Finnish biopharmaceutical company Biotie Therapies (OMXH: BTH1V) reported increasing losses this morning as R&D costs climbed to 6.7 million. Net loss of 7 million Euros translates into earnings per share of -0.02. The company now enters a wait and see mode, with Lundbeck-led (OMX: LUN) alcohol dependence drug Selincro (nalmefene) nearing EMA decision on EU approval, with feedback expected by year end. There will also be data from Phase 2b Parkinson’s disease trial with Tozadenant (SYN115) and topline data with Nepicastat (SYN117) in post-traumatic stress disorder (PTSD). CEO Timo Veromaa made it clear, that further investments are on halt prior to the readouts.
The company already has hundreds of millions of shares and further dilution of existing shareholders still looms since the maximum of 20 million Euro Standby Equity Distribution Agreement or SEDA with YA Global Master SPV Ltd was renewed for a further three-year period. Further funds are needed in 2013, with milestones from Selincro or partnering deals possibly lessening that need.
Biotie has been readying fully human antagonist VAP-1 for phase 2 development in fibrotic disease and had been seeking partner for larger indications. Now there has been a reversal and the product candidate known as BTT-1023 will not see further clinical trials initiated unless a partner is found for the time being. In the “what have you done for me lately”- world, confidence in Biotie’s partnering success is currently low. During the quarter two existing deals were terminated. Veromaa said that 5-HT6 antagonist SYN120, an AD/cognitive disorders product candidate ready for phase 2 has attracted interest and he believes a partner for this compound will be found.
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