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Neurelis Enters into Option and Merger Agreement with Biotie Therapies
Date:6/4/2013

SAN DIEGO, June 4, 2013 /PRNewswire/ -- Neurelis, Inc. ("Neurelis") today announced an agreement with Biotie Therapies Corp. ("Biotie") to further develop NRL-1 (intranasal diazepam) and provide Biotie with the exclusive option, but not the obligation, to acquire all outstanding shares of Neurelis.

Under the terms of the option and merger agreement between Biotie and Neurelis, Biotie will make a payment of US$1.0 million to Neurelis for the exclusive option to acquire all of the outstanding shares of Neurelis.  During the option period, Biotie will conduct the development program for NRL-1 and work with Neurelis on advancing the program with the FDA in preparation for the pivotal clinical work required for NDA submission.  Under the terms of the option and merger agreement, if the option is exercised and the merger is consummated, Biotie will make a payment of US$8.75 million, subject to certain adjustments, to be paid in new ordinary shares of Biotie.  Stockholders of Neurelis will also be eligible to receive additional milestone payments based on certain regulatory and commercial milestones. 

"We are excited at the prospect of working with Biotie on the continued development of NRL-1, with the goal of bringing this promising and unique therapy to patients with epilepsy" stated Craig C. Chambliss , President and Chief Executive Officer of Neurelis.  "The proven success of Biotie's development efforts and the potential of an intranasal diazepam program with unmatched bioavailability and a well-tolerated safety profile could significantly benefit patients who experience acute repetitive seizures."

About NRL-1

NRL-1 (intranasal diazepam) is a proprietary formulation of diazepam delivered via a commercially available nasal sprayer.  It is being developed for the management of patients who require intermittent use of diazepam to control bouts of acute re
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SOURCE Neurelis, Inc.
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