BioTie receives €2.5 million to fund antibody development program

By Angela McDaniels

Seattle, Nov. 21 - BioTie Therapies said it has received €2.5 million in additional funding from Tekes, the National Technology Agency of Finland, to continue its VAP-1 monoclonal antibody program.

The funding covers the project's drug development costs from May 2005 through April 2007 - 50% of the project's total cost, BioTie said.

The company will receive €0.7 million of the loan in advance and must spend €5 million on the program to receive the full amount.

BioTie Therapies is a biotechnology company based in Turku, Finland, that develops drugs for the treatment of dependence disorders, inflammatory diseases and thrombosis.

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