Biotie interim report 1 January - 30 June 2014 - Seite 3

Phase 3 development work has continued as planned for tozadenant and Biotie is working with UCB to execute the full transfer of the program back to Biotie, so that the Phase 3 clinical studies can commence recruitment in H1 2015, as originally planned.

SYN120: As announced in early July, the company has received a USD 2.0 million (EUR 1.5 million) grant from The Michael J. Fox Foundation (MJFF) for a Phase 2 study in Parkinson's disease dementia, which is expected to begin recruitment around the end of 2014.

As a result of this grant and the decision on tozadenant, the previously planned Phase 2 study in Alzheimer's disease will not begin recruitment by the end of 2014 and will be assessed based on the development status of the other products within the portfolio.

Nepicastat (SYN117): The Phase 2 trial in cocaine dependence, funded by NIDA, completed patient enrolment in June, ahead of schedule. The top-line results from the study are expected around the end of 2014.

BTT1023: Preparations for a clinical Phase 2 study in primary sclerosing cholangitis are ongoing. In July, the company announced that the discussions for non-dilutive co-funding for the study had concluded and that the study would receive a grant of approximately EUR 1 million. The study is expected to start recruitment by the end of 2014.

Strategic: The Company is currently in a solid financial position and all preparations are ongoing for the Phase 3 program with tozadenant to start patient recruitment H1 2015, a Phase 2 study with SYN120 to start patient recruitment around the end of 2014 and a Phase 2 study with BTT1023 to start patient recruitment by the end of 2014. The Company has concluded that it can best maximize the value of tozadenant by continuing its development within the current portfolio and is considering various options to finance this development.

Financial: For the remainder of 2014, the Company expects further revenue from Selincro, both milestones and royalties. Further research and development expenses will be incurred in respect of tozadenant, SYN120 and BTT1023.

Conference call

An analyst and media conference call will take place on 30 July 2014 at 2 p.m. Central European Time. The conference call will be held in English.

Lines are to be reserved ten minutes before the start of conference call. The event can also be viewed as a live webcast at www.biotie.com. An on demand version of the conference will be published on Biotie's website later during the day