12-01-2011: Biotie Therapies Corp. and Synosia Therapeutics Holding AG jointly announced the signing of a combination agreement through which Biotie will issue 161,448,371 shares to the shareholders and warrant holders of privately-owned Synosia in an acquisition of the entire issued share capital and outstanding warrants of Synosia (the "Transaction").
The combined entity includes a promising pipeline of nine clinical-stage drug candidates; a significant international presence with operations in Finland, The United States and Switzerland, and an experienced management team and Board of Directors.
The Transaction remains subject to approval by the extraordinary general meeting of shareholders of Biotie to be held on 1 February 2011.
The combined clinical development pipeline includes nalmefene, Biotie's Phase 3 product candidate for the treatment of alcohol dependence, which recently reported positive results from the first two Phase 3 trials conducted by its partner Lundbeck and is on track for submission for approval in Europe in the second half of 2011. Synosia brings a broad pipeline of central nervous system (CNS) product candidates and a recently announced partnership with UCB Pharma SA that included a $20 million equity investment and has potential for $725 million in milestone payments plus royalties. This collaboration covers SYN-115, a novel adenosine A2a receptor antagonist for Parkinson's disease in Phase 2 and SYN-118, a potential first-in-class hydroxyphenyl-pyruvate dioxygenase (HPPD) inhibitor intended for movement disorders also in Phase 2.
Timo Veromaa, President and Chief Executive Officer (CEO) of Biotie commented: "We are very excited to announce this compelling business combination, bringing together an outstanding pipeline and complementary drug development expertise. Through this transaction we establish Biotie as a global leader in CNS drug development."
Ian Massey, President and CEO of Synosia stated: "We are enthusiastic to join forces with Biotie and confident that the combined entity has the right capabilities and infrastructure to maximize the value for shareholders and deliver innovative products to patients."
David Cook, 45, has been appointed Chief Financial Officer (CFO) of Biotie Therapies Corp., effective February 25, 2013. He will become a member of the Group's management team and will report to Timo Veromaa, President and Chief Executive Officer. David will be based at the Company's headqu ... more
Biotie reported top-line data from a Phase 2b study evaluating its adenosine A2a antagonist tozadenant (SYN115) in Parkinson's disease (PD) patients experiencing levodopa related end of dose wearing off. The study met its primary endpoint of a statistically highly significant decrease in 'o ... more
Biotie's chief financial officer (CFO) Panu Miettinen is leaving the company from 1st November 2012 to pursue other interests. Kristian Rantala (36), M.Sc. (Econ), Vice President, Finance based in Finland has been nominated as the interim CFO. Kristian has been with Biotie for altogether tw ... more
Biotie is a drug development company focusing on dependence disorders, inflammatory diseases and thrombosis.
The most advanced drugs in development are nalmefene for alcoholism (phase III) and impulse control disorders (phase II), monoclonal VAP-1 antibody and small molecule VAP-1 SSAO enzy ... more
Biotie Therapies Corp. and Synosia Therapeutics Holding AG jointly announced the signing of a combination agreement through which Biotie will issue 161,448,371 shares to the shareholders and warrant holders of privately-owned Synosia in an acquisition of the entire issued share capital and ... more
UCB and Synosia Therapeutics announced a new strategic partnership in neurology. Synosia has granted UCB a license for exclusive, worldwide rights to the development compound SYN-115 and rights to a second compound, SYN-118, for non-orphan indications. Both are in Phase II clinical developm ... more
Synosia Therapeutics announced the successful completion of its first clinical trial, a proof-of-concept study that evaluated new therapeutic options for SYN-111 (rufinamide), a sodium channel blocker.
Rufinamide was discovered and developed by Novartis and is currently marketed by Eisai ... more