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BioTie Therapies Corp.'s Loan Obligations To Tekes Reduced By EUR 2.8 Million


11/21/2013 9:41:06 AM

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The Finnish Funding Agency for Technology and Innovation (Tekes) has, based on an application from Biotie, informed the Company that it has decided to forgive certain capital loans relating to Biotie's carbohydrate and cancer glycosylation projects that were discontinued in 2005 and an R&D loan relating to Biotie's Integrin project that was discontinued in 2010. Biotie's justification for the application was that the Tekes funded R&D projects did not lead to commercially profitable business.

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