2011-03-25 08:00:00 CET
2011-03-25 08:04:56 CET
REGULATED INFORMATION
Biotie Therapies - Financial Statement Release
Biotie Therapies Corp. financial statement release 1 January - 31 December 2010
BIOTIE THERAPIES CORP. FINANCIAL STATEMENT RELEASE 25 March 2011 at
9.00 a.m.
Biotie Therapies Corp. financial statement release 1 January - 31 December 2010
Key events after the reporting period: Acquisition of Synosia Therapeutics,
reporting positive results from nalmefene studies by Lundbeck, and completion of
share offering
After the reporting period, Biotie has undergone significant changes that have
transformed the nature of its operations and its financial status. Most notably,
in February 2011, Biotie acquired Synosia Therapeutics, a drug development
specialist with key operations in the US and a strategic alliance with pharma
company UCB. Early January 2011 Biotie was informed by its licensing partner H.
Lundbeck A/S of positive study results regarding nalmefene for the treatment of
alcohol dependence. In March, Biotie raised EUR 27 million in a directed share
issue to institutional and strategic investors, thus strengthening its financial
position. The company today employs approximately 40 people and is exclusively
focused on the development of its promising pipeline of clinical-stage drug
candidates having operations in Finland, the United States and Switzerland.
Key events for the full year 2010
- In Q4, Biotie announced a major restructuring plan, shifting focus of the
company exclusively on clinical development projects
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 into a new company, biocrea GmbH, in which Biotie become a minority
shareholder. Furthermore the workforce was reduced by 15 employees in Finland,
bringing the group's headcount down to 23 employees at the end of 2010, all
located at its Finnish site in Turku. Commercial agreements with Roche in
relation to Biotie's small molecule SSAO program and with Pfizer in relation to
its discovery program for novel PDE10 inhibitors were both terminated in 2010.
- Biotie reported positive clinical data for its VAP-1 antibody BTT-1023,
retaining commercial rights in other territories than Asia-Pacific
In January and September, respectively, Biotie reported the results of two
clinical trials conducted in 24 rheumatoid arthritis and 26 psoriasis patients.
The compound demonstrated a favorable safety profile and showed promising
signals of clinical activity, especially in the higher doses of the rheumatoid
arthritis study. These data support further clinical development of the product.
The compound is licensed to Seikagaku Corporation of Japan for Asia-Pacific
(Japan, Korea, Taiwan, Australia and New Zeeland). In April, Roche, which had an
option to obtaining an exclusive license for the product for all territories ex
Asia-Pacific, notified Biotie that it would not exercise its option. The rights
to the product in this territory thereby remain with Biotie.
- Biotie announced positive data from a clinical study with its oral PDE4
inhibitor ronomilast (previously known as ELB353)
In a dose-escalating, repeated dose clinical study with 48 healthy volunteers,
the compound showed to be well tolerated and demonstrated clear pharmacological
activity as measured by biomarker response. The compound is well suited for once
daily oral administration. The data in altogether 126 subjects supports further
clinical development.
- In separate instances, Biotie reported the conveyance of a total of 2,967,542
shares against cash payments under a standby equity distribution agreement
("SEDA") to US investor Yorkville
On the basis of the authorization by the General Meeting of Shareholders of
Biotie held on 15 April 2010, Biotie issued 17,251,371 shares to the company
itself without consideration for fundraising purposes. A prospectus concerning
this share issue was published in October. In different instances in August,
November and December, a total of 2,967,542 treasury shares were conveyed to
Yorkville against cash payments totaling EUR 1,050,000. The offers were made in
order to strengthen Biotie's working capital and to provide further financing
for the company's R&D programs. At the end of the year, Biotie held 14,747,084
own shares in treasury.
- Financial review 2010
Due to the implementation of the restructuring plan, income statement and cash
flow line items and the remaining liability on the balance sheet related to the
disposed pre-clinical development operations have been reclassified and
presented as discontinued operations.
Revenues for continuing operations in January - December amounted to EUR 2.0
million (EUR 3.1 million in 2009) and EUR 1.0 million for discontinued
operations (EUR 2.5 million in 2009). Net loss for continuing operations in
January - December was EUR 8.5 million (EUR 8.1 million in 2009) and EUR 13.1
million for discontinued operations (EUR 8.0 million in 2009). Basic earnings
per share amounted to EUR -0.06 for the continuing operations (EUR -0.06 for
2009) and EUR -0.09 for the discontinued operations (EUR -0.05 for 2009).
Cash flow from operations in January - December amounted to EUR -7.9 million for
continuing operations (EUR -9.7 million in 2009) and EUR -7.0 million for
discontinued operations (EUR -3.6 million in 2009).
As of 31 December 2010, liquid assets amounted to EUR 4.1 million (EUR 19.7
million as of 31 December 2009).
At the closing date 31 December 2010 the group did not have sufficient funds to
finance its operations over the next 12 months. In March 2011 the company
executed a private placement of shares and subsequently the group's cash, cash
equivalents and short term investments amounted to over EUR 45 million. This
liquidity secures financing of the group's operations for over the next 12
months.
Financial review during Q4/2010:
- Revenues for October - December, 2010 amounted to EUR 0.5 million from
continuing operations (EUR 0.7 million for 2009). In Q4 2010 there were no
revenues from discontinued operations (EUR 0.4 million in 2009). The net loss
for continuing operations in October - December was EUR 2.4 million (EUR 2.5
million in 2009) and EUR 6.1 million (EUR 1.5 million in 2009)for discontinued
operations. Basic earnings per share for October - December amounted to EUR
-0.02 for the continuing operations (EUR -0.02 in 2009) and EUR -0.04 for the
discontinued operations (EUR -0.01 in 2009).
- Cash flow from operating activities in October - December was EUR -0.8 million
(EUR -3.0 million during October - December 2009) for the continuing operations
and EUR -3.6 million for discontinued operations (EUR -1.6 million in 2009).
Timo Veromaa, Biotie's President and CEO:
The last twelve months have been truly transformational for Biotie. During
2010 we continued to advance our in-house pipeline and realigned our business to
focus exclusively on clinical development. At the very beginning of 2011, our
partner Lundbeck announced positive results from the first set of phase 3 trials
with our lead product nalmefene in alcohol dependence. This was well received by
our shareholders and, building on this and our strategic decision to focus on
clinical development, in February 2011 we successfully completed the business
combination with Synosia, a private CNS focused company with a substantial
clinical stage pipeline, experienced management team and trans-Atlantic
operations. We also strengthened our cash position in March 2011, raising EUR
27 million from institutional and strategic investors. As a result, Biotie
enters 2011 with a broad pipeline of novel, first and best-in class products, a
solid balance sheet, world-class leadership and people and is well positioned to
drive long-term growth and shareholder value.
