BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE
January 26, 2007 at 10.00 a.m.
BIOTIE THERAPIES CORP. FINANCIAL STATEMENTS RELEASE JANUARY 1
DECEMBER 31, 2006
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 companys liquid assets amounted to EUR 31.8 million (in
2005, EUR 7.1 million) as at December 31, 2006.
Review of the financial year
BioTie is a drug development company focusing on dependence
disorders, inflammatory diseases and thrombosis.
Drug development projects
Nalmefene program
In April, BioTie signed a marketing and distribution agreement
with Britannia Pharmaceuticals Limited, based in Surrey, England,
for nalmefene in the UK and Ireland.
Under the terms of the agreement, BioTie granted Britannia an
exclusive license to market and distribute nalmefene as a
prescription medicine for the treatment of substance abuse
disorders and impulse control disorders in the UK and Ireland.
Britannia will purchase nalmefene finished product from BioTie and
Britannia will be responsible for its registration, sales and
marketing. The agreement provides BioTie with financial returns
typical for a product at the registration phase.
In July, BioTies North American licensing partner Somaxon
Pharmaceuticals, Inc. announced positive results with nalmefene in
a pilot Phase 2 clinical trial for smoking cessation. In a single
center, randomized, placebo-controlled study in which 76 smokers
were enrolled, patients in the nalmefene 40mg group demonstrated
numerically higher abstinence rates at all timepoints relative to
placebo. Patients in the nalmefene 80mg group did not consistently
achieve abstinence rates that were numerically superior to
placebo. The study was not powered to demonstrate statistical
significance.
In this study, nalmefene was generally well tolerated, with an
adverse event profile similar to that observed in studies
previously conducted with nalmefene. The most commonly reported
adverse events were insomnia and nausea. The adverse events tended
to be transient in nature and largely resolved after the first
week on study drug. Elevation in liver enzymes was observed with a
similar frequency in all groups.
In October, BioTie signed marketing and distribution agreements
for nalmefene with Eczacibasi Ilaç Pazarlama AS (Eczacibasi),
based in Istanbul, for nalmefene in Turkey; and with Whanin
Pharmaceutical Co., Ltd. (Whanin), based in Seoul, for nalmefene
in South-Korea.
Under the terms of the agreements, BioTie has granted Eczacibasi
and Whanin an exclusive license to market and distribute nalmefene
as a prescription medicine for the treatment of substance abuse
disorders and impulse control disorders in their respective
territories. BioTie will receive an undisclosed amount upfront and
is eligible for milestone payments plus royalty on sales.
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. Under the terms of the
agreement, BioTie has granted Lundbeck an exclusive license to
market and distribute nalmefene as a prescription medicine for the
treatment of substance abuse disorders and impulse control
disorders.
Under the terms of the agreement, BioTie will receive an execution
fee of EUR 15 million, of which EUR 10 million was paid on
signing. Once the license enters into force, 15 million euros is
expected to be booked as revenue during 2007. In total, BioTie is
eligible for up to EUR 88 million in upfront and milestone
payments plus royalty on sales. Lundbeck will be responsible for
manufacturing and registration of the product in its territory.
BioTie submitted a marketing authorisation application regarding
nalmefene in the treatment of alcoholism to the UK Medicines and
Healthcare Regulatory Authority (the "MHRA") in November.
In December, Somaxon announced results from a Phase 2/3 clinical
trial evaluating 20 mg and 40 mg of nalmefene in patients with a
diagnosis of pathological gambling.
In this study, nalmefene did not demonstrate a statistically
significant difference compared to placebo on the primary
endpoint, mean PG-YBOCS (Yale Brown Obsessive Compulsive Scale
modified for Pathological Gambling) as measured at week twelve of
the treatment period, for either of the doses studied. In
addition, neither dose achieved statistical significance on the
secondary endpoints in the trial. The most frequently reported
adverse events were insomnia, nausea and dizziness. Elevation in
liver enzymes was observed in some nalmefene-treated patients.
Somaxon announced that it intends to further assess the results
from this clinical trial with BioTie. Somaxon also intends to
assess the previously-reported results from its Phase 2 clinical
trial evaluating nalmefene for smoking cessation before making
determinations regarding the future of the nalmefene program.
