Biotie interim report 1 January - 30 June 2014

BIOTIE THERAPIES CORP.                       Interim Report                                            30 July, 2014 at 9.00 a.m.

Biotie interim report 1 January - 30 June 2014

This is a summary of the interim report 1 January - 30 June 2014 published today. The complete report is attached to this release. 

Company Highlights
April - June 2014

• Following the return of global rights to tozadenant, Biotie's adenosine A2a antagonist for Parkinson's disease, activities were ongoing to transfer the program back in-house and to prepare for clinical Phase 3 studies. Patient recruitment is expected to commence in H1 2015 as originally planned.
• Preparatory work was ongoing to advance SYN120, Biotie's 5-HT6/5-HT2a dual antagonist, and BTT1023, Biotie's monoclonal anti-vascular adhesion protein -1 antibody, into Phase 2 studies, with the BTT1023 program expected to commence patient recruitment by the end of 2014 and the SYN120 program around the end of 2014.
• Patient enrollment into the 179-patient Phase 2 study investigating nepicastat for cocaine dependence completed ahead of schedule. Top-line results from the study are expected around the end of 2014.
• Biotie's revenue in Q2 2014 was EUR 0.8 million (EUR 2.1 million) and the financial result was a net loss of EUR 3.7 million (net loss of EUR 4.0 million).
• Biotie ended the second quarter on 30 June 2014 with liquid assets of EUR 34.0 million (EUR 38.2 million, 31 March 2014). Operating cash flow was a net outflow of EUR 4.3 million (net inflow of EUR 0.5 million).

Key Financials
Figures in brackets, unless otherwise stated, refer to the same period in the previous year (EUR million)

for the period April - June 2014

• Revenues EUR 0.8 million (2.1)
• Research and development costs EUR 2.8 million (3.3)
• Net profit (loss) EUR -3.7 million (-4.0)
• Cash flow from operating activities EUR -4,3 million (0,5)
• Earnings per share EUR -0.01 (-0.01)

for the period January - June 2014

• Revenues EUR 5.9 million (17.4)
• Research and development costs EUR 7.5 million (6.3)
• Net profit (loss) EUR -5.3 million (6.0)
• Cash flow from operating activities EUR -9.6 million (10.7)
• Earnings per share EUR -0.01 (0.01)
• Liquid assets at the end of period EUR 34.0 million (44.7) 

The interim report is unaudited. Liquid assets are comprised of cash, cash equivalents and investments held to maturity.