As announced by Biotie Therapies Corp. (the “Company” or “Biotie”) on 29 May 2015, Biotie has completed the issuance of in total 220,400,001 convertible promissory notes and 220,400,001 warrants to certain US investors and certain existing shareholders. Consequently, in accordance with the resolution of the Annual General Meeting of the Company on 26 May 2015, the terms of Don M. Bailey and Mahendra G. Shah as members of Biotie’s Board of Directors commence and the number of Board members increases from five (5) to seven (7).
Following the addition of new Board members, the Board of Directors has determined the composition of its committees. Don M. Bailey was elected the Chairman and Bernd Kastler and Merja Karhapää the members of the Board’s Audit Committee. Furthermore, William Burns was elected the Chairman and Guido Magni, Ismail Kola and Mahendra G. Shah the members of the Nomination and Remuneration Committee.
The Board of Directors has also elected Bernd Kastler as the Vice Chairman of the Board.
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