Biotie Therapies - Company Announcement

BIOTIE REVISES OUTLOOK FOR 2007

BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 23 May 2007

Biotie Therapies Corp. announced on May 23, 2007 that BioTie and H.
Lundbeck A/S have amended the licensing agreement for nalmefene to
reflect the planned additional Lundbeck investment to strengthen the
registration dossier for the EU-wide centralized registration
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.

The amended license terms will reduce BioTie's revenue in IFRS
reporting for 2007 compared to forecast and increase the operating
costs to a somewhat higher level for 2007 than in 2006. In IFRS
reporting the execution fee is recognized as revenue over several
years. The Company expects to receive the remaining part of the
execution fee, EUR 2 million during the second quarter of 2007.

Of the execution fee of EUR 12 million paid by Lundbeck to BioTie
approximately EUR 7 million will be booked as revenue in 2007,
deviating from forecast. BioTie 2007 financial result is expected to
improve compared to year 2006, but the company now expects to report
a loss for the full year 2007. Previously, the company expected full
year 2007 to be profitable.


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
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