Key events after the reporting period
- In March 2011, Biotie raised EUR 27 million from institutional and strategic
investors - increasing its cash position to over EUR 45 million.
Biotie Therapies Corp. announced the successful completion of a private
placement of shares, raising EUR 27 million. The offering was successfully
placed with new and existing institutional and strategic investors. 35,230,000
newly issued and 14,747,084 treasury shares were included in the offering and
subscribed at a subscription price of EUR 0.54 per share.
- In February 2011, Biotie announced the successful completion of the
acquisition of Synosia Therapeutics Holding AG ("Synosia")
On 1 February 2011, the Extraordinary General Meeting of Biotie held on 1
February 2011 passed resolutions necessary for the completion of the acquisition
of Synosia Therapeutics Holding AG ("Synosia"), deciding on the issue of
161,448,371 new Biotie shares to the shareholders and warrant holders of
privately-owned Synosia in exchange for the entire issued share capital and
outstanding warrants of Synosia.
Through the acquisition, Biotie gained access to six additional clinical-stage
drug candidates. The combined entity now has a promising pipeline of nine
clinical-stage drug candidates; a significant international presence with
operations in Finland, The United States and Switzerland, and a strengthened
management team and Board of Directors.
- In January 2011, Biotie announced positive results from the first two of the
three phase 3 studies with nalmefene in alcohol dependence, carried out by
Lundbeck
Biotie's partner, Lundbeck announced that it has completed two of the three
phase 3 clinical trials evaluating nalmefene for the treatment of alcohol
dependence (ESENSE1, SENSE). Lundbeck expects to complete the third study, a
further efficacy study (ESENSE2), in 2Q 2011 and is on track to file a marketing
authorization application (MAA) in Europe in 2H 2011, depending on the outcome
of the final study. Lundbeck plans to submit detailed efficacy and safety data
for presentation at scientific and medical meetings after all three trials have
been completed. The data from these studies is consistent with the profile of
nalmefene observed in previous clinical studies.
Outlook for 2011
Following the completion of the acquisition of Synosia Therapeutics Holding AG
("Synosia"), Biotie will focus on the development of its broadened product
portfolio, including drug candidates for neurodegenerative and psychiatric
disorders and inflammatory diseases.
Biotie will continue to support its licensing partner Lundbeck in the
development of nalmefene for the treatment of alcohol dependence. Final clinical
data from the ongoing phase 3 study is expected in the second quarter of 2011; a
possible marketing authorization submission in the EU is anticipated in the
second half of 2011.
SYN115 for the treatment of Parkinson's disease is globally licensed to UCB
Pharma and a phase 2b study is currently being initiated, which is intended to
be completed in the first half of 2013.
SYN118, also for the treatment of Parkinson's disease, is currently in a phase
2a clinical study and data from this study is expected to become available
second quarter of 2011. UCB Pharma has an option to license this product after
the clinical data is available for their review.
SYN120, for the treatment of cognitive disorders associated with Alzheimer's
disease and schizophrenia is expected to enter a phase 1 PET ("positron emission
tomography") imaging study second quarter of 2011.The study is scheduled to be
completed early in 2012. Roche has an option to license this compound from
Biotie.
Biotie will announce development plans of its proprietary VAP-1 antibody later
this year. While the rights to the product in Japan, Taiwan, Singapore,
Australia and New Zealand have been granted to Seikagaku, Biotie retains
ownership in the rest of the world and will be looking for additional
collaboration opportunities.
Biotie will announce development plans of ronomilast for the treatment of COPD
later this year. Biotie will also be looking for potential collaboration
opportunities for this product.
SYN117 for the treatment of Post Traumatic Stress Disorder ("PTSD") is currently
being developed through an externally funded phase 2 study by the US Department
of Defense. It is assumed that no data from this study will become available
before 2013.
Biotie will announce development plans for SYN111 for the treatment of mood
disorders and for treatment of bipolar disorder later this year.
At the closing date 31 December 2010 the group did not have sufficient funds to
finance its operations over the next 12 months. In March 2011 the company
executed a private placement of shares and subsequently the cash, cash
equivalents and short term investments of the group amounted to over EUR 45
million. This liquidity secures financing of the group's operations for over the
next 12 months.
Financial calendar 2011
Financial Statements 2010 will be published on March 25, 2011.
Biotie Therapies Corp. will publish its Corporate Governance Statement 2010 on
March 25, 2011. The statement will be published separately from the Board of
Directors' report and it will be available on Biotie's website www.biotie.com.
Interim report January - March May 13, 2011
Interim Report for January - June August 5, 2011
Interim Report for January - September November 4, 2011
Biotie's Annual General Meeting will be held on Friday, May 6, 2011.
Conference call
An analyst and media conference call will take place on March 25, 2011 at 2.00
p.m. Central European Time. The conference call will be held in English.
Callers may access the conference directly at the following telephone numbers:
US: +1 212 444 0481, UK: +44 (0)20 7138 0824 and Finland: +358 (0)9 2319 4344
access code 5499604. Lines are to be reserved ten minutes before the start of
conference call. The event can also be viewed as a live webcast at
www.biotie.com. An on demand version of the conference will be published on
Biotie's website later during the day. In case you need additional information
or assistance, please contact: Virve Nurmi, IR Manager Biotie Therapies, Tel
+358 2 2748 911
About Biotie
Post the acquisition of Synosia Therapeutics and completion of share offering
Biotie today is a specialized drug development company focused on the
development of drugs for neurodegenerative and psychiatric disorders
(Parkinson's disease, Alzheimer's disease and other cognitive disorders, bipolar
disorder, addictions and drug dependence) and inflammatory diseases (rheumatoid
arthritis, psoriasis, chronic obstructive pulmonary disease and others).
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.
Some of its development programs have been validated through licensing
agreements for development and commercialization with top-tier pharmaceutical
partners including H. Lundbeck A/S, UCB Pharma S.A., and Seikagaku Corporation.
The most advanced product, nalmefene for alcohol dependence, is currently in
phase 3 clinical development by licensing partner H. Lundbeck A/S.
Drug development projects and operations:
Nalmefene, a new treatment paradigm for alcohol dependence. Nalmefene builds on
a novel principle of treating alcohol dependence. Unlike existing therapies, the
treatment with Nalmefene is not aimed at keeping the patients from drinking.
Nalmefene instead removes the desire to drink, thereby controlling and limiting
the intake of alcohol. Nalmefene distinguishes itself by being available as an
oral tablet formulation to be taken on an as needed basis.
