BioTie TherapiesRaises Capital


Turku - In order to secure financing until the end of 2004, BioTie Therapies Corp. aims to raise about Euro10.5 million of new capital through a new issue pursuant to the shareholders pre-emptive subscription right by the end of June. The issue would secure cover of the self-financed sharing of drug development projects, for which the National Technology Agency (Tekes) granted additional funding of Euro5.9 million as subsidies and loans in April. The funding will be paid - excluding Euro1.4 million of advance loan payments - after Tekes approved the budgets for the proposed projects' costs.
Upon securing funding for its operations, a licensing agreement will come into force, through which the Japanese Seikagaku Corp. will have the exclusive rights to BioTie's VAP-1 antibody against inflam-matory diseases as well as the rights of commercial exploitation of the patents in Japan, Taiwan, Singapore, New Zealand and Australia.
BioTie Therapies has further completed two phase-III studies of Nalmefene, an opioid receptor antagonist, intended for the treatment of alcoholism without psycho-social therapy. It reduced the number of heavy drinking days almost by half. Results from a phase-II study of patients suffering from pathological gambling suggest that Nalmefene also reduces gambling related urges. BioTie is seeking a licensing partner for both programmes.



The vaccine research centre of the University of Tampere in Finland has out­licenced a candidate combined prophylactic vaccine against norovirus and rota­virus infections. The Japanese vaccine venture UMN Pharma Inc. acquired the...



Finnish protein manufacturer Vectron Biosolutions AS has completed a study comparing different expression technologies. According to Vectron, their proprietary E. coli expression technology gave higher yields for seven out of ten...



Lappeenranta – Finnish paper industry major UPM plans to invest in an industry-scale biorefinery producing biofuels from crude tall oil, a by-product of the wood pulp manufacturing process. UPM’s total investment will amount to...



Helsinki/Göttingen – Finnish laboratory supplier Biohit Oyj has sold its liquid handling business for €68m to German process and labtech provider Sartorius AG. Osmo Suovaniemi, founder and Chairman of the Board at Biohit,...



Porvoo/Chalfont St. Giles – GE Healthcare and Neste Jacobs have formed a strategic alliance to drive worldwide self-sufficiency in blood plasma fractionation. Finnish-based Neste Jacobs Oy, a global expert in plant engineering...



Bresso/Turku – The wedding's off between Newron and Biotie. The bride has run away. Shares in Italy's Newron Pharmaceuticals plunged after its proposed merger with Biotie Therapies Corp was called off by the Finnish firm....



Turku/ Bresso – It is both good and bad news for the Italian biotechnology sector: Finnish Biotie Therapies ASA has signed an agreement to acquire Newron Pharmaceuticals S.p.A. for €45 million. On the down side, Italy loses one...



Hafnarfjodur – Actavis Group CEO Claudio Albrecht announced at the beginning of February that the company may go public within the next 2-3 years, although it isn’t clear whether the generics manufacturer would conduct an IPO,...

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