Biotie Therapeutics Corp., Neurelis deal

Biotie provided an update and said it will not exercise its option to acquire Neurelis in a stock deal. Biotie said it conducted further manufacturing and preclinical work with Neurelis' NRL-1 last quarter and concluded NRL-1's "timely access to market" is not guaranteed. Neurelis granted Biotie the option last June, which could have been exercised up until the start of pivotal pharmacokinetic trials of NRL-1, but no later than Dec. 3. NRL-1 is an intranasal formulation of diazepam in Phase I testing to treat breakthrough seizures associated with epilepsy. Biotie had previously said it expected to exercise the option this half (see BioCentury, June 10, 2013 & Oct. 7, 2013). ...