DUBLIN – Biotie Therapies Oyj is going for broke by dramatically restructuring its capital base in order to fund phase III trials of its Parkinson's disease drug, tozadenant (SYN115). Shares in the Turku, Finland-based company dropped almost 11 percent Thursday on news that it plans to raise €95 million (US$102 million) in debt and equity finance, in a move that will result in a significant level of dilution for existing shareholders. The company's current market cap is just €74.3 million.
Biotie has already secured commitment for the plan from investors representing more than 50 percent of its equity, but it requires a two-thirds majority of the votes present at the company's annual general meeting next month to make it happen. "I