BioTie Therapies Corp.'s Loan Obligations To Tekes Reduced By EUR 2.8 Million
11/21/2013 9:41:06 AM
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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