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BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE
24 November 2006, at 11.00 a.m.

BIOTIE AND ROCHE SIGN AGREEMENT FOR VAP-1 ANTIBODY PROGRAM

BioTie and F. Hoffmann La Roche (Roche) have signed an option
agreement for BioTies fully human antibody program targeting
Vascular Adhesion Protein-1 (VAP-1) in inflammatory diseases.
Inhibiting VAP-1 reduces inflammation by regulating the migration
of leukocytes, or white blood cells, to inflamed tissues. BioTies
fully human VAP-1 antibody is based on Medarex, Incs (NJ, USA)
HuMab-technology and is expected to enter into clinical
development in early 2007.

This new agreement extends the collaboration between the two
companies as Roche already holds an exclusive option right to
BioTie's VAP-1 SSAO enzyme small molecule inhibitor candidates in
preclinical phase. Roche continues to contribute its expertise to
the development of BioTies VAP-1 SSAO small molecule inhibitor
candidates.

Under the terms of the agreement, Roche will pay an option
initiation fee of EUR 5 million, which grants Roche an exclusive
option right to an exclusive, worldwide license agreement for
BioTies fully human antibody targeting VAP-1, excluding Japan,
Taiwan, Singapore, New Zealand, and Australia. The initiation fee
will be paid in two instalments in 2006-2007, and the initial
option right will end upon completion of Phase I. Roche may extend
the option right to later development points by paying additional
fees. BioTie will retain all rights to the program until a license
is granted to Roche.

Vascular Adhesion Protein-1 (VAP-1)

BioTie's proprietary drug development target, Vascular Adhesion
Protein-1 (VAP-1), is a dual-function molecule with enzymatic and
adhesion activities. VAP-1 contributes to the adhesion of white
blood cells to endothelial cells and is greatly amplified in
inflamed blood vessels. The VAP-1 semicarbazide-sensitive amine
oxidase (SSAO) enzyme contributes to the production of molecules
that exacerbate inflammation. VAP-1 specific monoclonal antibodies
and VAP-1 SSAO small molecule inhibitors have been shown in animal
models of inflammation to be potent inhibitors of disease
activity. BioTie holds several patents, patent applications and
other intellectual property rights on VAP-1 and inhibitors of VAP-
1 and VAP-1 SSAO in the U.S., Europe, and Japan. BioTie has
obtained a license from Medarex for commercial use of the HuMab-
technology for VAP-1 antibodies involving an undisclosed amount in
license fees as well as milestone payments and royalties on sales.

Turku, November 24, 2006

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