BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE January 25,
2008
BIOTIE THERAPIES CORP. FINANCIAL STATEMENTS RELEASE JANUARY 1 -
DECEMBER 31, 2007
The year 2007 in brief
- In May, the licensing agreement with H. Lundbeck A/S entered into
force on worldwide rights for nalmefene, excluding North America,
Mexico, UK, Ireland, Turkey, and South-Korea.
- In June, Biotie withdrew the UK national marketing authorisation
application on nalmefene in its alcoholism indication to enable a
centralised EU-wide registration procedure in due course.
- In September, Biotie started the first phase I clinical trial with
its fully human VAP-1 monoclonal antibody.
- The net loss in financial year 2007 decreased to -1.7 EUR million
(in 2006 EUR -9.0 million). Cash flow from operating activities was
EUR -5.3 million (EUR 5.4 million positive in 2006).
- Revenues in financial year 2007 increased to EUR 7.9 million (in
2006, EUR 1.1 million).
- The company's liquid assets amounted to EUR 28.2 million (in 2006,
EUR 31.8 million) as at December 31, 2007.
- The 2007 financial statements release has been prepared in
accordance with IFRS recognition and measurement principles, and
applying the same accounting policy as for the 2006 financial
statements. The figures presented in this financial statements
release have not been audited.
Review of the financial year
General:
Biotie is a drug development company focusing on dependence
disorders, inflammatory diseases and thrombosis.
Drug development projects:
Nalmefene program
In May 2007 the licensing agreement with H. Lundbeck A/S entered into
force on worldwide rights for nalmefene, excluding North America,
Mexico, UK, Ireland, Turkey, and South-Korea.
In June 2007 Biotie withdrew the UK national marketing authorisation
application on nalmefene in its alcoholism indication to enable a
centralised EU-wide registration procedure in due course.
To maximise nalmefene's potential in the treatment of alcoholism
Biotie and Lundbeck have jointly decided to seek marketing
authorisation simultaneously in all 27 EU member states via the
centralized procedure. To this end, Lundbeck plans to further
strengthen the existing nalmefene registration dossier in its
alcoholism indication with additional phase III clinical studies
before submitting the marketing authorisation application. The
studies are expected to start in 2008.
Subsequent to the Biotie clinical program for nalmefene in alcoholism
being completed, there is currently a regulatory requirement for an
electrocardiogram (ECG) study in healthy volunteers. In October 2007
Biotie started a clinical trial with nalmefene evaluating the
potential cardiac effects on healthy volunteers measured using an
electrocardiogram. The study is expected to enroll 240 healthy
volunteers and to be completed in 2008 and included in the eventual
registration dossier.
After the reporting period in January 2008 Lundbeck acquired the
United Kingdom and Ireland rights for nalmefene from Britannia
Pharmaceuticals (now part of STADA Group, headquartered in Germany).
Following the new agreement Lundbeck has worldwide rights for
nalmefene, excluding North America, Mexico, Turkey, and South-Korea.
After the reporting period in January 2008 Biotie-Lundbeck license
agreement terms were amended due to Lundbeck acquiring the United
Kingdom and Ireland rights. Under the terms of the amended agreement,
Biotie is now eligible for up to EUR 82 million in upfront and
milestone payments (previously up to EUR 80 million) plus royalty on
sales. Of the EUR 82 million, Biotie has already received from
Lundbeck an execution fee of EUR 12 million, of which EUR 10 million
was paid on signing in November 2006 and EUR 2 million was paid on
the license entering into force in May 2007. Biotie will participate
in financing some of the clinical development costs.
VAP-1 antibody program
In September 2007 Biotie started the first phase I clinical trial
with its fully human VAP-1 monoclonal antibody.
This first-in-man study evaluates the safety, tolerability, and
pharmacokinetics of intravenously administered antibody in healthy
volunteers. Results are expected during the second quarter of 2008.
In November 2006, Biotie and 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, 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 option initiation fee will be paid in two
instalments. Biotie received the first instalment of EUR 3 million in
2006 and Roche paid the second instalment of EUR 2 million in
November 2007 triggered by the study start. 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.
