BIOTIE THERAPIES CORP. INTERIM REPORT May 15, 2009 at
8.30 a.m.
Biotie Therapies Corp. interim report January 1 - March 31, 2009
Highlights during the first quarter of 2009
- In February and March 2009, Biotie started 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.
- In March 2009, Lundbeck acquired the North-American and Mexican
rights for Nalmefene from Somaxon Pharmaceuticals. After the
reporting period in April Lundbeck also acquired the Turkish rights
from Eczacibasi and has now worldwide rights for Nalmefene, excluding
South-Korea.
- Revenue for January - March amounted to EUR 1.4 million (EUR 1.3
million in 2008). Cash flow in January - March from operating
activities was EUR -3.3 million (EUR -3.3 million in 2008).
- The net loss for January - March 2009 stood at EUR 2.9 million (net
loss for comparable period in 2008 was EUR 2.0 million) and earnings
per share for the period was EUR -0.02 (EUR -0.02 in 2008).
- As of March 31, 2009, the company's liquid assets amounted to EUR
22.2 million (EUR 24.6 million as of March 31, 2008).
Timo Veromaa, Biotie's President and CEO:"After the successful integration of our recently acquired German
subsidiary, we are now focusing on leveraging our enhanced project
pipeline and are determined to deliver increased shareholder value
from these projects during the next 12-18 months"
About Biotie Therapies
Biotie is a drug discovery and development company focused on central
nervous system and inflammatory diseases. It has a broad range of
innovative small molecule and biological drug candidates at different
stages of clinical and pre-clinical development.
Annual General Meeting
Biotie's Annual General Meeting will be held at the auditorium of
Restaurant Alabama in Turku on Friday, May 29, 2009 at 10.00 a.m.
Current Status of Drug Development Projects in Clinical or
Pre-clinical Stages:
Nalmefene, a new treatment paradigm for alcohol dependence. Nalmefene
builds on a novel principle of treating alcohol dependence. Unlike
existing therapies, the treatment with Nalmefene is not aimed at
keeping the patients from drinking. Nalmefene instead removes the
desire to drink more, thereby controlling and limiting the intake of
alcohol. In addition, Nalmefene distinguishes itself by being
available as a tablet formulation to be taken only according to need,
whereas existing pharmaceuticals must be taken continuously over a
longer period of time.
At the end of 2008, Biotie's license partner Lundbeck launched three
phase III trials, which will be enrolling about 1,800 patients. The
first two trials, in which patients are treated over a period of six
months, primarily aim to demonstrate the efficacy of Nalmefene,
whilst the objective of the last study, in which patients are treated
for 12 months, is particularly to confirm that the compound is
well-tolerated. The first data from the trials are expected to become
available during the first half of 2011. Biotie is participating in
financing some of the clinical development costs.
In March 2009, Lundbeck acquired the North-American and Mexican
rights to Nalmefene from Somaxon Pharmaceuticals. After the reporting
period in April Lundbeck also acquired the Turkish rights from
Eczacibasi Ilac Pazarlama A.S. and has now worldwide rights for
Nalmefene, excluding South-Korea. The Biotie-Lundbeck license
agreement terms have been amended due to the transfer of rights.
Under the terms of the amended agreement, Biotie is now eligible for
up to EUR 84 million in upfront and milestone payments plus royalties
on sales.
ELB353, an oral PDE4 inhibitor for COPD in clinical development.
ELB353 is a once-daily, oral phosphodiesterase 4 (PDE4) inhibitor
with therapeutic potential in chronic inflammatory disorders,
particularly in chronic obstructive pulmonary disease (COPD), a
serious disorder with major unmet medical need.
In a previous Phase I study, ELB353 was found to be safe and well
tolerated after single and multiple dosing and no severe, significant
or serious adverse events occurred. Blood plasma profiles of ELB353
showed pronounced and long lasting exposure both after single and
multiple doses. The long terminal half life after multiple dosing
indicates an excellent suitability for once daily dosing.