Biotie's partner Lundbeck announced in January 2011 that it had completed two
phase 3 clinical trials evaluating nalmefene for the treatment of alcohol
dependence (ESENSE1, SENSE). The data from these studies was consistent with the
profile of nalmefene observed in previous clinical studies and demonstrated
nalmefene to be safe and efficacious in helping patients to reduce drinking.
Lundbeck expects to complete a further efficacy study (ESENSE2) in 2Q 2011 and
is on track to file a marketing authorization application (MAA) in Europe in
2H 2011, depending on the outcome of the final study. Lundbeck plans to submit
detailed efficacy and safety data for presentation at scientific and medical
meetings after all three trials have been completed. Launch of the product in
the EU is expected H2 2012. Biotie is participating in financing some of the
clinical development costs. Biotie has granted worldwide rights for nalmefene to
Lundbeck.
SYN115 is a potent and selective inhibitor of the adenosine A2a receptor, which
modulates the effect of dopamine, glutamine and serotonine in specific regions
of the brain. In preclinical models of Parkinson's disease A2a inhibition
reverses motor deficits and potentiates the effects of L-DOPA and dopamine
agonists without inducing dyskinesias (involuntary movements). SYN115 also
displays activity in preclinical models of depression, cognition and anxiety.
Recently there has been clinical validation of the target in improving motor
symptoms. The company has completed a phase 2a study in Parkinson's patients
with SYN-115 showing functional activity in relevant regions of the brain
assessed using fMRI and positive effects on clinical measures of motor function
and cognition. Biotie is planning to start a phase 2b study in Q2 2011. SYN115
is licensed to UCB on a worldwide exclusive basis.
Nitisinone (SYN118) is a potent and selective inhibitor of hydroxyphenylpyruvate
dioxygenase (HPPD), an enzyme responsible for the catabolism of tyrosine, the
precursor of the neurotransmitter dopamine. Preclinical studies have shown that
Nitisinone is active in animal models of Parkinson's disease. Clinical studies
and patient experience with Nitisinone have shown pronounced and predictable
elevations in the circulating concentrations of tyrosine. The company has
completed an open label, proof-of-mechanism study with Nitisinone for
Parkinson's disease and a proof-of-concept trial in restless legs syndrome. The
encouraging efficacy and safety results from these studies provide a strong
rationale for moving this program forward. Results from a randomised, placebo
controlled phase 2a study in Parkinson's disease patients are expected in
Q2/2011. UCB has an option to obtain an exclusive license to this product.
SYN120 is an orally bioavailable potent and selective antagonist of the 5-HT6
receptor. The 5-HT6 receptors are exclusively located in the brain and
antagonism of the receptor modulates the release of acetylcholine and glutamate,
two neurotransmitters known to be involved with memory function. Cognitive
deficits are an important component of many CNS diseases especially Alzheimer's
and schizophrenia. SYN120 has completed a single and multiple ascending dose
phase 1 clinical studies. Biotie plans to initiate a PET imaging study for
SYN120 in Q2 2011. The compound was originally licensed from Roche and Roche has
an option to reacquire this program after the results of the planned study have
been obtained.
VAP-1 antibody, a high value biologic for inflammatory diseases in clinical
development. VAP-1 has been shown to play a key role in chronic inflammatory
diseases such as COPD, rheumatoid arthritis, psoriasis and diabetes. Biotie has
significant know-how and strong intellectual property position around this
target and is developing a fully human monoclonal antibody, BTT-1023, which
blocks VAP-1 function. Biotie has in 2010 reported successful completion of
clinical trials with BTT-1023 in 24 rheumatoid arthritis and 26 psoriasis
patients, demonstrating the safety, tolerability, and pharmacokinetics of
repeated doses of intravenously administered antibody. The compound has
demonstrated a favorable safety profile in a total of 83 study subjects and
showed promising signals of clinical activity, especially with higher doses in
the rheumatoid arthritis study. The data support further clinical development of
the product. Biotie has granted a license to Seikagaku Corporation for the
commercial rights to the product in Japan, Taiwan, Singapore, New Zealand, and
Australia.
Ronomilast, an oral PDE4 inhibitor for COPD in clinical development. Ronomilast
is a once-daily, oral phosphodiesterase 4 (PDE4) inhibitor with therapeutic
potential in chronic inflammatory disorders, particularly in chronic obstructive
pulmonary disease (COPD), a serious respiratory disorder with major unmet
medical need. In three clinical studies with a total of 126 study subjects
ronomilast has been demonstrated to be safe and well tolerated at all tested
doses up to 100mg once daily. No serious or severe adverse events were reported
in any of the study subjects. Robust and statistically highly significant
biomarker responses confirmed the pharmacological activity of well tolerated
doses of ronomilast in man. The data support further clinical development .
Nepicastat (SYN117) is a potent, competitive, and selective inhibitor of the
enzyme dopamine beta-hydroxylase. The inhibition of this enzyme has been shown
to raise dopamine levels in the central nervous system (CNS). Nepicastat is
available as an oral treatment and has been well-tolerated in preclinical models
at doses significantly above the expected therapeutic range for the current
central nervous system (CNS) indications under investigation. A phase 2 study of
nepicastat in post traumatic stress disorder funded by the US Department of
Defense is ongoing.
Rufinamide (SYN111) is a potent, specific, and orally bioavailable sodium
channel blocker with proven anti-epileptic activity. The compound is marketed in
the EU and the US as adjunctive therapy in Lennox Gastaut Syndrome (LGS), a
severe form of epilepsy. Biotie, which holds rights in medical indications
outside of LGS is currently assessing options for evaluating rufinamide in the
treatment of bipolar disorder.
Financial review
Revenues: Revenues for continuing operations for the financial year 2010
amounted to EUR 2.0 million (EUR 3.1 million in 2009), and EUR 1.0 million for
the discontinued operations (EUR 2.5 million in 2009). Revenues consisted of
income from the research collaboration with Pfizer and periodization of
previously received up-front payments from licensing agreements that the company
has in place with several licensing partners.
Financial result: Net loss for continuing operations for the financial year
2010 was EUR 8.5 million (EUR 8.1 million in 2009) and net loss for discontinued
operations was EUR 13.1 million (EUR 8.0 million in 2009). Research and
development costs from continuing operations for the reporting period amounted
to EUR 5.5 million (EUR 7.7 million in 2009) and EUR 6.7 million (EUR 13.4
million in 2009) for discontinued operations.
Financing: Cash and cash equivalents totaled EUR 4.1 million on December
31 2010 (EUR 19.7 million on 31 December, 2009).