Vascular Adhesion Protein-1 (VAP-1)
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. Inhibiting VAP-1 reduces inflammation by regulating the
migration of leukocytes, or white blood cells, to inflamed
tissues. BioTie's fully human VAP-1 antibody is based on Medarex,
Inc's (NJ, USA) HuMab-technology and is expected to enter into
clinical development in early 2007.
Under the terms of the agreement, Roche will pay an option
initiation fee of EUR 5 million, which grants Roche an exclusive
option right to an exclusive, worldwide license agreement for
BioTie's fully human antibody targeting VAP-1, excluding Japan,
Taiwan, Singapore, New Zealand, and Australia. The initiation fee
will be paid in two instalments in 2006-2007, and the initial
option right will end upon completion of Phase I. Roche may extend
the option right to later development points by paying additional
fees. BioTie will retain all rights to the program until a license
is granted to Roche. BioTie received EUR 3 million during the
financial year.
Co-operation with Seikagaku Corporation proceeded as planned.
Other pre-clinical programs
Other pre-clinical programs (VAP-1 SSAO small molecule inhibitor
program and alfa2beta1 integrin program) were progressed as
previously planned in pre-clinical stage. In the recombinant
heparin program the company continued to look for a partner to
finance the future development of the program.
Revenues
Revenue for the financial year 2006 consisted of periodization of
the signing fee of the licensing agreement signed with Seikagaku
Corporation in 2003 and periodization of the signing fee of the
licensing agreement in nalmefene project signed with Somaxon
Pharmaceuticals in 2004 and periodization of the option fee of the
option agreement signed with Roche in 2006. The revenue was in
total 1.1 million euros. During the financial year the company
received in total 13.1 million euros from new partnering
agreements. Of the total, BioTie received 10 million euros from
Lundbeck, which will be recognized in revenue during 2007.
Revenue for the reporting period in 2005 was in total 1.2 million
euros and consisted of periodization of signing fee of the
licensing agreement signed with Seikagaku Corporation in 2003, and
periodization of the signing fee of the licensing agreement in
nalmefene project signed with Somaxon Pharmaceuticals in 2004, and
periodization of the option fee from the option agreement signed
with Aventis (sanofi-aventis) in 2004. No new milestone or signing
fees were received in 2005.
Financial results
The net loss for the financial year was EUR -9.0 million. The
corresponding figure for the previous year was EUR -7.9 million.
Research and development costs for the period amounted to EUR 8.0
million (in 2005 EUR 7.1 million). As the company did not yet sign
up a commercial partner for the recombinant heparin program, 0.7
million euros of capitalized development costs where written off
during the financial year. Patent costs have been booked as
expenses.
BioTie disposed the 9.9% holding in Biovian Ltd during March 2006
and realized a gain of 7 thousand euros.
Financing
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 United States.
BioTies equity ratio was 46.5 % on December 31, 2006 (-219.3 %
in 2005).
Cash and cash equivalents totaled EUR 31.8 million on December 31,
2006 (EUR 7.1 million in 2005).
Equity
The company raised in equity offering during November-December EUR
18.8 million, which was booked in share capital.
The company had at 31 December, 2006 EUR 2.7 million (31.12.2005
EUR 4.1 million, 31.12.2004 EUR 6.0 million) worth of non-capital
R&D loans granted by Tekes. Tekes has approved the conversion of
five loans of EUR 5.8 million to capital loans of which 3.3
million has been converted during reporting period. BioTies board
made decisions in this matter in its meetings on January 26, 2005,
March 30, 2005, March 30, 2006, and August 23, 2006.
Investments and cash flow
The cash flow from operations was 5.4 million euros positive (in
2005 -7.8 million euros). During the financial year the company
received in total 13.1 million euros from new partnering
agreements. Out of the total, BioTie received 10 million euros
from Lundbeck, which will be recognized in revenue during 2007.
The companys investments during the financial year amounted to
EUR 0.8 million (EUR 9 thousand in 2005).
Personnel
During the reporting period, the company's personnel was on
average 37 (47 in 2005, 47 in 2004) and at the end of the
financial year 35 (45 on 31.12.2005, 46 on 31.12.2004).
Group structure
The parent company of the group is Biotie Therapies Corp. The
group has a subsidiary named Biotie Therapies International Oy,
which was not operational during the financial year.
