The year 2006 in brief
- In November, BioTie and H. Lundbeck A/S signed an agreement on worldwide rights for nalmefene, excluding North America, Mexico, UK, Ireland, Turkey, and South-Korea which have already been licensed. In total, BioTie is eligible for up to EUR 88 million in upfront and milestone payments plus royalty on sales. The company received EUR 10 million during the financial year.
- In November, BioTie and F. Hoffmann La Roche (Roche) signed an option agreement for BioTie's fully human antibody program targeting Vascular Adhesion Protein-1 (VAP-1) in inflammatory diseases. Under the terms of the agreement, Roche will pay an option initiation fee of EUR 5 million in 2006-2007. The Company received during the financial year EUR 3 million.
- In April, BioTie signed a marketing and distribution agreement with Britannia Pharmaceuticals Limited, based in Surrey, England, for nalmefene in the UK and Ireland
- The company submitted a marketing authorisation application regarding nalmefene in the treatment of alcoholism to the UK Medicines and Healthcare Regulatory Authority (the "MHRA").
- The company strengthened its financial position due to positive operative cash flow and equity offering in November-December 2006 in which the company raised EUR 18.8 million new capital, including EUR 10 million investment from Pequot Capital Management, Inc., one of the leading Life Science investment management companies in the US.
- The 2006 financial statement has been prepared in accordance with IFRS recognition and measurement principles, and applying the same accounting policy as for the 2005 financial statements. The figures presented in this financial statement have not been audited.
- The net loss in financial year 2006 stood at -9.0 EUR million (in 2005 EUR -7.9 million). Cash flow from operating activities was EUR 5.4 million positive (EUR -7.8 million in 2005).
- The company's liquid assets amounted to EUR 31.8 million (in 2005, EUR 7.1 million) as at December 31, 2006.
Biotie Therapies Corp.
Board of Directors
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The full report including tables can be downloaded from the following link:
FINANCIAL STATEMENTS RELEASE JANUARY 1 - DECEMBER 31, 2006