Biotie has a standby equity distribution agreement (SEDA) with US fund Yorkville
in place. Yorkville is obliged to subscribe and pay for ordinary no-par Biotie
shares up to a total value of EUR 20 million during the period until September
2012 at Biotie's discretion (Biotie option). The purpose of this arrangement is
to have an option to secure the financing of Biotie's working capital in the
short and medium term. Biotie has made use of this arrangement three times since
August 2010 and has raised a total amount of EUR 1.1 million.
Shareholder's equity: The shareholders' equity of the group amounts to EUR -29.5
million (IFRS). Biotie's equity ratio was -263.0 % on 31 December 2010 (-28.4%
on 31 December 2009).
Investments and cash flow: Cash flow from continuing operating activities was
EUR -7.9 million for the financial year 2010 (EUR -9.7 million in 2009) and EUR
-7.0 million for discontinuing operating activities (EUR -3.6 million in 2009).
The group's investments during the reporting period amounted to EUR 270 thousand
(EUR 475 thousand in 2009).
Personnel
During the reporting period January - December 2010, the average number of
employees amounted to 70 (81 during January - December, 2009) and at the end of
the reporting period, after implementation of the restructuring plan, Biotie
employed 23 people (82 on 31 December, 2009). After the acquisition of Synosia,
the total number of employees amounts to approx.40.
Changes in the management team
As part of the restructuring process completed in Q4 2010, Thomas Kronbach,
Biotie's Chief Scientific Officer left Biotie to become CEO of spin-off company
biocrea GmbH. He is no longer member of the management team of Biotie. After the
reporting period in January 2011, Biotie announced that its CFO Thomas Taapken
will leave the company as of 31 March 2011. He will be replaced ad interim by
Biotie's VP Finance & Administration Ms. Ulla Sjöblom. In connection with the
acquisition of Synosia Therapeutics, Steve Bandak replaced Antero Kallio as
Chief Medical Officer and Ian Massey joined as Chief Operating Officer and
President of US Operations in February 2011.
Changes in the board of directors
Current composition of the Board of Directors (Extraordinary General Meeting 1
February 2011)
The number of the members of the Board of Directors was resolved to be ten.
Bradley J. Bolzon, William M. Burns, Peter Fellner, Merja Karhapää, Bernd
Kastler, Ismail Kola, Guido Magni, Andrew J. Schwab, Piet Serrure and James S.
Shannon, were elected as the members of the Board of Directors.
At the organization meeting of the new Board of Directors, which convened after
the Extraordinary General Meeting in February 2011, Peter Fellner was elected as
the Chairman of the Board of Directors and Bradley J. Bolzon as the deputy
chairman.
Option rights
Biotie has issued option rights to certain of its employees and managers
pursuant to two different option programs in 2006 and 2009. The total number of
granted options on 31 December 2010 amounts to 9,768,800, which represents
5.55% of the total amount of shares as of 31 December 2010.
Shares and options held by management
At the end of financial year 2010 the amount of company's shares held by the
Board of Directors and the company's management and their controlled companies
amounted to 1,682,588 shares and 6,181,980 option rights of which 1,250,000
options are conditional achieving certain set targets.
Share capital and shares
Biotie shares are all of the same class and have equal rights. Each share
entitles the holder to one vote at the general meeting of shareholders. All
shares are freely transferable and are quoted on NASDAQ OMX Helsinki Ltd (Small
cap, Healthcare).
Biotie's share capital (registered on 31 December, 2010) was EUR 52,056,678.10
(FAS), the total number of shares amounted to 176,003,931. Of these shares,
14,747,084 were owned by Biotie Therapies Corp.
In three separate instances during 2010, Biotie reported the conveyance of a
total of 2,967,542 treasury shares against cash payments under a 2009 standby
equity distribution agreement ("SEDA") to US investor YA Yorkville Global Master
SPV Ltd ("Yorkville"). These three offers were made in order to strengthen
Biotie's working capital and to provide further financing for the company's R&D
programs. The subscription price of the new shares was registered in its
entirety to the share capital of Biotie.
In August, Biotie conveyed 114,233 treasury shares to Yorkville against cash
payment of EUR 50,000 at a subscription price of EUR 0.44.
In October, Biotie reported on an issue of 17,251,371 shares to itself without
consideration for fundraising purposes. A prospectus concerning Biotie's issue
of shares to the company itself has been published on that day. The shares were
issued pursuant to the authorization by the General Meeting of Shareholders of
Biotie held on 15 April 2010.
In November, Biotie reported the conveyance of 1,359,434 treasury shares to
Yorkville against cash payment of EUR 500,000 at a subscription price of EUR
0.37.
In December, Biotie reported the conveyance of 1,493,875 treasury shares to
Yorkville against cash payment of EUR 500,000 at a subscription price of EUR
0.33.
After the reporting period and as described in more detail in Biotie's stock
exchange releases issued on 2 February 2011, Biotie's Extraordinary General
Meeting has on 1 February 2011 passed resolutions necessary for the completion
of the acquisition of Synosia Therapeutics Holding AG, and the company has
issued 161,448,371 shares to the shareholders and warrant holders of Synosia as
consideration for the entire issued share capital and outstanding warrants of
Synosia. In connection with this transaction, the company also issued
14,912,155 new shares to Synosia to be held in treasury and used to fulfill the
requirements of future potential exercise of Synosia's options. The new shares
have been registered on 3 February 2011. Furthermore, Biotie announced the
successful placement of 35,230,000 new shares and 14,747,084 treasury shares to
institutional investors in 11 March 2011.
On March 18, 2011 the registered number of shares in Biotie Therapies Corp. is
387,594,457. Of these shares 14,912,155 are held by the company or its group
companies. The share capital of Biotie is EUR 165,919,181.95
Market capitalization and trading
At the end of financial year 2010 the share price was EUR 0.50, the highest
price during the financial year was EUR 0.65, the lowest was EUR 0.30, and the
average price was EUR 0.48. Biotie's market capitalization at the end of
financial year 2010 was EUR 88.0 million.
The trading volume on NASDAQ OMX Helsinki during the financial year 2010 was
90,049,678 shares, corresponding to a turnover of EUR 43,061,486.
Changes in ownership
During the financial year 2010, Biotie made three announcements on according to
Chapter 2, Section 10 of the Finnish Securities Market Act.
Information on notices of changes in ownership and a monthly updated list of
Biotie's major shareholders is available on the company's website at
www.biotie.com/investors.