SHAREHOLDERS MEETINGS HELD DURING THE FINANCIAL YEAR
The Annual General Meeting of Biotie Therapies Corp. was held on
30 March 2006.
The Annual General Meeting of Biotie Therapies Corp. adopted the
income statement and balance sheet including the consolidated
income statement and balance sheet for the financial year 1
January 2005 - 31 December 2005. The Annual General Meeting
resolved that the company shall not distribute dividend from the
financial year 2005 and that the parent companys loss of the
financial year amounting to EUR 8,819,257.39 shall be transferred
to shareholders equity.
The Board of Directors and auditors
The Annual General Meeting discharged the members of the Board of
Directors and the Managing Director from liability for the
financial year, which ended on 31 December 2005. The Annual
General Meeting resolved that the Board of Directors shall consist
of four members and appointed the following persons as members to
the Board of Directors: Juha Jouhki, Pauli Marttila, Riku Rautsola
ja Piet Serrure. Johan Kronberg, Authorised Public Accountant and
PricewaterhouseCoopers Oy Authorised Public Accountants were
appointed as auditors of Biotie Therapies Corp.
At its organisation meeting, which convened immediately after the
Annual General Meeting, the Board of Directors appointed Juha
Jouhki as the Chairman of the Board of Directors.
Management
Timo Veromaa acted as President and CEO of Biotie Therapies Corp.
Ms. Leena Hyytiä, corporate controller assumed the role of acting
chief financial officer from October 2006.
AUTHORIZATION TO DISPOSE OWN SHARES
The Annual General Meeting authorised the Board of Directors, in
accordance with the proposal of the Board of Directors, to resolve
on conveyance of own shares in the company's possession by
deviating from the shareholders´ pre emptive right. The
authorisation covers the 819,000 shares with a book equivalent
value of EUR 0.02 in the company's possession, which corresponds
to approximately 1.55 per cent of the companys share capital and
all voting rights attached to the shares.
According to the resolution, the Board of Directors is authorized
to resolve on the conveyance price and the grounds for determining
the price as well as on other terms and conditions relating to the
conveyance. The shares may be conveyed against other remuneration
than cash payment. The authorisation is in force until the next
Annual General Meeting, however not longer than one year from the
resolution of the Annual General Meeting.
AUTHORISATION OF THE BOARD OF DIRECTORS TO RESOLVE ON INCREASE OF
SHARE CAPITAL THROUGH NEW ISSUE
The Annual General Meeting authorised the Board of Directors to
resolve, in accordance with the proposal of the Board of
Directors, on increase of share capital through new issue by
issuing new shares with a book equivalent value of EUR 0.02. On
the basis of the authorisation the company's share capital may be
increased in one or more issues so that the company's share
capital may increase by the aggregate of EUR 194,320 and the
number of shares by 9,716,000 shares at maximum.
The authorisation shall be in force until the next Annual General
Meeting, however not longer than one year from the resolution of
the Annual General Meeting.
USE OF THE PREMIUM FUND TO COVER THE LOSS OF THE FINANCIAL YEAR
The provisions of certain convertible capital loans set forth an
obligation for the company to transfer funds from the share
premium fund to cover the loss of the company as shown in the
balance sheet. Due to the above, the Annual General Meeting
resolved, in accordance with the proposal of the Board of
Directors, that EUR 6,411,908.13 is transferred from the premium
fund to cover the loss shown in the balance sheet as of 31
December 2005. The transfer will decrease the restricted equity of
the company by the transferred amount.
NEW OPTION SCHEME
The Annual General Meeting resolved, in accordance with the
proposal of the Board of Directors, to issue option rights on the
below mentioned terms:
The maximum number of the issued option rights shall be 3,000,000.
A maximum of 1,000,000 option rights shall be marked with letter
A, a maximum of 1,000,000 with letter B and a maximum of 1,000,000
with letter C. The option rights shall be offered for subscription
free of charge and in deviation from the shareholders pre-emptive
subscription right to key personnel of Biotie Therapies Corp. and
to a wholly owned subsidiary as decided by the Board of Directors.
INCREASE OF THE COMPANYS SHARE CAPITAL AND NEW ISSUE
An Extraordinary General Meeting of Biotie Therapies Corp. (the
"Company") was held on 28 November 2006.
The General Meeting of Shareholders approved the matters mentioned
in the invitation to the meeting regarding the proposal of the
Board of Directors of the Company to increase the share capital of
the Company and amend the Articles of Association accordingly.