In preclinical testing, ELB353 is a potent disease modifier in animal
models of COPD, asthma, psoriasis, atopic dermatitis, rhinitis and
rheumatoid arthritis. Compared to certain other PDE4 inhibitors in
late clinical development, ELB353 treatment was well tolerated with
respect to central nervous system and gastrointestinal side effects,
which have posed a significant development hurdle for PDE4 inhibitors
until now.
Biotie intends to initiate additional clinical studies in 2009 with
the aim to obtain proof of pharmacodynamic activity in
humans, corroborate the safety profile and establish dose ranges for
further therapeutic studies.
VAP-1, a key inflammation receptor. Vascular Adhesion Protein-1
(VAP-1) is Biotie's proprietary target and is protected by patents
held by the company. VAP-1 has been shown to play a key role in
mediating the inflammatory events associated with chronic diseases
such as rheumatoid arthritis, psoriasis and diabetes. Blocking VAP-1
function is expected to alleviate inflammatory conditions associated
with these and, potentially, other chronic inflammatory diseases for
which there is a clear unmet medical need.
VAP-1 function can be blocked by either antibody (biologic) drugs or
small molecule drugs which target the enzyme (SSAO) domain of the
receptor. Both approaches are being pursued by Biotie for different
therapeutic indications.
VAP-1 antibody, a high value biologic for inflammatory diseases in
clinical development. Biotie is developing a fully human monoclonal
antibody which blocks VAP-1 function. Biotie completed the
first-in-man, single dose, placebo-controlled clinical study with the
VAP-1 antibody in 2008 and is now conducting two multiple dose
clinical studies in rheumatoid arthritis and psoriasis patients,
which were respectively initiated in February and March 2009. These
studies aim to establish appropriate dosing regimens for subsequent
therapeutic studies and provide initial information on the antibody's
therapeutic potential.
In 2006, Biotie and Roche have signed an option agreement for
Biotie's fully human antibody program targeting VAP-1 in inflammatory
disease. Roche has paid Biotie EUR 5 million, which grants Roche an
exclusive option right to an exclusive, worldwide license agreement
for Biotie's VAP-1 antibody, excluding Japan, Taiwan, Singapore, New
Zealand, and Australia. The initial option right will end upon
completion of phase I.
Seikagaku Corporation has licensed the rights for the product for
Japan, Taiwan, Singapore, New Zealand, and Australia against up to
USD 16.7 million in milestone payments plus royalties of sales in the
territory. Biotie has already received USD 2.7 million from
Seikagaku.
VAP-1 SSAO inhibitors. Biotie and Roche also collaborate on the
development of small molecule VAP-1 SSAO inhibitors. Under the terms
of the collaboration, both parties carry their own costs, but Biotie
retains ownership of the developed compounds until Roche chooses to
exercise its option for in-licensing. Under the terms of the
collaboration and option agreement, Roche may pay Biotie up to EUR 5
million to maintain its exclusive option for rest-of-world rights
excluding Seikagaku's territory (Japan, Taiwan, Singapore, New
Zealand and Australia).
Seikagaku has an option to license a VAP-1 enzyme inhibitor in its
territory. If Seikagaku exercises its option, Biotie will receive up
to USD 16.7 million in milestone payments plus royalties of sales in
the territory based on the pre-negotiated licensing agreement.
Seikagaku will also be responsible for clinical development costs to
bring the product to market in the territory.
Phosphodiesterase 10 (PDE10) inhibitors, a novel treatment paradigm
for Schizophrenia. PDE10 is a novel molecular drug target in
schizophrenia and Biotie has shown antipsychotic activity of PDE10
inhibitors in animal models. Biotie's PDE10 inhibitors are believed
to serve the unmet medical need for novel anti-psychotic drugs with
an improved side effect profile and improved efficacy in
schizophrenia.
The PDE10 discovery and development program was partnered with Wyeth
Pharmaceuticals in December 2006. On the basis of a research
collaboration and license agreement between Biotie and Wyeth
Pharmaceuticals, scientists of both companies work closely together
to profile and develop novel drug candidates.