Ten largest shareholders of Biotie on December 31, 2010
Number of shares %
Finnish Innovation Fund (Sitra) 13,585,350 8.42
Veritas Pension Insurance Company Ltd. 6,684,175 4.15
Juha Jouhki and his controlled companies:
- Thominvest Oy (2,937,900)
- Dreadnought Finance Oy (2,098,416)
- Jouhki Juha (1,501,356)
Total: 6,537,672 4.05
Finnish Industry Investment Ltd 3,196,636 1.98
ABN Amro Finland 2,785,542 1.73
BioFund Ventures III Ky 2,485,715 1.54
Harri Markkula and his controlled companies:
- Markkula Harri (2,221,268)
- Tilator Oy (62,700)
Total: 2,283,968 1.42
Alfred Berg Small Cap Finland 2,246,050 1.39
Kastler GmbH 1,195,702 0.74
Oy H Kuningas&Co 1,058,371 0.66
--------------------------------------------------------------------
42,059,181 26.08
Other shareholders 75,664,883 46.92
Nominee registered shares total 43,532,783 27.00
------------------------
161,256,847 100.00
Own shares held by Biotie Therapies 14,747,084
Total 176,003,931
Group structure
The parent company of the group is Biotie Therapies Corp. The domicile of the
company is Turku, Finland. The company has two non-operational subsidiaries
named Biotie Therapies GmbH, located in Radebeul, Germany and Biotie Therapies
International Ltd in Finland.
After the acquisition of Synosia Therapeutics completed in February 2011, the
company now also has a holding subsidiary, Biotie Therapies Holding AG, located
in Basel, Switzerland, which has two operative subsidiaries, Biotie Therapies
AG, located in Basel, Switzerland and Biotie Therapies, Inc. located in South
San Francisco, California.
Shareholders' meetings held during the financial year 2010
The Annual General Meeting of Biotie Therapies Corp. was held on 15 April 2010.
Adoption of financial statements for the financial year 1 January - 31 December
2009 and booking of the loss of the financial year
The General Meeting of Shareholders adopted the financial statements for the
financial year 1 January - 31 December 2009. The General Meeting resolved in
accordance with the proposal of the Board of Directors that the loss of the
financial year shall be transferred to the unrestricted equity and no dividend
shall be paid.
The General Meeting discharged the members of the Board of Directors and the
President and CEO from liability concerning the financial year from 1 January -
31 December 2009.
The Board of Directors and auditors
The number of the members of the Board of Directors was resolved to be seven.
Peter Fellner, Merja Karhapää, Bernd Kastler, Pauli Marttila, Riku Rautsola,
Pierre Serrure and James S. Shannon were elected as the members of the Board of
Directors.
The General Meeting resolved that the remuneration payable to the Chairman of
the Board of Directors be EUR 4,000 per month and to other Board members EUR
3,000 per month. In addition, reasonable travel expenses for the meetings shall
be compensated.
PricewaterhouseCoopers Oy, Authorized Public Accountants, and Janne Rajalahti,
Authorized Public Accountant, were re-elected as auditors of the company.
At the organization meeting of the new Board of Directors, which convened
immediately after the Annual General Meeting, Peter Fellner was elected as the
Chairman of the Board of Directors and Pauli Marttila as the deputy chairman.
Bernd Kastler was elected as the Chairman and Merja Karhapää, Riku Rautsola and
Pierre Serrure as the members of the Board's Audit Committee and in addition
Peter Fellner as the Chairman and Pauli Marttila and James S. Shannon as the
members of the Nomination and Remuneration Committee. Based on the evaluation of
independence, the Board concluded that all Board members are independent of the
company and of its significant shareholders.
Authorization of the Board of Directors to decide on the issuance of shares as
well as the issuance of options and other rights entitling to shares
The General Meeting authorized the Board of Directors to resolve on one or more
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 rights to the shares
pursuant to chapter 10 of the Companies Act. The authorization consists of up to
80,000,000 shares in aggregate.
The authorization does not exclude the Board of Directors' right to decide on a
directed share issue. The authorization may 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 rights and possibly directing a share issue would exist.
The Board of Directors was authorized to resolve on all other terms and
conditions of a share issue, options and other share entitlements as referred to
in chapter 10 of the Companies Act, including the payment period, determination
grounds for the subscription price and subscription price or allocation of
shares, option or other rights free of charge or that the subscription price may
be paid besides in cash also by other assets either partially or entirely.
The authorization is effective until 30 June 2011 and it supersedes earlier
authorizations.
Short-term risks and uncertainties
Biotie's strategic risks are predominantly related to the technical success of
the drug development programs, regulatory issues, strategic decisions of its
commercial partners, ability to obtain and maintain intellectual property rights
for its products, launch of competitive products and the development of the
sales of its products. The development and success of Biotie's products depends
to a large extent on third parties. Any adverse circumstance in relation to any
of its R&D programs might impair the value of the asset and thus, represent a
severe risk to the company. Such adverse events could happen on a short term
notice and are not possible to foresee.
The key operational risks of Biotie's activities include the dependency on key
personnel, assets (especially in relation to intellectual property rights) and
dependency on its license partners' decisions.
Furthermore, significant financial resources are required to advance the drug
development programs into commercialized pharmaceutical products. To fund the
operations, Biotie relies on financing from two major sources: income from its
license partners and raising equity financing in the capital markets.
The company relies on capital markets to raise equity financing from time to
time. There can be no assurance that sufficient funds can be secured in order to
permit the company to carry out its planned activities. Current capital market
conditions are very volatile. While after the reporting period, in March 2011,
the company was able to raise a significant amount of cash from a share issue to
fund its operations in the mid-term future, there can be no assurance that the
company can secure equity financing in the future if and when it needs it.
Although Biotie has currently active license agreements in place, the
termination of any such agreement would have a negative effect on the short to
medium term access to liquidity for the company. While income generated from
commercial agreements with third parties relating to its clinical programs might
significantly improve Biotie's financial position, a forecast on possible income
from future licensing arrangements cannot be provided reliably. Therefore it is
possible that Biotie will need to secure additional financing from share issues
in the future.
The group can influence the amount of capital used in its operations by adapting
its cost base according to the financing available. The restructuring measures
announced in Q4 2010 highlight such an approach. Management monitors the capital
and liquidity on the basis of the amount of equity and cash funds. These are
reported to the Board on a monthly basis.
The Board of Directors proposal for handling of the loss
The Board of Directors proposes that no dividend from the financial year 2010
will be paid, and that the loss of the parent company for the financial year EUR
-10.7 (FAS) million will be carried forward to shareholders' equity.
Annual General Meeting
Biotie's Annual General Meeting will be held at the auditorium of Mauno Koivisto
Centre in Turku on Friday, May 6, 2011 at 10.00 a.m.
IFRS and accounting principles
This financial statement release has been prepared in accordance with accounting
and measurement principles of IFRS standards, but it does not comply with all of
the requirements of IAS 34.