The Extraordinary General Meeting of Shareholders resolved in
accordance with the proposal of the Board of Directors to offer
new shares for subscription at the subscription price of EUR 0.51
per share. Through the offering up to 40,206,196 shares were
offered in deviation from the shareholders' pre-emptive right to
the offered shares to 1) certain institutional investors,
including funds managed by Pequot Capital Management, Inc. and
Thominvest Oy, Dreadnought Finance Oy and the Finnish National
Fund for Research and Development ("Sitra") or entities nominated
by them (the "Institutional Offering") and 2) to those of the
current shareholders of the Company and holders of option rights
and convertible loans who have not in advance waived their right
to subscribe for the new shares (the "Shareholder Offering") (the
Institutional Offering and Shareholder Offering together the
"Offering").
Pursuant to the terms and conditions of the Subscription Agreement
concluded between the Company and Pequot on 26 October 2006,
Pequot subscribed for 19,607,843 new shares at the aggregate
subscription price of EUR 10,000,000. Thominvest Oy and
Dreadnought Finance Oy, who are shareholders of the Company, gave
a subscription commitment or underwriting to subscribe for the
shares so that the said companies and the Finnish National Fund
for Research and Development ("Sitra") or entities nominated by
them subscribed for 5,882,353 new shares at the aggregate
subscription price of EUR 3,000,000.
In the Shareholder Offering the Company offered the new shares to
the shareholders of the Company so that a shareholder being
registered with the Company's shareholders' register maintained by
the FCSD on the record date of the Offering on 1 December 2006 had
to right to subscribe for two (2) new shares against each whole
three (3) shares owned by the shareholder on the record date of
the Offering unless the shareholder has waived his or her rights
to subscribe for the new shares. The holders of convertible loans
and option rights had the same right and holders of the
convertible loans and option rights were entitled to subscribe for
two (2) new shares against each whole three (3) shares which the
holder of the convertible loans or option rights was entitled to
subscribe for on the record date of the Offering, i.e., on 1
December 2006 pursuant to the terms and conditions of such
convertible loans and option rights.
The subscription price was determined to be EUR 0.51 per new
share. The Board of Directors of Biotie Therapies Corp. approved
on November 30, 2006 the share subscriptions made in the
Institutional Offering during the period of 29 November - 30
November 2006 for the aggregate of 25,490,197 shares.
The Board of Directors approved on December 20, 2006 the share
subscriptions made in the Shareholder Offering. The aggregate of
11,365,242 shares were subscribed for in the Shareholder Offering.
The subscription price was EUR 0.51 per share and the aggregate
subscription price for the subscribed shares was EUR 5,796,273.42.
The Board of Directors of the company decided that the shares
remaining unsubscribed for in the share issue, i.e. 3,350,757
shares, were not be offered to a third party for subscription.
The aggregate of 36,855,439 shares were subscribed for in the
Institutional Offering and the Shareholder Offering. The aggregate
subscription price for the subscribed shares and the corresponding
increase of the share capital is EUR 18,796,273.89. The
subscription price of the new shares were booked in its entirety
in the share capital of the Company.
Option programs
Biotie Therapies Corp. has approved the option subscriptions made
on the basis of the option scheme 2006, which the Annual General
Meeting of Shareholders resolved to issue on 30 March 2006. The
option rights were offered for subscription, in deviation from the
shareholders' pre-emptive subscription right, to certain key
persons of Biotie Therapies Corp. nominated by the Board of
Directors and to a wholly owned subsidiary of the Company. All
3,000,000 option rights issued were subscribed for and the options
entitle their holders to subscribe for a maximum of 3,000,000 new
shares of Biotie Therapies Corp. in the aggregate.
Biotie Therapies Corp. has issued option rights by 31.12.2006
pursuant to a total of two different option programs. As a result
of these option rights, the share capital of BioTie may be
increased by a maximum of EUR 100,000 corresponding to 5 000 000
shares.
Share price
BioTie's shares are quoted on the Helsinki Stock Exchange, Nordic
List Small cap (Health care)
Biotie Therapies has 89 530 660 shares and the share capital is
EUR 19 849 778.31. All the company´s shares are of the same series
and have equal rights. All the shares are freely transferable and
contain one voting right.
At the end of the financial year the share price was EUR 1.18, The
highest price for BioTie´s share during the year was EUR 2.39 and
the lowest was EUR 0.49. The average share price was EUR 1.10.
BioTie´s market capitalization at beginning of the financial year
was EUR 27.92 million and at the end of the financial year EUR
105.65 million.
