Nomura Code acts as bookrunner in oversubscribed EUR 13.5 million placing of shares in Biotie Therapies – placing includes EUR 7.2 million new shares and EUR 6.3 million secondary shares

 

Biotie raises EUR 7.2 million - directed issue of new shares in Biotie Therapies Corp. more than two times oversubscribed

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With reference to the share issue announced on 4 December 2009 (the "Offering"), Biotie Therapies Corp. ("Biotie") has decided to discontinue the reception of subscription undertakings due to the Offering having been oversubscribed more than two times by international and Finnish institutional investors.

All 14,432,000 shares offered were subscribed at a subscription price of EUR 0.50 per share. All offered new shares have been allocated to a major UK institutional fund management group on the basis of recommendation by Nomura Code Securities Limited, who acted as the Lead Manager in the Offering. Moreover, Biotie was informed by the Lead Manager that simultaneously with the directed Offering, they will place certain Biotie shares previously held by certain European venture capital investors to new institutional investors to satisfy the excess demand in the oversubscribed offering.

The subscription price for all new shares totalled at EUR 7,216,000 and as a result, the share capital of Biotie will be increased by such amount. After the registration of the new shares with the Finnish Trade Register, the share capital in Biotie will be EUR 51,506,678.10, and the total number of shares will be 158,752,560 and number of votes 158,289,305.

Timo Veromaa, President and CEO of Biotie, commented: "We are very pleased with the increasing investor interest in the company as we expect next year to be very exciting for Biotie. All our clinical programs are expected to reach decisive points in their development within the next 18 months and we are happy to see this strong support from the investment community. With the proceeds from this offering we have further strengthened our cash position and will be financed well into 2011".

The new shares subscribed will be issued as book-entries in the Finnish book-entry system maintained by Euroclear Finland Ltd and will be entered on the subscriber's book-entry accounts as interim shares corresponding to the new shares against the payment of the subscription price on December 11,2009. Trading with the interim shares (ISIN: FI4000007570 and trading symbol: BTH1VN0109) is expected to commence on 8 December 2009 as a separate class of securities. The interim shares will be combined with Biotie's current class of shares after the registration of the new shares with the Finnish Trade Register, on or about 14 December 2009. The new shares entitle to the exercise of the rights belonging to a shareholder once the new shares have been registered with the Finnish Trade Register.

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