Inhibiting VAP-1 reduces inflammation by regulating the migration of
leukocytes, or white blood cells, to inflamed tissues. Pathological
accumulation of white blood cells in tissue is a common feature in
many autoimmune diseases, such as rheumatoid arthritis, ulcerative
colitis, and psoriasis.
Co-operation with Seikagaku Corporation proceeded as planned.
Pre-clinical programs
Pre-clinical programs (VAP-1 SSAO small molecule inhibitor program
and alfa2beta1 integrin inhibitor program) progressed as planned. In
the bioheparin program the company continued to look for a partner to
finance the future development of the program. To date, partnering
efforts have not been successful.
Revenues
Revenue for the financial year 2007 was 7.9 million euros. Revenue
consisted of periodization of the signing fees of the licensing
agreements signed with Seikagaku Corporation in 2003 and with Somaxon
Pharmaceuticals in 2004, periodization of the option fee of the
option agreement signed with Roche in 2006 as well as periodization
of the execution fee of the licensing agreement signed with Lundbeck
that entered into force in May 2007.
During the financial year 2007 the company received in total 4
million euros from partnering agreements. Of the total, Biotie
received EUR 2 million from Luncbeck and EUR 2 million from Roche.
Of the Lundbeck execution fee of EUR 12 million, EUR 10 million was
paid on signing in November 2006 and EUR 2 million was paid on the
license entering into force in May 2007. EUR 4 million was booked as
revenue in the second quarter of 2007, and the remaining EUR 8
million will be recognized as revenue against clinical development
costs in 2007-2009. Total revenue recognized based on the Lundbeck
agreement in 2007 was EUR 5.4 million.
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 2006 the company
received in total 13.1 million euros from new partnering agreements.
Of the total, Biotie received 10 million euros from Lundbeck.
Financial results
The net loss for the financial year was EUR -1.7 million. The
corresponding figure for the previous year was EUR -9.0 million.
Research and development costs for the period amounted to EUR 9.1
million (in 2006 EUR 8.0 million). Patent costs have been booked as
expenses.
Financing
Biotie's equity ratio was -37.0 % on December 31, 2007(-46.5 % in
2006).
Cash and cash equivalents totaled EUR 28.2 million on December 31,
2007 (EUR 31.8 million in 2006).
Equity
Pursuant to the convertible capital loan issued on March 25, 2004, a
total of 450,000 new shares have been subscribed for. The new shares
have been entered in the Finnish Trade Register on April 2, 2007 and
May 11, 2007. The loan capital converted in connection with the
subscription amounts to EUR 840,939.62.
During the financial year 2007 a total of 231,200 new shares in
Biotie Therapies Corp. were subscribed for by exercising the series A
option rights of the company's option scheme determined on 30 March
2006. The subscription price of the shares was EUR 0.60 per share.
The new shares have been entered in the Finnish Trade Register on 30
April 2007.
Following the increase in the number of shares based on subscriptions
with convertible capital loans and option rights, the total number of
shares in Biotie Therapies Corp. is 90.211.860. The subscription
price paid has been recorded in the reserve for invested unrestricted
equity.
The company has in its possession 819.000 of its own shares. Relating
to the company's option programs, the company has signed a stock
lending agreement with EVLI Bank in January, 2007. Pursuant to this
program, the number of the company's own shares in its possession may
be temporarily less than 819,000.
Investments and cash flow
The cash flow from operations was -5.3 million euros (in 2006 5.4
million euros). During the financial year the company received in
total 4.0 million euros from partnering agreements. The company's
investments during the financial year amounted to EUR 0.3 million
(EUR 0.8 million in 2006).
Personnel
During the financial period, the company's personnel was on average
36 (37 in 2006, 47 in 2005) and at the end of the financial year 37
(35 on 31.12.2006, 45 on 31.12.2005).
Changes in Management Team
Ulla Sjöblom, M.Sc. (econ), was nominated Corporate Controller and
member of the management team in July 2007. Kai Lähdesmäki, VP
Business Development, turned 62 in 2007 whereby he retired from the
Company. Lähdesmäki was, however, engaged as a consultant for the
Company from April, 2007 onwards.