The average monthly trading during 1.1.-31.12.2006 was 2 705 852
shares. The value of shares traded during 2006 was EUR 35.92
million.
At the end of the financial year the company had 6 181
shareholders compared to 5 033 at the of 2005.
The ten biggest shareholders of BioTie on 31 December, 2006
Number of
shares % of shares
Finnish Innovation Fund (Sitra) 14 585 350 16.44
Finnish Industry Investment Ltd 12 278 785 13.84
Juha Jouhki and his controlled 6 537 672 7.37
companies
- Dreadnought Finance Oy (2 098 416)
- Jouhki Juha (1 501 356)
- Thominvest Oy (2 937 900)
Funds administered by BioFund 2 715 498 3.06
Management Oy:
- BioFund Ventures III Ky (2 485 715)
- BioFund Ventures I Ky (229 783)
Oy H. Kuningas & Co AB 1 052 607 1.19
Funds administered by Aboa Venture 844 666 0.95
Management Oy:
- Aboa Venture Ky I (492 142)
- Aboa Venture Ky II (336 747)
- Ganal Venture Ky (7 906)
- Karhu Pääomarahasto Ky (7 871)
Tilator Oy 675 364 0.76
Oksanen Markku 549 300 0.62
Markkula Harri 367 334 0.41
Suutari Pekka 351 500 0.40
39 958 076 45.04
Nominee registered shares total 22 660 578 25.54
Other shareholders 26 093 006 29.41
Outstanding shares 88 711 660 100.00
The number of the company's own 819 000
shares held by Biotie Therapies
Total 89 530 660
Future outlook
Decision from the UK Medicines and Healthcare products Regulatory
Authority (MHRA) on the marketing authorisation for nalmefene in the UK is
expected in the second half of 2007.
Fully human VAP-1 monoclonal antibody program is expected to enter
into clinical development phase during the first half of 2007.
BioTie expects to make a positive result during 2007 based on
milestone payments from partnering agreements. Operating costs are
expected to be approximately at the same level in 2007 as in 2006.
The companys goal is to reach profitability during 2010 with
existing liquid resources and with the expected income from the
partnering agreements.
The Board of Directors proposal for handling of the loss
The Board of Directors proposes that no dividend from the
financial year 2006 will be paid, and that the loss of the
financial year EUR 9.0 million will be transferred to
shareholders´ equity.
FINANCIAL STATEMENT
1.1.- 1.1.-
EUR 1,000 31.12.2006 31.12.2005
12 months 12 months
Revenue 1,118 1,227
Research and -7,970 -7,149
Development expenses
General and -2,207 -2,371
administrative expenses
Other operating income 698 912
Operating profit (loss) -8,361 -7,381
Financial income 215 148
Financial expenses -812 -722
Share of the profit of 0 13
associated companies
Profit (loss) before -8,958 -7,941
taxes
Taxes -7 0
Net income (loss) -8,964 -7,941
Distribution
To parent company -8,964 -7,941
shareholders
Earnings per share -0.16 -0.17
(EPS) basic and
diluted, EUR
BALANCE SHEET
EUR 1,000 31.12.2006 31.12.2005
Assets
Non-current assets
Intangible assets 801 1,047
Property, plant and 109 192
equipment
Shares and equity 0 38
interests in associated
companies
910 1,277
Current assets
Current receivables 560 571
Financial assets at fair 27,878 6,687
value through profit or
loss
Cash and cash 3,886 395
equivalents
32,323 7,653
Total 33,233 8,930
EUR 1,000
Equity and liabilities
Shareholders equity
Share capital 19,850 1,054
Share premium fund 0 5,881
Retained earnigs -21,692 -18,576
Net income (loss) -8,964 -7,941
Shareholders equity -10,807 -19,583
total
Long-term liabilities
Provisions 27 40
Interest-bearing 23,508 21,276
liabilities
Non-interest-bearing 6,528 5,169
liabilities
30,063 26,485
Current liabilities
Provisions 16 16
Interest-bearing 27 42
liabilities
Accounts payable and 13,934 1,971
other debts
13,977 2,029
Liabilities total 44,040 28,514
Total 33,233 8,930
Statement of Changes in Shareholders' Equity
