50,000 pursuant to a Standby Equity Distribution Agreement ("SEDA") as announced on 23 October 2009. The offer is the initial tranche offered to Yorkville pursuant to the Standby Equity Distribution Agreement. Further tranches, if exercised, may amount up to EUR 300,000. The subscription price of EUR 0.44 per share was determined by the Board of Directors on the basis of the current price of Biotie's share in the trading on the NASDAQ OMX Helsinki stock exchange during 18 to 24 August 2010 in the manner determined in the SEDA. The subscription price corresponds to 95% of the share price of the closing price of the Company's shares determined in the trading on 24 August 2010."Yorkville has significant experience in investing in the biotech industry and is already a shareholder in the Company. The arrangement with Yorkvilleprovides us with an innovative and flexible financing tool and we are pleased with the successful completion of this initial tranche.", said Timo Veromaa, President and CEO of Biotie Therapies The offer is made in order to strengthen Biotie's working capital and to provide further financing for the Company's R&D programs. The shares are offered based on the authorisation by the General Meeting of Shareholders of Biotie held on 15 April 2010. The subscription price of the new shares will be registered in its entirety to the share capital of Biotie. The Company holds 349,022 treasury shares after the transfer. Evli Bank Plc acts as a lead arranger to Biotie regarding the execution of the SEDA. In Turku, 26 August 2010 Biotie Therapies Corp. The Board of Directors For further information, please contact: Virve Nurmi,Investor relations manager. tel. +358 2 274 8900 e-mail:virve.nurmi@biotie.com www.biotie.com DISTRIBUTION: NASDAQ OMX Helsinki Ltd Main Media [HUG#1440406] |
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