In total, Biotie is eligible to - depending on the progress of the
development candidates - up to USD 110 million in signing fee,
milestone payments and research funding. Biotie will in addition be
eligible for royalties on sales.
Novel phosphodiesterase (PDE) inhibitors for the treatment of central
nervous system diseases. Biotie has discovered new small molecule PDE
inhibitors that show pronounced activity in animal models of memory
enhancement, anxiety and depression. Biotie is profiling these
compounds with respect to their therapeutic potential and as
candidate drugs.
alfa2beta1 integrin inhibitors have potential in thrombosis, cancer
and inflammation. Biotie is profiling its alfa2beta1 integrin
inhibitors with respect to their therapeutic potential and as
candidate drugs.
Revenues
Financial statements for the period from January 1st, 2009 to March
31,
2009 are not directly comparable to the same period in 2008 due to
the inclusion of the operating result of the wholly owned subsidiary
Biotie Therapies GmbH (formerly elbion GmbH).
Revenue for the period of January 1 to March 31, 2009 was EUR 1.4
million (in the same period 2008, EUR 1.3 million). Revenue consisted
of income from the ongoing research collaboration with Wyeth and
periodization of previously received signing fees of the licensing
agreements the company has in place with several licensing partners.
No new milestones or signing fees were received during the reporting
period.
In August 2007, the central development agency for the state of
Saxony (Sächsische Aufbaubank, SAB) awarded a research and technology
grant for drug discovery and early development activities to the
German subsidiary Biotie Therapies GmbH in the amount of EUR 3.8
million. The money has been awarded as a non refundable grant to be
drawn down during the period between August 2007 and July 2010
against reported realized costs. As of March 31, 2009, EUR 2.3
million of this grant were still available to the company. The grant
covers 65% of personnel and project related cost, so Biotie Therapies
GmbH must show a total expenditure of EUR 3.5 million until July 2010
in relation to the research projects in order to benefit from the
full amount still available. Payments to Biotie Therapies GmbH in
relation to this grant are reported as other operating income.
Financial results
The net loss for the reporting period was EUR 2.9 million. The
corresponding loss for the previous year was EUR 2.0 million.
Research and development costs for the period amounted to EUR 3.9
million (in 2008 EUR 2.4 million). Patent costs have been booked as
expenses and were not capitalized.
Financing
Cash and cash equivalents totaled EUR 22.2 million on March 31, 2009
(EUR 24.6 million on March 31, 2008).
The company has predominantly invested its liquid assets into bank
deposits. Funds are reported in "investments held to maturity".
Deposits with maturity less than 3 months are reported in the "cash
and cash equivalents".
In September 2008, The Finnish Funding Agency for Technology and
Innovation (Tekes) granted EUR 0.6 million additional funding for
Biotie Therapies' VAP-1 antibody program. The R&D funding granted
covers drug development costs of the project from August 2008 to
December 2009.
The funding granted is in the form of a loan and it covers about 70
per cent of the costs of the project. The loan will be paid to Biotie
against reported realized costs. In order to receive the full amount
of granted financing, Biotie must show a total expenditure of EUR 0.8
million in the project.
In January 2008, The 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 realized 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.
Shareholder's equity
The shareholders' equity of the group amounts to EUR -2.8 million.
Biotie's equity ratio was -6.9 % on March 31, 2009 (-48.8 % in 2008).
According to Finnish Accounting Standards (FAS), shareholders' equity
is less than half of the parent company's share capital. The
company's share capital is EUR 44.3 million, shareholders' equity is
EUR 12.1 million and capital loans stand at EUR 21.3 million. Thus,
shareholders' equity plus capital loans add up to EUR 33.4 million.
The Company does not have funds that could be used for profit
distribution.
Investments and cash flow
The cash flow from operations was EUR -3.3 million for January-March
2009 (comparable period in 2008 EUR -3.3 million). The company's
investments during the reporting period amounted to EUR 3.0 thousand
(EUR 17.0 thousand in 2008).
