Disclosure policy

Last Revised: June 21, 2016

The objective of Biotie’s corporate disclosures is to provide fair disclosure of information to the public in a timely and consistent manner.

The Company’s official reporting language is Finnish. Notwithstanding this, the Company prepares and discloses stock exchange releases also in the English language.

As a public limited liability company listed on the main list of Nasdaq Helsinki Ltd., Biotie is bound to comply with the disclosure requirements of:

  • Applicable EU and Finnish legislation, the regulations and guidance of ESMA, the guidance of the Finnish Financial Supervisory Authority and the rules of Nasdaq Helsinki Ltd.

Disclosure principles

The information made public by the Company shall be accurate, complete and based on verifiable facts. The information shall also give a true and fair picture of the Company’s operations and is released as soon as possible to the public as set forth in the applicable regulations.

Stock exchange releases to give information on facts, matters and circumstances that Biotie believes are likely to have a significant effect on the price of the Company’s shares and other financial instruments. A stock exchange release is also used to publish regulated information that is required to be disclosed by means of a stock exchange release, for example interim reports and Annual Financial Statements.

Material information:

Considering at the current stage of the Company´s development projects and according to the already adopted communications policy material information includes:

  • Any significant activities related to drug development projects (the launch of new projects, start of new significant clinical studies, material changes in the progress of the studies and eventually the top-line results).
  • Information on new licensing or alliance arrangements with pharma partners or material changes or development in the licensing relations (such as achievement of significant milestones).
  • Information on corporate or financing transactions affecting the operations or financial position of the Company. Management monitors the capital and liquidity on the basis of the amount of equity and cash funds.
  • Other material information may be for example significant changes in the operating environment, such as relevant drug regulatory agency decisions or other authority actions. The material nature and significance of these events will be assessed on a case by case basis.
  • The Company will report the drug development related activities in a consistent manner and will analyze the information on the whole from the perspective of an investor´s decision making. The Company itself assesses which decisions and facts will be communicated by means of a stock exchange release as well as assesses the potential impact of the various decisions and facts on the value of its securities.


The drug development projects and their outcomes constitute significant material information which may affect the value of the Company´s securities as described above. The Company will report the outlook for the current year and will include estimates on the future progress of the projects. The Company reports any material deviations to project progress (schedules) from previously reported estimates.

Profit warnings:

The Company´s historical development and other information available on the Company will be of key importance in making an assessment of the Company´s future development. If the Company´s financial performance or liquid cash position materially deviates from what can be justifiably concluded on the basis of the information previously reported by the Company, the Company shall issue a profit warning.

As a general policy, the Company does not comment on market rumors, stock price trends, actions of competitors or customers, analyst estimates, or confidential and unfinished business unless the Company deems relevant to correct clearly incorrect specific information. In the event that confidential information leaks to the public domain on a material fact, matter or circumstance, the Company shall issue a stock exchange release on the matter as soon as possible.


The CEO and the Board of Directors can make public statements on behalf of Biotie. The CEO or the Board of Directors may delegate this authority to other members of the management team.

The CEO is responsible for the Company’s communication and signs off all the releases. Scheduled releases (interim reports and Annual Financial Statements) are prepared by the head of Investor Relations in the English language, signed off by the CFO and CEO and authorized for approval by the Board of Directors.

The head of Investor Relations is responsible for the distribution of releases according to the instructions by the CFO and the CEO and he/she reports to the CFO.

The Disclosure Policy is approved by the Biotie´s Board of Directors.

Updated 03 July, 2016