Biotie Therapies Corp. Announces That the Delisting of Its American Depositary Shares from NASDAQ Global Select Market Has Become Effective

TURKU, Finland–(BUSINESS WIRE)–Biotie Therapies Corp. (Nasdaq Helsinki: BTH1V) (“Biotie” or the “Company”)
announces that the voluntary delisting of its American Depositary Shares
(“ADSs”) from the NASDAQ Global Select Market (“Nasdaq US”)
became effective prior to the opening of trading on 13 June, 2016,
following the filing, on 2 June 2016, of an application on Form 25 with
the U.S. Securities and Exchange Commission (the “SEC”) for
notifying the SEC of the delisting of the Company’s ADSs from NASDAQ US,
as announced on 18 May 2016.
The delisting becoming effective means that the ADSs are no longer
tradable on any regulated security exchange. Biotie shares (“Shares”)
will remain listed on Nasdaq Helsinki Ltd., although the Company intends
to delist the Shares from Nasdaq Helsinki Ltd. as soon as permitted and
practicable under applicable laws.
Further details on Biotie’s reporting obligations under applicable U.S.
securities laws after the delisting of the ADSs becoming effective and
the treatment of the ADSs in the compulsory redemption proceedings
initiated by Acorda Therapeutics, Inc.(“Acorda”) for Biotie’s minority
shares under the Finnish Companies Act have been described in the stock
exchange release issued by Biotie on 18 May 2016.
INFORMATION REGARDING BIOTIE
Biotie is a biopharmaceutical company focused on products for
neurodegenerative and psychiatric disorders. Biotie’s development has
delivered Selincro (nalmefene) for alcohol dependence, which received
European marketing authorization in 2013 and is currently being rolled
out across Europe by partner H. Lundbeck A/S. The current development
products include tozadenant for Parkinson’s disease, which is in Phase 3
development, and two additional compounds which are in Phase 2
development for cognitive disorders including Parkinson’s disease
dementia, and primary sclerosing cholangitis (PSC), a rare fibrotic
disease of the liver.
For more information, please visit www.biotie.com.
INFORMATION REGARDING ACORDA
Founded in 1995, Acorda is a biotechnology company focused on developing
therapies that restore function and improve the lives of people with
neurological disorders, with its common stock listed on Nasdaq US.
Acorda has an industry leading pipeline of novel neurological therapies
addressing a range of disorders, including Parkinson’s disease,
epilepsy, post-stroke walking deficits, migraine, and multiple
sclerosis. Acorda markets three FDA-approved therapies, including
AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.
For more information, please visit www.acorda.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Some of the statements contained in this announcement are
forward-looking statements, including Biotie’s deregistration from U.S.
reporting obligations, which involve a number of risks and
uncertainties. These statements are based on current expectations,
assumptions, estimates and projections, and involve known and unknown
risks, uncertainties and other factors that may cause results, levels of
activity, performance or achievements to be materially different from
any future statements. These statements are generally identified by
words or phrases such as “believe”, “anticipate”, “expect”, “intend”,
“plan”, “will”, “may”, “should”, “estimate”, “predict”, “potential”,
“continue” or the negative of such terms or other similar expressions.
If underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results and the timing of events may
differ materially from the expected results and/or timing discussed in
the forward-looking statements, and you should not place undue reliance
on these statements. Acorda and Biotie disclaim any intent or obligation
to update any forward-looking statements as a result of developments
occurring after the period covered by this announcement or otherwise.