Biotie Therapies Corp. interim report [23.10.2009]
In Turku Science Park and in Radebeul, Germany, based drug development company Biotie Therapies Corp. has published its interim report and a press release concerning a Standby Equity Distribution agreement to secure company's working capital with up to total value of 20 million euros.
January - September 2009 in brief
In February and March, Biotie initiated two clinical studies in rheumatoid arthritis and psoriasis patients with its fully human VAP-1 monoclonal antibody. Results from these studies are expected to become available during the first half of 2010.
Revenue for January - September amounted to EUR 4.5 million. Cash flow from operating activities in January - September was EUR -8.8 million (EUR -7.9 million for the same period in 2008).
- The net loss for January - September stood at EUR 8.3 million (net loss for comparable period in 2008 was EUR 3.8 million) excluding extraordinary items in relation to write-offs of certain intangible assets. Total net loss for January - September including extraordinary items in relation to write-offs of intangible assets was EUR 12.1 million (net loss for January - September 2008 was EUR 3.8 million) and earnings per share for the period was EUR -0.08(EUR -0.04 in 2008).
- As of September 30, the company's liquid assets amounted to EUR 16.7 million (EUR 21.0 million as of September 30, 2008).
Events after the reporting period
In order to secure the financing of Biotie's working capital in the short and medium term, the Company has entered into a Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd. ("YA Global") a fund managed by Yorkville Advisors, LLC of Jersey City, New Jersey, USA ("Yorkville"). Under the terms of the agreement, Biotie has the option, at the sole and exclusive discretion of the Company, to take up YA Global's commitment to subscribe and pay for ordinary no-par Biotie shares up to a total value of 20 million euro over a period of 36 months.
The purpose of the Standby Equity Distribution Agreement is to secure the financing of Biotie's working capital in the short and medium term. In consideration of the committed standby equity Biotie will pay to YA Global a one-time commitment fee of EUR 200.000, payable in Biotie shares, and has already paid a customary structuring fee and due diligence fee.
Further information and reports in full:
www.biotie.com
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