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. The Company has also a
passive subsidiary in the United States called Contral America.
Shareholders' meetings held during the financial year
The Annual General Meeting of Biotie Therapies Corp. was held on 28
March 2007.
The General Meeting of Shareholders adopted the income statement and
balance sheet including the consolidated income statement and balance
sheet for the financial year 1 January 2006-31 December 2006. The
General Meeting of Shareholders resolved pursuant to the proposal of
the Board of Directors that the loss of the financial year, EUR
8,021,000, shall be transferred to the company's equity.
The Board of Directors, management and auditors
The number of the members of the Board of Directors was resolved to
be four. Juha Jouhki, Pauli Marttila, Riku Rautsola and Piet Serrure
were re-elected as the members of the Board of Directors. Janne
Rajalahti, Authorized Public Accountant, and PricewaterhouseCoopers
Oy, Authorized Public Accountants, were elected as auditors of Biotie
Therapies Corp. Timo Veromaa has been President and CEO of Biotie
Therapies Corp.
At the organization meeting of the Board of Directors, convened
immediately after the Annual General Meeting, Juha Jouhki was elected
as the Chairman of the Board of Directors and Pauli Marttila as the
deputy chairman.
The General Meeting resolved pursuant to the proposal of the Board of
Directors to amend the Articles of Association to better correspond
to the new Companies Act entered into force on 1 September 2006.
The General Meeting resolved pursuant to the proposal of the Board of
Directors to amend the terms and conditions of the company's
convertible capital loan of 2004. Further, the General Meeting
resolved to amend and update the terms and conditions of the 2004 and
2006 option programmes due to the new Companies Act.
The General Meeting authorised the Board of Directors to make other
corresponding amendments to the terms and conditions of the
convertible capital loan and option programmes without changing the
number of shares to be subscribed for pursuant to the convertible
capital loans or option rights or any other material terms and
conditions.
The General Meeting authorised the Board of Directors to resolve on
the issuance of the maximum of 18,000,000 new shares in one or
several instalments in a share issue or on the issuance of options or
other special rights to the shares. The authorisation entitles the
Board of Directors to deviate from the shareholders' pre-emptive
subscription right. The authorisation is effective until 30 June
2008.
Option programs
Biotie Therapies Corp. has issued option rights by 31.12.2007
pursuant to two different option programs. At the beginning of the
financial year the number of 2004 option rights was 2,000,000 and
2006 option rights was 3,000,000. During the financial year 2007 a
total of 231,200 new shares in Biotie Therapies Corp. were subscribed
for by exercising the 2006 series A option rights of the company's
option scheme determined on 30 March 2006. The subscription price of
the shares was EUR 0.60 per share. The new shares have been entered
in the Finnish Trade Register on 30 April 2007. Subscription price
has been recorded in the reserve for invested unrestricted equity.
The remaining Biotie 2004 and 2006 option rights entitle the holders
to subscribe for a total of 4,768,800 shares.
Share capital and Shares
Biotie's shares are quoted on the OMX Nordic Exchange Helsinki (Small
cap, Health care).
Biotie Therapies has 90,211,860 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 0.76 The
highest price for Biotie's share during the year was EUR 1.22 and the
lowest was EUR 0.75. The average share price was EUR 0.98. Biotie's
market capitalization at beginning of the financial year was EUR
105.65 million and at the end of the financial year EUR 68.56
million.
The average monthly trading during 1.1.-31.12.2007 was 2,924,478
shares. The value of shares traded during 2007 was EUR 34.15 million.
At the end of the financial year the company had 6,340 shareholders
compared to 6,181 at the end of 2006.
The ten biggest shareholders of Biotie on 31 December, 2007
Number of
shares %
Pequot group: 21 925 024 24.51
- Pequot Healthcare Fund, L.P.
(7 765 345)
- Pequot Healthcare Offshore Fund, Inc.
(5 937 983)
- Premium Series PCC Limited (998 490)
- Pequot Diversified Master Fund Ltd.
