TURKU, FINLAND--(MARKET WIRE)--Mar 12, 2009 -- Lundbeck has acquired the North-American and Mexican rights for nalmefene from Somaxon Pharmaceuticals. Following the new agreement Lundbeck has worldwide rights for nalmefene, excluding Turkey and South-Korea.
Related to this, Biotie-Lundbeck license agreement terms have been amended. Under the terms of the amended agreement, Biotie is now eligible for up to EUR 84 million in upfront and milestone payments (previously up to EUR 82 million) plus royalty on sales. Of the EUR 84 million, Biotie has already received an execution fee of altogether EUR 12 million from Lundbeck in two installments in 2006 and 2007.
Lundbeck is currently conducting three phase III clinical trials with nalmefene for the treatment of alcohol dependence aiming to enroll altogether 1,800 patients.
Timo Veromaa, President and CEO of Biotie, said: “Lundbeck now owning North-American nalmefene rights, enabling global regulatory planning for the product, is very positive development for Biotie. We remain confident that nalmefene will generate significant revenues to the company in the long term.”
Biotie Therapies Corp.
Timo Veromaa President and CEO
For further information, please contact:
Virve Nurmi, Biotie Therapies Corp. tel. +358 2 274 8900, e-mail: http://www.biotie.com
Distribution: NASDAQ OMX Helsinki Ltd Main Media
About nalmefene
Nalmefene is an opioid receptor antagonist. The compound acts by blocking the mechanism in the brain that can cause a continuing and uncontrolled intake of alcohol. This helps to control and limit the intake.
Biotie Therapies Corp. Biotie is a drug discovery and development company focused on central nervous system and inflammatory diseases. It has a broad range of innovative small molecule and biological drug candidates at different stages of clinical and pre-clinical development. Biotie’s products address diseases with high unmet medical need and significant market potential, including addiction and psychotic disorders, rheumatoid arthritis, psoriasis and chronic obstructive pulmonary disease (COPD). The most advanced product, nalmefene for alcohol dependence, is currently in phase III clinical development by licensing partner H. Lundbeck A/S.
The commercial value of the pipeline has been demonstrated through existing alliances with top-tier global pharmaceutical companies such as Lundbeck, Roche and Wyeth. Biotie has operations in Turku, Finland and Radebeul, Germany.
Shares are listed on NASDAQ OMX Helsinki Ltd.
For more information, please refer to www.biotie.com
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