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2010-12-22 10:00:00 CET 2010-12-22 10:00:52 CET REGULATED INFORMATION Biotie Therapies - Company AnnouncementBiotie's employee co-determination process concluded - restructuring completeBIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 22 December 2010 at 11:00 a.m. Biotie's employee co-determination process concluded - restructuring complete Biotie announced today that the company's co-determination process with employees in Finland, started in October 2010 as part of the company's planned restructuring, has concluded. The process resulted in the termination of 15 full time employees. On October 29 2010, Biotie announced that it will focus its resources on the clinical assets that the company believes will best enhance shareholder value. As part of the restructuring process, all employees and all pre-clinical assets of Biotie Therapies GmbH (Biotie's subsidiary in Radebeul, Germany) were transferred in an MBO transaction into a new company, biocrea GmbH, in which Biotie has become a minority shareholder. Following the spin-off in Germany and conclusion of the restructuring measures in Finland, Biotie now has a total of 22 employees, all based at its headquarters in Turku, Finland. Turku, 22 December 2010 Biotie Therapies Corp. Timo Veromaa President and CEO For further information, please contact: Virve Nurmi, Investor Relations Manager tel. +358 2 274 8900, e-mail: virve.nurmi@biotie.com DISTRIBUTION: NASDAQ OMX Helsinki Ltd Main Media www.biotie.com ABOUT BIOTIE THERAPIES Biotie is a specialized drug development company focused on central nervous system and inflammatory diseases. It has 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, including addiction and a broad range of inflammatory conditions such as rheumatoid arthritis and chronic obstructive pulmonary disease (COPD). The most advanced product, nalmefene for alcohol dependence, is currently in phase III clinical development by licensing partner H. Lundbeck A/S. Biotie is based in Turku, Finland and its shares are listed on NASDAQ OMX Helsinki Ltd. [HUG#1474975] |
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