(1 201 800)
- Pequot Healthcare Institutional Fund, L.P
(1 521 406)
- Pequot Healthcare Emerging Markets Fund,
Ltd. (4 500 000)
Finnish Innovation Fund (Sitra) 14 585 350 16.30
Finnish Industry Investment Ltd 6 778 592 7.58
Juha Jouhki and his controlled companies 6 537 672 7.31
- Dreadnought Finance Oy (2 098 416)
- Jouhki Juha (1 501 356)
- Thominvest Oy (2 937 900)
Funds administered by BioFund Management Oy: 2 519 775 2.82
- BioFund Ventures III Ky (2 485 715)
- BioFund Ventures I Ky (34 060)
Harri Markkula and his controlled company: 1 283 045 1.43
- Tilator Oy (654 00)
- Markkula Harri (629 045)
Oy H. Kuningas & Co AB 1 058 371 1.18
Oksanen Markku 575 000 0.64
Siven Pertti 355 000 0.40
Funds administered by Aboa Venture Management
Oy: 344 618 0.39
- Aboa Venture Ky II (336 747)
- Karhu Pääomarahasto Ky (7 871)
55 962 447 62.56
Nominee registered shares total 7 519 274 8.40
Other shareholders 25 981 139 29.04
Outstanding shares 89 462 860 100.00
The number of the company's own shares held by
Biotie Therapies 749 000*)
Total 90 211 860
*) The company has in its possession 819.000 of its own shares.
Relating to the company's option programs, the company has signed a
stock lending agreement with EVLI Bank in January, 2007. Pursuant to
this program, the number of the company's own shares in its
possession may be temporarily less than 819,000.
Risks and Risk Management
Biotie's strategic risks are related to the technical success of the
drug development programs, regulatory issues, the strategic decisions
of its commercial partners, ability to obtain and maintain
intellectual property rights for its products, validity of its
patents, launch of competitive products and the development of the
sales of its products. For example, even though the commercialisation
and collaboration agreements on the company's product development
projects have been concluded, there can be no assurance that the
contracting partner will act in accordance with the agreement, the
authorities will approve the product under development or the
approved product will be commercialised. The development and success
of the company's products depends on third parties.
The operational risks include dependency of key personnel, assets and
dependency on partners' decisions.
Events after the Financial Period
In January, 2008 Lundbeck acquired the United Kingdom and Ireland
rights for nalmefene from Britannia Pharmaceuticals (now part ofSTADA Group, headquartered in Germany). Following the new agreement
Lundbeck has worldwide rights for nalmefene, excluding North America,
Mexico, Turkey, and South-Korea.
Biotie-Lundbeck license agreement terms were amended due to Lundbeck
acquiring the United Kingdom and Ireland rights. Under the terms of
the amended agreement, Biotie is now eligible for up to EUR 82
million in upfront and milestone payments (previously up to EUR 80
million) plus royalty on sales. Of the EUR 82 million, Biotie has
already received an execution fee of EUR 12 million from Lundbeck.
In January, 2008 Finnish Funding Agency for Technology and Innovation
(Tekes) granted EUR 1.7 million additional funding for Biotie
Therapies' integrin alpha2beta1 inhibitor program for thrombosis. The
R&D funding granted covers drug development costs of the project from
July 2007 to December 2009.
The funding granted is in the form of loan and it covers 50 per cent
of the costs of the project. The loan will be paid to Biotie against
reported realised costs. In order to receive the full amount of
granted financing, Biotie must show a total expenditure of EUR 3.4
million in the project.
Future outlook
- Results from the first phase I clinical trial with Biotie's VAP-1
fully human monoclonal antibody are expected during the second
quarter of 2008.
- Lundbeck is expected to start additional phase III studies with
nalmefene in its alcohol indication in 2008.
- Due to Biotie having two programs in the clinical development phase
the operating costs are expected to increase to a somewhat higher
level for 2008 than in 2007.
- Revenue in 2008 is estimated to be approximately EUR 5 to 6 million
and consists of periodization of already received payments based on
established revenue recognition principles. The company is not
expecting new milestone payments based on existing agreements in
2008.