Biotie's 2010 consolidated financial statements has been prepared in accordance
with the IFRS recognition and measurement principles and applying the same
accounting policies as for the 2009 consolidated financial statements with the
exception of the following:
New and Amended Standards and Interpretations effective as of 1 January 2010
· IFRS 3 (revised), 'Business combinations', and consequential
amendments to IAS 27, 'Consolidated and separate financial statements', IAS 28,
Investments in associates', and IAS 31, 'Interests in joint ventures', are
effective prospectively to business combinations for which the acquisition date
is on or after 1 January 2010. The revised standard continues to apply the
acquisition method to business combinations, with some significant changes. For
example, all payments to purchase a business are to be recorded at fair value at
the acquisition date, with contingent payments classified as debt subsequently
re-measured through the income statement. There is a choice on an acquisition-
by-acquisition basis to measure the non-controlling interest in the acquiree at
fair value or at the non-controlling interest's proportionate share of the
acquiree's net assets. All acquisition-related costs should be expensed. IAS 27
requires the effects of all transactions with non-controlling interests to be
recorded in equity if there is no change in control and these transactions will
no longer result in goodwill or gains and losses. The standard also specifies
the accounting when control is lost. Any remaining interest in the entity is
remeasured to fair value, and a gain or loss is recognised in profit or loss.
The group did not have any acquisitions during 2010 but will apply this new
standard to the acquisition of Synosia Therapeutics Inc discussed in the Events
after the reporting date section of this financial statement release.
· Amendment to IFRS 2,'Share based payments - Group cash-
settled payment transactions' (effective 1 January 2010). These amendments
provide a clear basis to determine the classification of share based payment
awards in both consolidated and separate financial statements. This amendment
had no impact on the accounting policies, financial position or performance of
the group.
· Amendment to IAS 39,'Financial instruments: Recognition
and measurement', on 'Eligible hedged items' (effective 1 July 2009). The
amendment makes two significant changes. It prohibits designating inflation as a
hedgeable component of a fixed rate debt. It also prohibits including time value
in the one-sided hedged risk when designating options as hedges. This amendment
had no impact on the group accounting policies, financial position or
performance of the group.
· Annual Improvements to IFRSs (2009) (effective 1 January
2010) is a collection of amendments to 12 standards as part of the IASB program
of annual improvements. These improvements did not have a material impact on the
financial position or performance of the group.
· The following IFRIC interpretations have been adopted by
the group effective 1 January 2010, but did not have any impact on accounting
policies, financial position or performance of the group.
- IFRIC 12, Service concession arrangements' ,
- IFRIC 15, 'Agreements for construction of real estates',
- IFRIC 16,'Hedges of a net investment in a foreign operation',
- IFRIC 17, 'Distributions of non-cash assets to owners',
- IFRIC 18, 'Transfer of assets from customers,
In addition, as a result of the restructuring measures undertaken in 2010
comprising of the disposal of the pre-clinical development activities, Biotie
has applied the following accounting policies in its 2010 consolidated financial
statements:
Investment property
Biotie has applied IAS 40 to a property held by its German subsidiary. Such a
property has been transferred from owner-occupied property included in"Property, Plant and Equipment" to investment property at book value as Biotie
holds it mainly for the purpose of earning rental income and Biotie has selected
to apply the cost model to account for investment properties.
Assets held for sale and discontinued operations
The pre-clinical operations were classified as held for sale in Biotie's interim
report for the period ended 30 September 2010 as the carrying amount of the
assets were to be recovered through a sale transaction rather than continuing
use. The disposal group was valued at the lower of their carrying amount and
fair value less costs to sell. As the disposal group represented a separate
major line of business it has been treated as discontinued operations in the
consolidated financial statements.
This financial statement report is audited.
Turku, March 25, 2011
Biotie Therapies Corp.
Board of Directors
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
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS)
1.10.- 1.10.- 1.1.- 1.1.-
31.12.2010 31.12.2009 31.12.2010 31.12.2009
EUR 1,000 3 months 3 months 12 months 12 months
--------------------------------------------------------------------------------
Continuing operations
Revenue 473 660 1,955 3,138
Research and -1,157 -2,122 -5,538 -7,745
development expenses
General and -1,504 -1,056 -4,216 -3,434
administrative expenses
Other operating income 41 217 166 242
--------------------------------------------------------------------------------
Operating profit/loss -2,147 -2,301 -7,633 -7,799
Financial income 12 49 101 611
Financial expenses -314 -205 -930 -932
--------------------------------------------------------------------------------
Profit/loss before taxes -2,449 -2,458 -8,462 -8,120
Taxes 0 0 0 0
--------------------------------------------------------------------------------
Net income/loss, continuing -2,449 -2,458 -8,462 -8,120
operations
--------------------------------------------------------------------------------
Net income/loss, discontinued -6,111 -1,546 -13,111 -7,963
operations
--------------------------------------------------------------------------------
Net income/loss -8,560 -4,004 -21,573 -16,083
Total comprehensive income of the -8,560 -4,004 -21,573 -16,083
period
Net income/loss attributable to
Parent company shareholders -8,560 -4,004 -21,573 -16,083
Total comprehensive income
attributable to:
Parent company shareholders -8,560 -4,004 -21,573 -16,083
Earnings per share (EPS)
basic & diluted, EUR, continuing -0.02 -0.02 -0.06 -0.06
operations
Earnings per share (EPS)
basic & diluted, EUR, discontinued -0.04 -0.01 -0.09 -0.05
operations
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(IFRS) EUR 1,000
31.12.2010 31.12.2009
----------------------------------------------------------------------
Assets
Non-current assets
Intangible assets 4,042 7,186
Goodwill 0 379
Property, plant and equipment 365 2,666
Investment property 1,468 0
Other shares 10 10
----------------------------------------------------------------------
5,885 10,241
Current assets
Available for sale investment 0 34
Accounts receivables and other receivables 1,261 1,507
Financial assets at fair value through 0 8,853
profit or loss
Cash and cash equivalents 4,059 10,891
----------------------------------------------------------------------
5,320 21,285
Total 11,205 31,526
Equity and liabilities
Shareholders' equity
Share capital 43,378 43,057
Share issue 500 0
Reserve for invested unrestricted equity 1,180 1,180
Retained earnings -52,951 -37,092
Net income/loss -21,573 -16,083
----------------------------------------------------------------------
Shareholders' equity total -29,466 -8,938
Non-current liabilities
Provisions 0 160
Non-current financial liabilities 25,640 25,597
Pension benefit obligation 430 543
Other non-current liabilities 7,442 6,729
Non-current deferred revenues 368 1,375