Personnel
During the reporting period, the company's personnel was on average
80 (35 during Q1/2008) and at the end of the reporting period 80 (35
on March 31, 2008). The increase is due to the inclusion of the
German subsidiary, which was acquired in November 2008.
Group structure
The parent company of the group is Biotie Therapies Corp. The
domicile of the Company is Turku, Finland. The group has an operative
subsidiary, Biotie Therapies GmbH, located in Radebeul, Germany.
Furthermore, Biotie Therapies GmbH has a wholly owned subsidiary,
4AZA IP NV, based in Leuven, Belgium. This company is a special
purpose company with the sole activity of holding certain
intellectual property rights. 4AZA IP NV was acquired in March 31,
2009 for a price of EUR 1,-, exercising an option granted in November
2008 as part of the business combination between Biotie Therapies
Corp and elbion GmbH.
The parent company also has a non-operational subsidiary named Biotie
Therapies International Ltd in Finland and an associated company with
no activities, Contral USA which is domiciled in Delaware, USA.
The acquisition of 4AZA IP NV does not have an impact on the
operating result of the group, since all rights to the intellectual
property rights owned by 4AZA IP NV were previously exclusively
licensed to Biotie and all costs related to the maintenance of these
patents were carried by the company.
Through the acquisition, Biotie now owns and fully controls the
rights to the intellectual property.
Share capital and Shares
Biotie's shares are quoted on the NASDAQ OMX Helsinki Ltd (Small cap,
Healthcare). Biotie Therapies has 144,320,560 shares outstanding and
the share capital amounts to EUR 44,290,678.10 (under Finnish
Accounting Standards, FAS). 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 each.
The company has in its possession 819.000 of its own shares. The
company has a stock lending agreement with EVLI Bank in place in
relation to the company's option programs. Pursuant to this
agreement, the number of the company's own shares in its possession
may be temporarily less than 819,000.
At the end of March 2009, the share price was EUR 0.37, the highest
price during January - March was EUR 0.48, the lowest was EUR 0.23,
and the average price was EUR 0.28. Biotie's market capitalization at
the end of March was EUR 53.4 million.
The trading volume during the reporting period was 14,080,963,
corresponding to a turnover of approximately EUR 3.91 million.
Changes in ownership
During the reporting period, the company became aware of a notice of
change in ownership exceeding the disclosure threshold. Information
on notices of change in ownership are available on the company's
website at www.biotie.com/investors.
Short-term risks and uncertainties
Biotie's strategic risks are predominantly 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 and availability of funds to support its
operations. For example, even though the commercialization 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 commercialized. The development and success
of the company's products depends to a large extent on third parties.
Any adverse circumstance in relation to any of its R&D programs might
jeopardize the value of the asset and thus, represent a severe risk
to the company. Such adverse event could happen on a short term
notice and are not possible to foresee.
The key operational risks of Biotie's activities include the
dependency of key personnel, assets (especially assets in relation to
intellectual property rights) and dependency on its license partners'
decisions.
Significant financial resources are required to advance the drug
development programs into commercialized pharmaceutical products. To
fund the operations, the group relies on its ability to secure
financing from four major sources: income from its license partners,
grant income, loans from TEKES and raising equity financing in the
capital markets.
Entering into commercialization, collaboration and licensing
agreements with larger pharmaceutical companies entitles the Company
and its subsidiaries to receive up-front, milestone dependant and
royalty payments from these partners. Although Biotie has currently
several active license agreements in place, any decision by one of
its partners to terminate an agreement would have a negative effect
on the short to medium term access to liquidity of the Company.
In addition, the Company relies on different sources of research and
development grants and loans. These funds, which are provided through
regional, national or EU level institutions with the aim of fostering
economic and technological progress in the region in which the group
operates, have been historically available to Biotie at substantial
levels. Availability of such funds in the mid- to long term future
cannot be guaranteed and thus this poses a potential risk to the
income situation of the group in the future. Income and loans from
such sources have been secured until 2009. So far, the Company has no
indication that this source of financing will be available beyond
2009.
