Biotie assets available for partnering; update on tozadenant

Finland-based biotech firm Biotie Therapies’ (OMX: BTH1V) retention of SYN120 rights after Roche decided not to opt-in to a development license (The Pharma Letter June 27) means the company now has three unencumbered Phase II ready assets available for global licensing, comment analysts at Edison Equity Research in a new report on the company.

A deal on any of these could extend Biotie’s current cash runway beyond early 2013, although the company may explore other options as additional funds will likely need to be raised this year. The next key catalyst with known timing is the European approval decision for alcohol dependence therapy Selincro (nalmefene), expected by year-end. Approval could mean a first-quart 2013 launch, which would trigger an undisclosed milestone payment from partner Lundbeck.

Various large pharma/CNS specialists are investigating 5-HT6 antagonists, which have potential in cognitive impairment, say the Edison analysts, noting that Lundbeck has recently achieved proof of concept in Alzheimer’s disease. SYN120 is safe/well tolerated, has a wide therapeutic window and confirmed dosing for Phase II. Biotie has been approached by interested parties, although deal timing is uncertain. Other Phase II-ready assets available for partnering include BTT-1023 (second-half start of clinical studies in fibrotic disorders) and ronomilast.