The Board of Directors proposal for handling of the loss
The Board of Directors proposes that no dividend from the financial
year 2007 will be paid, and that the loss of the parent company for
the financial year EUR -1.6 (FAS) million will be transferred to
shareholders' equity.
Annual General Meeting
Biotie Therapies's Annual General Meeting will be held at Mauno
Koivisto Center in Turku on Friday, March 28, 2008
Annual Report 2007 will be published by March 14, 2008.
In Turku, January 25, 2008
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:
OMX Nordic Exchange Helsinki
Main Media
APPENDICES TO THE FINANCIAL STATEMENTS
Income statement
Balance sheet
Statement of changes in shareholders' equity
Cash flow statement
Key figures
FINANCIAL STATEMENT
1.10.- 1.10.- 1.1.- 1.1.-
EUR 1,000 31.12.2007 31.12.2006 31.12.2007 31.12.2006
3 months 3 months 12 months 12 months
Revenue 1,165 370 7,895 1,118
Research and -3,241 -3,831 -9,053 -7,970
Development expenses
General and -379 -107 -1,655 -2,207
administrative
expenses
Other operating income 174 158 1,044 698
Operating profit/loss -2,281 -3,410 -1,769 -8,361
Financial income 132 115 860 215
Financial expenses -220 -210 -817 -812
Profit/loss before taxes -2,369 -3,505 -1,726 -8,958
Taxes 0 -7 0 -7
Net income/loss -2,369 -3,511 -1,726 -8,964
Distribution
To parent company -2,369 -3,511 -1,726 -8,964
Shareholders
Earnings per share (EPS) -0.03 -0.06 -0.02 -0.16
basic &
diluted, EUR
BALANCE SHEET
EUR 1,000 31.12.2007 31.12.2006
Assets
Non-current assets
Intangible assets 747 801
Property, plant and equipment 332 109
Financial assets at fair value through 14,938 20,000
profit or loss
16,017 20,910
Current assets
Current receivables 753 560
Financial assets at fair value through 13,000 7,878
profit or loss
Cash and cash equivalents 305 3,886
14,058 12,323
Total 30,075 33,233
Equity and liabilities
Shareholders' equity
Share capital 19,850 19,850
Reserve for invested unrestricted equity 980 0
Retained earnigs -30,220 -21,692
Net income/loss -1,726 -8,964
Shareholders' equity total -11,117 -10,807
Long-term liabilities
Provisions 14 27
Interest-bearing liabilities 23,603 23,508
Other long-term liabilities 10,098 6,528
33,715 30,063
Current liabilities
Provisions 20 16
Interest-bearing liabilities 104 27
Accounts payable and other debts 7,353 13,934
7,477 13,977
Liabilities total 41,192 44,040
Total 30,075 33,233
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Parent company shareholders' equity
EUR 1,000 Shares Share Reserve for Share Own Retained Share-
(1000 Capital invested Premium Shares Earnings holders'
pcs) unrestricted fund equity
equity total
Balance at 52,675 1,054 0 5,881 -15 -26,502 -19,583
1.1.2006
Net -8,964 -8,964
income/loss
for the
period
Options 102 102
granted
Transfer -5,881 5,881 0
from share
premium fund
Share issue 36,855 18,796 -1,157 17,639
36,855 18,796 0 -5,881 0 -4,139 8,776
BALANCE AT 89,531 19,850 0 0 -15 -30,641 -10,807
31.12.2006
Net -1,726 -1,726
income/loss
for the
period
Options 437 437
granted
Share 450 841 841
subscription
with
Convertible
capital
loans
Share 231 139 139
subscription
with
option
rights
681 0 980 0 0 -1,289 -310
BALANCE AT 90,212 19,850 980 0 -15 -31,930 -11,117
31.12.2007
CASH FLOW STATEMENT
1.1.- 1.1.-
31.12.2007 31.12.2006
EUR 1,000 12 months 12 months
Cash flow from operating
Activities
Net income/loss -1,726 -8,964
Adjustments:
Non-cash transactions 443 1,249
Addition/disposal due to -644 -84
revaluation
of financial assets at fair
value through profit or loss
Interest expenses and other 817 812
financial expenses
Interest income -216 -215
Taxes 0 7
Change in working capital:
Change in trade and other -190 -19
receivables
Change in trade creditors and -3,799 12,535
other liabilities
Change in mandatory provisions 10 -12