Parent company shareholders' equity Share-
holders'
equity
total
EUR 1,000 Shares Share Share Own Retained
(1000 capital premium shares earnings
pcs) fund
Balance at 43,907 878 13 -15 -18,756 -17,881
1.1.2005
Net income -7,941 -7,941
(loss) for the
period
Options granted 195 195
Share issue 8,768 175 5,868 6,043
8,768 175 5,868 0 -7,746 -1,703
BALANCE AT 52,675 1,054 5,881 -15 -26,502 -19,583
31.12.2005
Net income -8,964 -8,964
(loss) for the
period
Options granted 102 102
Transfer from -5,881 5,881 0
share perium
fund
Share issue 36,855 18,796 -1,157 17,639
36,855 18,796 -5,881 0 -4,139 8,776
BALANCE AT 89,531 19,850 0 -15 -30,641 -10,807
31.12.2006
CASH FLOW STATEMENT
1.1.- 1.1.-
31.12.2005 31.12.2006
EUR 1,000 12 months 12 months
Cash flow from operating
activities
Net income (loss) -8,964 -7,941
Adjustments:
Non-cash transactions 1,249 755
Addition/disposal due -84 -58
to revaluation of
financial assets at fair
value through profit or
loss
Interest expenses and 812 722
other
financial expenses
Interest income -215 -148
Taxes 7 0
Change in working
capital:
Change in trade and -19 716
other
receivables
Change in trade 12,535 -1,976
creditors and other
liabilities
Change in mandatory -12 33
provisions
Interests paid -25 -28
Interests received 131 88
Taxes paid -7 0
Net cash from operating 5,408 -7,837
activities
Cash flow from investing
activities
Change in financial
assets at fair value
through profit or loss
Additions -25,000 -5,000
Disposals 4,000 2,626
Investments -819 -9
Sale of associated 45 0
companies
Net cash used in -21,773 2,383
investing activities
Cash flow from financing
activities
Payments from share 17,639 6,043
issue
Proceeds from borrowings 2,232 1,890
Repayment of lease -15 -101
commitments
Net cash from financing 19,856 7,833
activities
Net increase (+) or 3,490 -2,388
decrease (-) in cash and
cash equivalents
Cash and cash 395 2,783
equivalents in the
beginning of the period
Cash and cash 3,886 395
equivalents in the end
of the period
KEY FIGURES
1.1.- 1.1.-
31.12.2006 31.12.2005
EUR 1,000 12 months 12 months
Business development
Revenues 1,118 1,227
Personnel on average 37 47
Personnel at the end of 35 45
period
Research and development 7,970 7,149
costs
Capital expenditure 819 9
Profitability
Operating profit (loss) -8,361 -7,381
as percentage of -747.6 -601.3
revenues, %
Profit (loss) before -8,958 -7,941
taxes
as percentage of -800.9 -647.0
revenues, %
Balance sheet
Cash and cash 31,763 7,082
equivalents
Shareholders equity -10,807 -19,583
Balance sheet total 33,233 8,930
Financial ratios
Return on equity, % - -
Return on capital -113.5 -426.7
employed, %
Equity ratio, % -46.5 -219.3
Gearing, % 76.1 -72.7
Per share data
Earnings per share -0.16 -0.17
(EPS), EUR
Shareholders´equity per -0.12 -0.37
share, EUR
Divided per share, EUR
Pay-out ratio, %
Effective dividend
yield, %
P/E-ratio
Share price
Lowest share price, EUR 0.49 0.49
Highest share price,EUR 2.39 1.06
Average share price,EUR 1.10 0.75
31.12. share price,EUR 1.18 0.53
Market capitalization, MEUR 105.6 27.9
Trading of shares
Number of shares traded
32,470,230 9,003,598
As percentage of all 36.3 17.1
Adjusted weighted 54,995,830 48,689,328
average
number of shares during
the period,
Adjusted number of 89,530,660 52,675,221
shares at the end of the
period
Contingent liabilities
1000 EUR 31.12.2006 31.12.2005
Lease commitments 73 177
Biotie Therapies Corp.
Board of Directors
For further information, please contact:
Timo Veromaa, President and CEO, Biotie Therapies Corp.
tel. +358 2 274 8901, e-mail: timo.veromaa@biotie.com
www.biotie.com
Distribution: Helsinki Stock Exchange
Main Media
BIOTIE THERAPIES CORP. FINANCIAL STATEMENTS RELEASE JANUARY 1 DECEMBER 31, 2006
| Source: Biotie Therapies