----------------------------------------------------------------------
33,880 34,404
Current liabilities
Provisions 589 594
Pension benefit obligation 16 17
Current financial liabilities 144 217
Current deferred revenues 1,006 1,953
Accounts payable and other current liabilities 2,637 3,279
Liability related to discontinued operations 2,400 0
----------------------------------------------------------------------
6,791 6,060
Liabilities total 40,671 40,464
Total 11,205 31,526
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Attributable to equity holders of the parent company
EUR 1,000 Shares Share Share Reserve Own Retained Share-
(1000 Capital issue for Shares Earnings holders'
pcs) invested equity
un- total
restricted equity
--------------------------------------------------------------------------------
BALANCE AT 144,321 36,361 0 980 -15 -37,215 110
1.1.2009
--------------------------------------------------------------------------------
Total -16,083 -16,083
comprehensive
income for the
period
Options granted 339 339
Share issue 14,432 7,216 7,216
Cost of share -520 -520
issue
Reissue of own 200 -200 0
shares pursuant to
SEDA agreement
--------------------------------------------------------------------------------
14,432 6,696 0 200 0 -15,944 -9,048
--------------------------------------------------------------------------------
BALANCE AT 158,753 43,057 0 1,180 -15 -53,160 -8,938
31.12.2009
--------------------------------------------------------------------------------
Total -21,573 -21,573
comprehensive
income for the
period
Options granted 108 108
SEDA costs 116 116
Share issue to the 17,251 0
company itself
without
consideration
Directed issue of 550 500 1,050
treasury shares
Cost of share -229 -229
issue
--------------------------------------------------------------------------------
17,251 321 500 0 0 -21,349 -20,528
--------------------------------------------------------------------------------
BALANCE AT 176,004 43,378 500 1,180 -15 -74,509 -29,466
31.12.2010
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
1.1.- 1.1.-
31.12.2010 31.12.2009
EUR 1,000 12 months 12 months
--------------------------------------------------------------------------------
Cash flow from operating activities
Continuing operations
Net income/loss -8,462 -8,120
Adjustments:
Non-cash transactions -1,287 -2,654
Addition/disposal due to revaluation of financial 0 -53
assets
at fair value through profit or loss
Interest and other financial expenses 930 931
Interest income -101 -582
Change in working capital:
Change in accounts receivables and other receivables 626 280
Change in accounts payable and other liabilities 436 527
Change in mandatory provisions -25 34
Interests paid -42 -74
Interests received 68 31
--------------------------------------------------------------------------------
Net cash from operating activities, continuing -7,856 -9,681
operations
Net cash from operating activities, discontinued -7,011 -3,645
operations
--------------------------------------------------------------------------------
Net cash from operating activities -14,867 -13,326
Cash flow from investing activities
Continuing operations
Change in financial assets at fair value through profit
or loss
Additions 0 -9,000
Disposals 8,886 200
Change in investments held to maturity
Additions 0 -900
Disposals 0 20,142
Investments to tangible assets -54 -35
--------------------------------------------------------------------------------
Net cash used in investing activities, continuing 8,832 10,406
operations
Net cash used in investing activities, discontinued -1,587 -130
operations
--------------------------------------------------------------------------------
Net cash used in investing activities 7,245 10,277
Cash flow from financing activities
Continuing operations
Payments from share issue 1,050 7,216
Share issue costs -229 -520
Proceeds from borrowings 6 231
Repayment of loans -40 -40
Repayment of lease commitments -177 -86
--------------------------------------------------------------------------------
Net cash from financing activities, continuing 610 6,801
operations
Net cash from financing activities, discontinued 180 401
operations
--------------------------------------------------------------------------------
Net cash from financing activities 791 7,202
Net increase (+) or decrease (-) -6,832 4,153
in cash and cash equivalents
Cash and cash equivalents in the 10,891 6,738
beginning of the period
Cash and cash equivalents in the 4,059 10,891
end of the period
DiSCONTINUED OPERATIONS
On 28 October 2010, the Board of Directors of Biotie announced the Company's
intention to dispose of its pre-clinical operations in Germany and in Finland
with an aim to focus its business exclusively on clinical development
activities. The results of the pre-clinical operations have been reported
separately as discontinued operations in the Company's consolidated financial
statements as the pre-clinical operations represented a separate major line of
development activities.
As part of the disposal, all employees and all pre-clinical assets of the
Company were transferred in a management buy-out transaction into a new company,
biocrea GmbH, in which Biotie became a minority shareholder and the disposal
transaction was completed in November 2010.The net loss for the discontinued
operations during the financial year amounted to EUR 13.1 million including
impairment losses of intangible assets amounting to EUR 3,5 million resulting
from the remeasurement of the disposal group's net asset values to fair value
less cost to sell. As part of the disposal transaction, Biotie committed to
provide the initial funding of biocrea in the maximum amount of 4,8 million, of
which EUR 2,4 million has been paid at the balance sheet date and which
consisted of a EUR 1,4 million of equity investment and EUR 1,0 million of
funding. The remaining financing obligation related to the disposal transaction
amounting to EUR 2.4 million has been recorded as a liability and presented
separately in the balance sheet at 31 December 2010 and the total commitment has
been expensed and included in the net loss for discontinued operations in the
consolidated income statement.
Biotie's initial acquisition cost of the 19,9% investment into biocrea GmbH
amounted to EUR 5 thousand. The fair value of the investment at the balance
sheet is approximated to equal to zero due to the uncertainties related to the
cash flows of the development projects of biocrea.
The results of the discontinued operations as described above which have been
included in the consolidated income statements are as follows:
EUR 1000 1.1.-31.12.2010 1.1-31.12.2009
--------------------------------------------------------------------------------
Revenue 973 2,490
Research and Development expenses -6,691 -13,364
General and administrative expenses -711 -334
Other operating income 1,419 1,376
Impairment losses and loss on sale of
discontinued operations -8,077 0
Operating profit (loss) -13,087 -9,832
Financial income 2 16
Financial expenses -26 -6
Profit (loss) before taxes -13,111 -9,822
Taxes 0 1,859
Net income (loss) -13,111 -7,963
In the consolidated cash flow statement, the cash flows related to the
discontinued operations have been separated from the continuing operations and
reported as a single line item for each of operating, investing and financing
activities.
Contingent liabilities
EUR 1,000 31.12.2010 31.12.2009
-------------------------------------------------
Operating lease commitments 159 137
Due within a year 70 88
Due later 88 49
Rent commitments 243 382
Due within a year 243 237
Due later 0 145
-------------------------------------------------
Total 402 519
The Group leases motor vehicles, machines and equipment with leases of 3 to 5
years.
