Baupost and Seth Klarman have backed Biotie Therapies Corp., the Finish biotech group, by means of subscribing for convertible promissory notes and other equity-based instruments.
The issue and subscription of the convertible notes and warrants is conditional, among other things, on the granting of necessary authorizations and election of new Board members by an Annual General Meeting of Biotie to be held on 26 May 2015.
The issue of these instruments is part of Biotie’s plan to strengthen its capital structure to finance a Phase 3 double-blinded clinical trial, including the open label extension, of its lead product candidate tozadenant in Parkinson’s disease. The total amount to be raised is approximately E95 million.
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