Biotie shares delisted from NASDAQ US

Biotie Therapies Corp. announced on Monday that it has officially delisted its American depository shares (ADS) from the NASDAQ Global Select Market (NASDAQ US).

The company had previously reported that each ADS was worth 80 ordinary shares of the company. The company stated that the shares would not be tradable in any regulated security exchange. Other shares of the company will continue to be listed through NASDAQ Helsinki until it is allowed to delist from this exchange after permission is granted under Finnish law.

The company is focused on the development of products and medication for conditions that are psychiatric and neurodegenerative in nature. Its medication, Selincro, was given marketing authorization in Europe in 2013. Selincro is used to treat alcohol dependence. The company also has medication candidates for Parkinson’s and related dementia and for primary sclerosing cholangitis in development.

The delisting activity is in line with Acorda Therapeutics’ acquisition of Biotie that was announced in January of this year.  

Acorda is focused on the development of products that assist those with neurological disorders and does have its common stock listed on the NASDAQ US. The company develops therapeutics for migraine, multiple sclerosis, Parkinson’s disease, epilepsy and post-stroke treatment.