Furthermore, the Company relies on capital market to raise equity and
debt financing from time to time. There can be no assurance that
sufficient financing can be secured in order to permit the Company to
carry out its planned activities. Current capital market conditions
are volatile and it is currently uncertain whether the Company can
secure equity financing once it needs it from capital markets.
To protect the continuity of Biotie's operations, sufficient
liquidity and capital has to be maintained and the Company and its
subsidiaries. The group aims to have cash funds to finance at least
one year's operations at all times. The group can influence the
amount of capital by adapting its cost basis according to the
financing available. Management monitors the capital and liquidity on
the basis of the amount of equity and cash funds. These are reported
to the Board on a monthly basis.
Events after the reporting period
On 26 April 2009 Biotie's board resolved to issue option rights to
certain employees of the company. The resolution of the Board of
Directors is based on the resolution of the company's Extraordinary
General Meeting of 14 November.
After the reporting period, in April 2009, Lundbeck acquired the
Turkish marketing and distribution rights for Nalmefene from
Eczacibasi Ilac Pazarlama A.S. and now has worldwide rights,
excluding South-Korea
Future outlook
- During 2009, Biotie will provide support to its license partner
Lundbeck for the ongoing phase III studies with Nalmefene in alcohol
dependence.
- Biotie will perform two clinical studies with its proprietary VAP-1
antibody in psoriasis and rheumatoid arthritis patients in the course
of 2009. Results of these studies will become available in the first
half of 2010.
- The company intends to initiate a clinical trial for its
proprietary, small molecule PDE-4 inhibitor ELB353 with the aim to
obtain proof of pharmacodynamic activity in humans, corroborate the
safety profile and establish dose ranges for further therapeutic
studies.
- In its collaboration with Wyeth on the discovery and development of
novel PDE10 inhibitors for the treatment of psychiatric disorders,
Biotie and its partner intend to identify development candidates.
- Due to the increasing clinical trial activity it is foreseeable
that the company's R&D expenses will increase in comparison to
previous reporting periods. At the same time, income will also be
higher due to the additional income generated through the company's
newly acquired subsidiary. Overall, negative cash flow from
operational activities is assumed to moderately increase in
comparison to previous reporting periods.
Next financial report
Biotie's interim report for the January - June 2009 period will be
published on August 7, 2009.
IFRS and Accounting principles
The 2009 interim report has been prepared in accordance with IFRS
recognition and measurement principles, and applying the same
accounting policy as for the 2008 financial statements. In addition,
the changes in the presentation of statement of comprehensive income
and the statement of changes in equity according to the revised IAS 1
have been applied in the interim report. The IFRS 8 'operating
segments' standard does not have an impact on the presentation of the
Group's financial statements since the Group is operating as one
segment. The interim report does not comply with all requirements of
IAS 34, Interim Financial Reporting.
This interim report is unaudited.
In Turku, May 15, 2009
Biotie Therapies Corp.