Rent commitments include subleased Pharmacity premises until 30 November 2011.
Commitments
On December 31, 2010 Biotie had purchase commitments, primarily for contract
research work services, totaling EUR 2,1 million.
EVENTS AFTER THE REPORTING DATE
Acquisition of Synosia Therapeutics Holding AG
Biotie entered into a combination agreement with Synosia Therapeutics Holding AG
("Synosia") on 10 January 2011. The acquisition was subject to the necessary
resolutions passed by Biotie's shareholders at the Extraordinary General Meeting
which was held on 1 February 2011. Biotie issued 161.448.371 new shares to the
shareholders and warrant holders of Synosia to acquire the entire issued share
capital and outstanding warrants of Synosia. In addition, 14.912.155 shares were
issued to Synosia and are held in treasury to satisfy future potential exercise
of Synosia's options in accordance with the terms of the existing option plans.
The fair value of the shares issued as the consideration paid for Synosia is
based on the published share price on 1 February 2011. Synosia is a
biopharmaceutical company focused on developing and commercializing innovative
and clinically differentiated products for neurodegenerative and psychiatric
disorders. As a result of the combination, Synosia is a wholly-owned subsidiary
of Biotie and will be consolidated into Biotie's consolidated financial
statements from the acquisition date 1 February 2011 onwards.
Details of net assets acquired and goodwill are as follows:
Purchase consideration
Shares related to the Transaction 161.448.371
EUR per share 0,60
Shares total (million EUR) 96,9
Consideration provided under Synosia option-plan 6,2
Total consideration transferred (million EUR) 103,1
Fair value of assets acquired (see below)
Goodwill
Direct cost relating to the acquisition - charged in P&L
The assets and liabilities arising from the acquisition, provisionally
determined, are as follows:
Fair value (million EUR)
In process research and development projects IPRD 82,5
(Intangible assets)
Property, plant and equipment 0,1
Investments held-to-maturity 0,0
Accounts receivables and other receivables 1,1
Financial assets at fair value through profit and loss 6,9
Cash and cash equivalents 16,3
Deferred tax liability (net) -10,1
Accounts payable and other current liabilities -2,5
Net assets acquired 94,3
Goodwill 8,8
Fair values of net assets acquired are determined provisionally. Based on the
preliminary fair valuation, in process research and development projects
("IPRD") have been valued at 82.5 million EUR. The development projects are not
amortized until the start of commercialization and they are subject to an annual
impairment test.
A preliminary goodwill, 8.8 million EUR, arises from expected synergy benefits
in different areas of drug development as well as from the competent personnel
and the integration of functions. Expected synergy benefits will be gained from
the possibility to create new drug development projects corresponding to the
needs of international pharmaceuticals companies and from the possibility to
utilize new knowledge and new technologies for the development of the existing
businesses. Furthermore, access to the very important US market and established
relationships to the regulatory authorities (FDA) is gained through the existing
operations of Synosia in the US.
Synosia's result will be consolidated into Biotie's consolidated financial
statements from the acquisition date of 1 February 2011.
The total acquisition-related costs are estimated to approximate EUR 1,2
million. Acquisition-related costs of 0,4 million EUR are included in general
and administrative expenses in the consolidated income statements for the year
ended 31 December 2010 . Acquisition-related costs to be included in general and
administrative expenses in the consolidated income statements for the year
ending 31 December 2011 are estimated to amount to 0.8 million EUR.
Directed share issue in March 2011
In March 2011 Biotie announced that it had executed a private placement of
shares (the "Offering") in the amount of EUR 27 million that had been fully
subscribed for. The shares were allocated to Finnish and international
institutional and strategic investors. A total of 35,230,000 newly issued and
14,747,084 treasury shares were offered in the Offering at a subscription price
of EUR 0.54 per share. Subsequent to the completion of the Offering, Biotie's
cash, cash equivalents and short term investments amount to over EUR 45 million.
As a result of the issue of new shares and the sale of the treasury shares, the
share capital of Biotie was increased by EUR 26,987,625.36.
After March 18, 2011 after the registration of the new shares with the Finnish
Trade Register and the registration of the share capital increase related to the
new shares and the sale of the treasury shares, the share capital of Biotie is
EUR 165,919,181.95, the total number of shares amounts to 387,594,457, and the
number of votes outstanding is 372,682,302 (taking into consideration the
treasury shares held by Biotie and its subsidiaries).
KEY FIGURES
The formulas for the calculation of
the key figures are presented in the
notes of the consolidated financial
statements
Incl. both continuing and 1.1.- 1.1.- 1.1.-
discontinued operations 31.12.2010 31.12.2009 31.12.2008
EUR 1,000 12 months 12 months 12 months
--------------------------------------------------------------------------------
Business development
Revenues 2,928 5,628 5,127
Personnel on average 70 81 42
Personnel at the end of period 23 82 80
Research and development costs 12,229 21,109 8,730
Capital expenditure 270 475 116
Profitability
Operating profit/loss -20,720 -17,631 -5.121
as percentage of revenues, % -707.65 -313.27 -99.90
Profit/loss before taxes -21,573 -17,942 -5,553
as percentage of revenues, % -736.78 -318.80 -108.30
Balance sheet
Cash and cash equivalents 4,059 19,744 25,238
Shareholders' equity -29,466 -8,938 110
Balance sheet total 11,205 31,526 42,804
Financial ratios
Return on equity, % - - -
Return on capital employed, % -341.5 -86.0 -18.3
Equity ratio, % -263.0 -28.4 0.3
Gearing, % -73.7 -67.9 -148.5
Per share data
Earnings per share (EPS) basic, EUR -0.15 -0.11 -0.06
Earnings per share (EPS) diluted, EUR -0.15 -0.11 -0.06
Shareholders' equity per share,€ -0.17 -0.06 0.0008
Dividend per share, EUR - - -
Pay-out ratio, % - - -
Effective dividend yield, % - - -
P/E-ratio - - -
Share price
Lowest share price, EUR 0.30 0.23 0.24
Highest share price, EUR 0.65 0.67 0.94
Average share price, EUR 0.48 0.42 0.51
End of period share price, EUR 0.50 0.55 0.26
Market capitalization 88.0 87.3 37.5
at the end of period MEUR
Trading of shares
Number of shares traded 90,049,678 51,471,584 15,350,613
As percentage of all 51.2 32.4 10.6
Adjusted weighted average
number of shares during the period 161,919,250 144,992,735 96,734,553
Adjusted number of shares
at the end of the period 176,003,931 158,752,560 144,320,560
[HUG#1499894]
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