Interests paid -40 -25
Interests received 57 131
Taxes paid 0 -7
Net cash from operating activities -5,288 5,408
Cash flow from investing
activities
Change in financial assets at
fair value through profit or loss
Additions -4,500 -25,000
Disposals 5,280 4,000
Investments to tangible assets -23 -819
Sale of associated companies 0 45
Net cash used in investing 757 -21,773
activities
Cash flow from financing
activities
Payments from share issue 139 17,639
Proceeds from borrowings 874 2,232
Repayment of loans -40 0
Repayment of lease -23 -15
Commitments
Net cash from financing 950 19,856
activities
Net increase (+) or decrease (-) -3,581 3,490
in cash and cash equivalents
Cash and cash equivalents in the 3,886 395
beginning of the period
Cash and cash equivalents in the 305 3,886
end of the period
KEY FIGURES
1.1.- 1.1.-
31.12.2007 31.12.2006
EUR 1,000 12 months 12 months
Business development
Revenues 7,895 1,118
Personnel on average 36 37
Personnel at the end of period 37 35
Research and development costs 9,053 7,970
Capital expenditure 287 819
Profitability
Operating profit/loss -1,769 -8,361
as percentage of revenues, % -22.4 -747.6
Profit/loss before taxes -1,726 -8,958
as percentage of revenues, % -21.9 -800.9
Balance sheet
Cash and cash equivalents 28,243 31,763
Shareholders equity -11,117 -10,807
Balance sheet total 30,075 33,233
Financial ratios
Return on equity, %
Return on capital employed, % -7.2 -113.5
Equity ratio, % -37.0 -46.5
Gearing, % 40.8 76.1
Per share data
Earnings per share (EPS) basic & -0.02 -0.16
diluted, EUR
Shareholders'equity per share, EUR -0.12 -0.12
Dividend per share, EUR
Pay-out ratio, %
Effective dividend yield, %
P/E-ratio
Share price
Lowest share price, EUR 0.75 0.49
Highest share price, EUR 1.22 2.39
Average share price, EUR 0.98 1.10
31.12. share price, EUR 0.76 1.18
Market capitalization 68.6 105.6
at the end of period MEUR
Trading of shares
Number of shares traded 35,093,743 32,470,230
As percentage of all 38.9 36.3
Adjusted weighted average 90,003,192 54,995,830
number of shares during the period
Adjusted number of shares 90,211,860 89,530,660
at the end of the period
Related party transactions
There have not been material changes within the related party
transactions in 2007.
Contingent liabilities
EUR 1,000 31.12.2007 31.12.2006
Lease commitments 159 73
Formulas for the Calculation of the Financial Ratios
In the following formulas capital loans are included in interest
bearing liabilities and not in shareholders' equity.
Return on equity, %
Profit (loss) before extraordinary items - taxes
--------------------------------------------------------------- x 100
Shareholders' equity
Return on capital employed, %
Profit (loss) before taxes + interest expenses and other financial
expenses
--------------------------------------------------------------- x 100
Balance sheet total - non-interest bearing liabilities
Equity ratio, %
Shareholders' equity
--------------------------------------------------------------- x 100
Balance sheet total - advanced received
Gearing, %
Interest bearing liabilities - cash and cash equivalents
-------------------------------------------------------------- x 100
Shareholders' equity
Earnings per share (EPS)
Profit before extraordinary items, appropriations and taxes -
minority interest - taxes
------------------------------------------------------------------
Adjusted average number of outstanding shares during the period
Shareholders' equity per share
Shareholders' equity
------------------------------------------------------------------
Adjusted average number of shares at the end of the period
Biotie Therapies Corp. Financial Statements Release January 1 - December 31, 2007
| Source: Biotie Therapies
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