Biotie signs an LP market making agreement with Nordea
Biotie Therapies (“Biotie”) and Nordea Bank Finland Plc (“Nordea”) have concluded a market making agreement, which fulfils the requirements of NASDAQ OMX Helsinki Ltd’s Liquidity Providing (LP) operations. The market making agreement aims at increasing the share’s liquidity and decreasing the share price volatility thus facilitating trading.
According to the agreement, Nordea will provide Biotie’s share with bids and offers so that the maximum spread is 4% calculated from the bid quotation. Bids or offers include at least 4,000 shares and the value of the shares must correspond to at least 4,000 euros.
Nordea undertakes to submit bids and offers for Biotie’s share on the official list in the trading system of NASDAQ OMX Helsinki on each trading day for at least 85 per cent of the time of continuous trading, at the opening and closing call of the trading day and in the auction procedures applicable to the share during a trading day.
The market making in accordance with the agreement will begin on September 24, 2009. After a 6-month term, the market making agreement is valid until further notice. The term of notice of the agreement is one month.
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.
Biotie shares are listed on NASDAQ OMX Helsinki Ltd.
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