Board of Directors
For further information, please contact:
Virve Nurmi, Investor Relations Manager
tel. +358 2 274 8900, e-mail: virve.nurmi@biotie.com
Distribution:
NASDAQ OMX Helsinki Ltd
Main Media
www.biotie.com
APPENDICES TO THE FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in shareholders' equity
Consolidated statement of cash flows
Contingent liabilities
Key figures
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(IFRS)
1.1.- 1.1.- 1.1.-
31.3.2009 31.3.2008 31.12.2008
EUR 1,000 3 months 3 months 12 months
Revenue 1,383 1,321 5,127
Research and -3,925 -2,403 -8,730
development expenses
General and -962 -475 -2,020
administrative expenses
Other operating income 404 59 502
Operating profit/loss -3,100 -1,498 -5,121
Financial income 259 214 1,432
Financial expenses -277 -736 -1,864
Profit/loss before taxes -3,118 -2,020 -5,553
Taxes 235 0 76
Net income/loss -2,883 -2,020 -5,477
Total comprehensive income of the -2,883 -2,020 -5,477
period
Net income/loss attributable to
Parent company shareholders -2,883 -2,020 -5,477
Total comprehensive income
attributable to:
Parent company shareholders -2,883 -2,020 -5,477
Earnings per share (EPS) -0.02 -0.02 -0.06
basic & diluted, EUR
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(IFRS)
EUR 1,000 31.3.2009 31.3.2008 31.12.2008
Assets
Non-current assets
Intangible assets 12,704 733 10,352
Goodwill 379 0 379
Property, plant and equipment 2,652 313 2,792
Financial assets at fair value 0 11,240 0
through
profit or loss
15,735 12,286 13,523
Current assets
Prepaid expenses 0 0 2,400
Available for sale investment 131 0 131
Investments held to maturity 14,900 0 18,500
Accounts receivables and other 2,198 1,128 1,512
receivables
Financial assets at fair value through 0 13,000 0
profit or loss
Cash and cash equivalents 7,327 377 6,738
24,556 14,505 29,281
Total 40,291 26,791 42,804
Equity and liabilities
Shareholders' equity
Share capital 36,361 19,850 36,361
Reserve for invested unrestricted 980 980 980
equity
Retained earnings -37,231 -31,884 -31,754
Net income/loss -2,883 -2,020 -5,477
Shareholders' equity total -2,773 -13,075 110
Non-current liabilities
Provisions 119 8 121
Non-current financial liabilities 25,262 23,614 24,930
Pension benefit obligation 579 0 574
Other non-current liabilities 6,130 5,152 5,881
Non-current deferred revenues 2,248 4,644 2,966
Deferred tax liabilities 1,624 0 1,859
35,963 33,418 36,331
Current liabilities
Provisions 624 20 641
Pension benefit obligation 14 0 10
Current financial liabilities 145 124 144
Current deferred revenues 3,309 1,359 3,501
Accounts payable and other current 3,008 4,945 2,067
liabilities
7,100 6,448 6,363
Liabilities total 43,063 39,866 42,694
Total 40,291 26,791 42,804
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Attributable to equity holders of the parent company
EUR 1,000 Shares Share Reserve Own Retained Share-
(1000 Capital For Shares Earnings holders'
pcs) invested equity
Un- total
restricted
equity
Balance at 90,212 19,850 980 -15 -31,930 -11,117
1.1.2008
Total -2,020 -2,020
comprehensive
income for the
period
Options granted 62 62
0 0 0 0 -1,958 -1,958
BALANCE AT 90,212 19,850 980 -15 -33,888 -13,075
31.3.2008
Total -3,457 -3,457
comprehensive
income for the
period
Options granted 131 131
Share issue 54,109 16,873 16,873
Cost of share -362 -362
issue
54,109 16,511 0 0 -3,326 13,185
BALANCE AT 144,321 36,361 980 -15 -37,215 110
31.12.2008
Total -2,883 -2,883
comprehensive
income for the
period
0 0 0 0 -2,883 -2,883
BALANCE AT 144,321 36,361 980 -15 -40,098 -2,773
31.3.2009
CONSOLIDATED STATEMENT OF CASH FLOWS
1.1.- 1.1.- 1.1.-
31.3.2009 31.3.2008 31.12.2008
EUR 1,000 3 months 3 months 12 months
Cash flow from operating Activities
Net income/loss -2,883 -2,020 -5,477
Adjustments:
Non-cash transactions -721 145 -4,303
Addition/disposal due to 0 497 0
revaluation
of financial assets at fair
