Initial recruitment is on track for the Phase III pivotal study (TOZ-PD) of Biotie’s lead product candidate, tozadenant. Tozadenant offers a novel mechanism of action for the treatment of Parkinson’s disease (PD) patients experiencing motor fluctuations on levodopa. Top-line data from the double-blind portion of the trial are expected by end 2017. Meanwhile, two other products, SYN120 (Parkinson’s disease dementia, PDD) and BTT1023 (primary sclerosing cholangitis, PSC), are in Phase II studies; data are expected by end 2016. We value Biotie at €273m, or €0.28/share.
