Biotie Therapies' full-year loss deepens, but hopes are high for alcoholism drug

Finnish drug development company Biotie Therapies' 2008 loss more than tripled on the year before on plummeting revenue as the firm attempts  to push through its lead candidate nalmefene. Edison Investment Research  view the drug as a key reason for investing in the firm.

The company's net loss deepened to 5.5 million euros, or 0.06 euros loss  per share, versus a loss of 1.7 million euros, or 0.02 euros loss per  share.

Revenue fell to 5.1 million euros, down 35%. This included: 2.4 million  euros from a VAP-1 Ab option agreement with Swiss drug major Roche, 41%  more than last year; 1.8 million euros from the firm's collaboration  with Danish drugmaker H Lundbeck (Marketletter March 23), down 67%, and  an 86% lower turnover of 78,000 euros from USA-based Somaxon  Pharmaceutical, both for nalmefene; 684,000 euros in license revenue  from two new deals with US drug major Wyeth; and 122,000 euros from the  firm's other VAP-1 antibody deal with Japanese firm Seikagaku, down 48%.  R&D costs were reduced by 4% to 8.7 million euros.