Biotie got the first royalties of Selincro
The Turku-based company Biotie’s revenues were EUR 17.4 million during the first half of 2013. Same period last year it was only EUR 0.4 million. Revenues consisted of the one-time milestone payment from UCB; and the UK launch milestone and royalties for Selincro from Lundbeck.
Timo Veromaa, Biotie's President and CEO commented, "This has been an important quarter for Biotie as we witnessed the initial rollout of our first commercial product Selincro, for alcohol dependence, by our partner Lundbeck. We also purchased an option to acquire Neurelis Inc., a private CNS focused company, which brings with it NRL-1, a niche intranasal product for epileptic seizures that represents an exciting potential development opportunity for Biotie. We are currently in the process of further assessing NRL-1 and our proprietary programs as part of our ongoing portfolio review and we expect to provide an update on that during Q3 this year."
Royalties related to sales from Lundbeck
Biotie's partner H. Lundbeck A/S (Lundbeck) launched Selincro(R), a new treatment for alcohol dependent patients, in the first European markets. By the end of June, Selincro was available in more than 10 EEA countries. The quarter's revenues include a milestone payment of EUR 2 million following the UK launch in May and royalties of EUR 0.07 million in relation to sales made by Lundbeck during the quarter.
Biotie's financial result in Q2 2013 was a net loss of EUR 4.0 million; the financial result for 6 months ended 30 June 2013 was a net income of EUR 6.0 million.
Given that the size and timing of such milestone payments cannot be predicted, this period's performance should not be taken as indicative of future quarterly performance.