Biotie floats in US
This article was originally published in Scrip
Nordic firm Biotie Therapies, a company focused on products for neurodegenerative and psychiatric disorders, has listed on a US stock market in preparation for its Phase III Parkinson's disease study, which has been granted a green light by the FDA.
Biotie has launched a public offering on Nasdaq of 3,761,418 shares at a price of $14.88 per share. Gross proceeds of the offering are expected to reach $55.9m. Biotie intends to use the funds, together with a portion of its current liquid assets (which include $37.2m gross proceeds from the issue of the convertible notes) to fund its Phase III double-blind clinical trial (and extension) of SYN-115 (tozadenant) in Parkinson's through completion.
The late-stage trial, known as TOZ—PD, will be conducted under a Special Protocol Assessment, agreed by the FDA, which will include 450 Parkinson's disease patients over 24 weeks. Patients in the study will receive twice daily doses of wither 60mg of SYN-115, 120mg of SYN-115 or placebo. The Phase III trial, along with data from a Phase IIb study, will serve as the basis for a new drug application with the FDA.
SYN-115, originally developed by Roche and now being developed by Biotie in partnership with UCB, is a potent and selective third-generation inhibitor of the A2a receptor and is being developed as a potential add-on therapy to a stable dose of levodopa. The adenosine A2a receptor modulates the effect of dopamine, glutamine and serotonin in specific regions of the brain. It also is involved in vasodilating the coronary arteries, which increases blood flow to the heart muscle, but may also lead to hypotension. Biotie attained the drug through its acquisition of Synosia in a $105m all-share transaction in January 2011.
The closing of the offering is expected to occur on or about 16 June 2015, subject to customary closing conditions.