Biotie Interim report 1 January - 31 March 2012

BIOTIE THERAPIES CORP.        Stock Exchange Release         4 May, 2012 at 9.00 a.m. Biotie Interim report 1 January - 31 March 2012 Biotie reports Q1 2012 results; clinical development remains on track, with important inflection points expected in H2 2012 and beyond Company Highlights * Successfully completed a clinical PET imaging study with SYN120 * Partner Lundbeck presented data at the 2012 European Congress of Psychiatry showing that Selincro reduces total alcohol consumption by two-thirds on average after six months of treatment, further data to be presented at a medical conference in the summer * Panu Miettinen appointed Chief Financial Officer (CFO) and a member of the Group's management team, effective March 15, 2012 Key Financials for the period ending March 31, 2012 Figures in brackets, unless otherwise stated, refer to the same period in the previous year (EUR million) * Revenues EUR 0.0 million (0.5) * Research and development costs EUR 5.8 million (4.9) * Financial Result (Net loss) EUR -7.5  million (-7.7) * Cash flow from operating activities, continuing operations EUR -9.3 million (-4.2) * Liquid assets at the end of period EUR 24.7 million (46.8) * Earnings per share -0.02 (-0.03) The interim report is unaudited. Liquid assets are comprised of cash, cash equivalents and investments held to maturity. Timo Veromaa, Biotie's President and CEO commented, "We are very pleased with the progress of our clinical studies. With our lead asset, Selincro, under review at the European Medicines Agency with our partner Lundbeck, our focus is on driving forward the next wave of products in our pipeline, for which we could see a number of important datapoints in the next 12 - 18 months". Outlook for 2012 and key upcoming milestones in 2012 Selincro (nalmefene): A marketing authorization application (MAA) for Selincro for alcohol dependence, submitted by Biotie's partner Lundbeck, was accepted for review by the European Medicines Agency (EMA) in December 2011. Pending approval, the next milestone payments to Biotie are expected on commercial launch of Selincro and on the product reaching certain predetermined sales. Tozadenant (SYN115): A Phase 2b study in Parkinson's disease, funded by Biotie, is ongoing with top-line data expected H1 2013. SYN120: Roche has an option to license SYN120 for development and commercialization following the completion of the clinical PET imaging study. Nepicastat (SYN117): Phase 2 study ongoing, funded by the US Department of Defense, for the treatment of post-traumatic stress disorder (PTSD); top-line data are expected in H2 2012. Under the agreement with the National Institute on Drug Abuse (NIDA) at the US National Institutes of Health, NIDA and Biotie are jointly investigating the safety and efficacy of nepicastat in the treatment of cocaine dependence.  The trial is expected to start in H2 2012. BTT-1023 (VAP-1 antibody): Biotie is currently optimizing the scale-up of the manufacturing process for BTT-1023 and expects to start proof-of-concept clinical studies in selected indications in H2 2012. Ronomilast: Biotie is seeking a partner for further development and commercialization of this product. Disclosure procedure Biotie Therapies Corp. has started to follow the disclosure procedure enabled by Standard 5.2b published by the Finnish Financial Supervision Authority and hereby publishes its Interim Report for January-March 2012 attached to this stock exchange release in pdf format. The Interim Report is also available on the company's web site at Conference call An analyst and media conference call will take place on 4 May 2012 at 10:00 a.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 An on demand version of the conference will be published on Biotie's website later during the day Telephone conference numbers: US callers: +1 646 254 3360 UK callers: +44 (0)20 7136 2051 Finnish callers: +358 (0)9 2310 1621 Access code: 1547005 In case you need additional information or assistance, please contact: Virve Nurmi, IR Manager, Tel: +358 2 2748 911 Key events after the reporting period Biotie announced on 24 April 2012 that it has agreed with its partner Seikagaku Corporation to terminate with immediate effect their License Agreement on Biotie's VAP-1 antibody program, BTT-1023. The license, under which Biotie had granted Seikagaku exclusive rights for development and commercialization of BTT- 1023 in Japan, Taiwan, Singapore, New Zealand and Australia, was executed in April 2003 and was built around Seikagaku's expertise in locomotive diseases. Biotie has re-profiled BTT-1023 to focus on fibrotic diseases, and this is not a focus in Seikagaku's development strategy. The license agreement also included an option for Biotie's VAP-1 SSAO small molecule inhibitors. Biotie announced on 2 May 2012 that Dr. James S. Shannon has notified the company that he will resign from the Board of Directors of Biotie, effective immediately. Dr. Shannon has been appointed Corporate Chief Medical Officer with GlaxoSmithKline in London as of May 1st 2012 and will resign from all external Board positions. As a consequence, the Board of Directors in its meeting of 3 May 2012 appointed Guido Magni as a member of the Audit Committee. The composition of the committee after the nomination is Bernd Kastler as Chairman and Merja Karhapää and Guido Magni as members. About Biotie Biotie is a specialized drug development company focused on the development of drugs for neurodegenerative and psychiatric disorders (e.g. Parkinson's disease, Alzheimer's disease and other cognitive disorders, alcohol and drug dependence (addiction) and post traumatic stress disorder ), and inflammatory and fibrotic liver disease.  The company has a strong and balanced development portfolio with several innovative small molecule and biological drug candidates at different stages of clinical development. Biotie's products address diseases with high unmet medical need and significant market potential. Partnerships with top-tier pharmaceutical partners are in place for several programs as well as a strategic collaboration with UCB Pharma S.A. The Marketing Authorization Application for Biotie's most advanced product, SelincroTM (nalmefene) for alcohol dependence was filed in the EU by our partner H. Lundbeck A/S and was accepted for review by the European Medicines Agency in December 2011. Turku, 4 May 2012 Biotie Therapies Corp. Board of Directors For further information, please contact: Virve Nurmi, Investor Relations Manager tel. +358 2 274 8900 e-mail: Distribution: NASDAQ OMX Helsinki Ltd Main media Attachment: Biotie_Q1 2012 Interim report Biotie_interim report Q1 2012: This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Biotie Therapies Oyj via Thomson Reuters ONE [HUG#1608761]