Biotie Therapies Corp. interim report 1 January - 31 March 2011
Biotie has undergone significant changes during the first quarter that have transformed the nature of its operations and its financial status. Most notably, in February 2011, Biotie acquired Synosia Therapeutics, a drug development specialist with key operations in the US and a strategic alliance with UCB Pharma. In January 2011 Biotie was informed by its licensing partner H. Lundbeck A/S of positive phase 3 results with nalmefene, its lead product for the treatment of alcohol dependence. In March 2011 Biotie raised EUR 27 million in a directed share issue to institutional and strategic investors, strengthening its financial position. The company now employs approximately 40 people, has operations in Finland, the United States and Switzerland and is exclusively focused on the development of its promising pipeline of clinical-stage drug candidates.
Financial statements for the Q1 2011 are not directly comparable to the same period in 2010 due to the Synosia Therapeutics acquisition and the consolidation of the new subsidiaries' results into the Biotie group's consolidated financial statements from the acquisition date 1 February onwards.
Revenues in January - March 2011 amounted to EUR 0.5 million (EUR 1.2 million in the same period in 2010). Net loss in January - March was EUR 7.7 million (EUR 3.7 million in the same period in 2010). Total comprehensive income including the currency translation differences amounted to EUR -9.5 million (EUR -3.7 million in the same period 2010). Basic earnings per share amounted to EUR -0.03 (EUR -0.02 for the same period 2010).
Cash flow from operating activities in January - March amounted to EUR -4.2 million for continuing operations (EUR -4.4 million in the same period in 2010) and EUR -1.2 million for discontinued operations (no discontinued operations reported in Q1 2010).
As of 31 March 2011, liquid assets amounted to EUR 46.8 million (EUR 15.2 million as of 31 March 2010).
Timo Veromaa, Biotie's President and CEO:
"We have had a very successful first quarter, which was underpinned by positive data from the first set of phase 3 nalmefene studies from Lundbeck, the transformational merger with Synosia and our directed share offer. We have made rapid progress with integration activities and have continued to advance our newly enlarged pipeline which now includes nine clinical development candidates. In the coming months, we expect to receive important data from Lundbeck for nalmefene in alcohol dependence and for our Parkinson's disease product SYN118, for which UCB Pharma has an option to license. These are exciting times for Biotie and we believe that with our broad pipeline, strong balance sheet and experienced management team, we are well positioned to drive long-term growth and shareholder value".