• BioTie North-American licensing partner Somaxon Pharmaceuticals started a phase II/III clinical study in patients suffering from pathological gambling and a pilot phase II study in nicotine addiction (smoking cessation). Results are expected late in 2006.
• The company continued the development of a fully human antibody in its VAP-1 antibody program.
• BioTie and Roche continued their collaboration to develop BioTie's proprietary small molecule vascular adhesion protein-1 (VAP-1) SSAO program targeting inflammatory diseases.
• In October 2005 BioTie and sanofi-aventis agreed not to renew the option agreement that ended on March 31, 2005. Based on the good initial technical progress during the collaboration BioTie plans to continue the recombinant heparin program with a new development partner.
• Financial statements will be prepared in accordance with the IFRS standards. BioTie adopted IFRS at the beginning of 2005.
• The company raised EUR 6.6 million in an equity offering in June 2005.
• The National Technology Agency (Tekes) granted 2.5 million euros additional funding for BioTie's VAP-1 antibody program.
• The net loss in financial year 2005 stood at EUR -7.9 million (in 2004 EUR -9.6 million). Cash flow before financing items was EUR -7.8 million (EUR -6.1 million in 2004).
• The company's liquid assets amounted to EUR 7.1 million (in 2004, EUR 7.0 million) as at December 31, 2005. The company has liquid assets to finance its operations approximately to the end of the third quarter 2006 without any revenue.

Financial statements 2005

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

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