value through profit or loss
Interest and other 277 238 1,863
financial expenses
Interest income -259 -214 -1,431
Taxes -235 0 -76
Change in working capital:
Change in accounts receivables and -464 -370 446
other receivables
Change in accounts payable and 940 -1,574 -277
other liabilities
Change in mandatory provisions -19 -5 -152
Interests paid -59 -2 -29
Interests received 96 16 66
Taxes paid -14 0 0
Net cash from operating activities -3,341 -3,288 -9,370
Cash flow from investing activities
Acquisition of subsidiary, net of cash 1,881
acquired
Change in financial assets at
fair value through profit or loss
Additions 0 0 0
Disposals 0 3,401 27,685
Change in investments held to maturity
Additions -900 0 -46,300
Disposals 4,500 0 28,321
Investments to tangible assets -3 -17 -34
Net cash used in investing activities 3,597 3,384 11,553
Cash flow from financing activities
Payments from share issue 0 0 3,300
Share issue costs 0 0 -362
Proceeds from borrowings 360 0 1,374
Repayment of loans 0 0 -40
Repayment of lease -26 -24 -21
Commitments
Net cash from financing activities 333 -24 4,250
Net increase (+) or decrease (-) 589 72 6,433
in cash and cash equivalents
Cash and cash equivalents in the 6,738 305 305
beginning of the period
Cash and cash equivalents in the 7,327 377 6,738
end of the period
Contingent liabilities
EUR 1,000 31.3.2009 31.3.2008 2008
Operating lease 166 142
commitments 123
Due within a year 80 56 64
Due later 85 86 59
Rent commitments 493 615 532
Due within a year 233 222 233
Due later 260 393 299
Total 659 757 655
The Group leases motor vehicles, machines and equipment with leases
of 3 to 5 years.
Rent commitments include Pharmacity premises until 30 November 2011.
These premises have been subleased until 31 August 2009.
Commitments
On March 31, 2009 Biotie had outstanding purchase obligations,
primarily for contract research work services, totaling EUR 5.4
million.
KEY
FIGURES
1.1.- 1.1.- 1.1.-
31.3.2009 31.3.2008 31.12.2008
EUR 1,000 3 months 3 months 12 months
Business
development
Revenues 1,383 1,321 5,127
Personnel on average 80 35 42
Personnel at the end of period 80 35 80
Research and development costs 3,925 2,403 8,730
Capital expenditure 3 17 116
Profitability
Operating profit/loss -3,100 -1,498 -5,121
as percentage of revenues, % -224.2 -113.4 -99.9
Profit/loss before taxes -3,118 -2,020 -5,553
as percentage of revenues, % -225.5 -152.9 -108.3
Balance sheet
Cash and cash equivalents 22,227 24,617 25,238
Shareholders equity -2,773 -13,075 110
Balance sheet total 40,291 26,791 42,804
Financial ratios
Return on equity, % - - -
Return on capital employed, % -12.9 -44.2 -18.3
Equity ratio, % -6.9 -48.8 0.3
Gearing, % -114.7 6.7 -148.5
Per share data
Earnings per share (EPS) basic & -0.02 -0.02 -0.06
diluted, EUR
Shareholders'equity per share, EUR -0.02 -0.15 0.0008
Dividend per share, EUR
Pay-out ratio, %
Effective dividend yield, %
P/E-ratio
Share price
Lowest share price, EUR 0.23 0.74 0.24
Highest share price, EUR 0.48 0.94 0.94
Average share price, EUR 0.28 0.81 0.51
End of period share price, EUR 0.37 0.82 0.26
Market capitalization 53.4 74.0 37.5
at the end of period MEUR
Trading of shares
Number of shares traded 14,080,963 1,939,651 15,350,613
As percentage of all 9.8 2.2 10.6
Adjusted weighted average 144,320,560 90,211,860 96,734,553
number of shares during the period
Adjusted number of shares 144,320,560 90,211,860 144,320,560
at the end of the period
Formulas for the Calculation of the Financial Ratios
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 attributable to parent company shareholders
------------------------------------------------------------------
Adjusted average number of outstanding shares during the period
Shareholders' equity per share
Shareholders' equity
------------------------------------------------------------------
Adjusted number of shares at the end of the period
