Biotie Therapies - Company Announcement

BIOTIE-LUNDBECK NALMEFENE LICENSE ENTERS INTO FORCE

BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 23 May 2007

-  Partners to maximise nalmefene's potential by seeking EU-wide
marketing authorisation via the centralised procedure.
-  Lundbeck to conduct additional clinical studies to further
strengthen MAA dossier.
-  License terms amended to reflect new EU-wide regulatory and
marketing strategy


Biotie Therapies Corp. announced today that the licensing agreement
has entered into force on H. Lundbeck A/S worldwide rights for
nalmefene, excluding North America, Mexico, UK, Ireland, Turkey, and
South-Korea.

To maximise nalmefene's potential in the treatment of alcoholism the
partners have jointly decided to seek marketing authorisation
simultaneously in all 27 EU member states via the centralized
procedure. To this end, Lundbeck plans to further strengthen the
existing nalmefene registration dossier in its alcoholism indication
with additional phase III clinical studies. The studies are expected
to start in 2008.

The license agreement terms have been amended to reflect the planned
additional Lundbeck investment to strengthen the registration dossier
for the centralized procedure. Under the terms of the amended
agreement, BioTie will receive an execution fee of EUR 12 million, of
which EUR 10 million was paid on signing in November 2006. In total,
BioTie is eligible for up to EUR 80 million in upfront and milestone
payments plus royalty on sales. BioTie will participate in financing
some of the clinical development costs.

BioTie submitted a national marketing authorisation application
regarding nalmefene in the treatment of alcoholism to the UK
Medicines and Healthcare Regulatory Authority (the "MHRA") in
November 2006. However, the change in regulatory strategy to seek an
EU-wide marketing authorisation simultaneously in all 27 member
states may involve BioTie withdrawing the UK national application to
enable the centralised EU-wide registration process in due course.

Timo Veromaa, President and CEO of BioTie, said: "We are pleased to
see Lundbeck's commitment to the new treatment paradigm in alcoholism
that we have introduced. Seeking a centralised approval will
significantly bolster the potential of nalmefene in the EU compared
to the mutual recognition route initially planned by Biotie. We
remain confident that nalmefene will generate significant revenues to
the company in the long term."


About nalmefene
Nalmefene is a specific opioid receptor antagonist. BioTie has
studied the safety and efficacy of nalmefene in a total of 1,200
patients, including two phase III studies in the UK and Finland in
patients suffering from alcoholism and alcohol dependence.

Nalmefene is the first oral drug showing efficacy in reducing heavy
drinking in multicenter, controlled studies.

The treatment of alcoholism represents a significant unmet medical
need. More than 30 million people in the US, Europe and Japan suffer
from alcohol abuse (Datamonitor 04/2002). Every year, in the UK
alone, there are 150,000 hospital admissions and 20,000 premature
deaths directly due to alcohol, 1.2 million alcohol related violent
incidents, and National Health Service estimates the annual costs of
alcohol abuse to range between GBP 1.4 billion and GBP 1.7 billion.


Turku, May 23, 2007

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 8901, e-mail: timo.veromaa@biotie.com
www.biotie.com

Distribution: Helsinki Stock Exchange
                   Main Media


Biotie Therapies Corp.
BioTie is a Finnish biotech company with focus on dependence
disorders, inflammatory diseases and thrombosis. The Company started
operations in 1996 and as a pioneer in dependence disorders has been
developing nalmefene for the treatment of alcoholism and pathological
gambling since 1999. (www.biotie.com)