Three-Year Extension for Integrated Drug Discovery Support in the Search of
Novel Drug Candidates for the Treatment of Huntington Disease
HAMBURG, Germany, OXFORD, England and LOS ANGELES, California, February 14 /PRNewswire-FirstCall/ -- Evotec AG (Frankfurt Stock Exchange: EVT) today announced that CHDI Foundation, Inc., a not-for-profit organization pursuing a biotech approach to finding therapies for Huntington Disease (HD), has extended its collaboration with Evotec to the end of 2010 to help them advance their Huntington's Disease drug discovery programs. This contract extension is worth up to US$ 37 million in research payments for Evotec.
The collaboration covers Evotec's entire drug discovery offering, including its expertise in medicinal chemistry, biology and compound sourcing. Specifically, this includes biochemical and cellular assay development and high content screening on interesting cell lines with the aim of identifying novel starting points for medicinal chemistry programs. In addition, Evotec supplies key support in the area of medicinal chemistry and supporting biology optimization on multiple biological targets that are of high importance for the treatment of HD. Using skills in computational chemistry, structural biology and protein crystallography, Evotec characterizes active compounds further and optimizes their potency and selectivity to generate lead molecules for subsequent progression into clinical trials.
Evotec and CHDI have worked together since March 2006. During this time, the collaborative relationship has grown significantly. In addition to the contract extension announced today, the companies also have an agreement whereby Evotec provides ultra-high-throughput screening (uHTS) support.
"This is an important collaboration for CHDI. As collaborative enablers, CHDI depends on a network of academic and industrial partners to conduct its research efforts. Based on 18 months of working together successfully with Evotec, we have decided to extend the term of our agreement. We remain impressed by Evotec's breadth of drug discovery expertise coupled with their knowledge of CNS diseases that ideally complement our efforts in the search for novel treatments that may slow or prevent Huntington's Disease," commented Dr Robert Pacifici, Chief Scientific Adviser to CHDI.
"We are extremely proud that CHDI, an organization dedicated solely to Huntington's Disease research, has chosen us as their partner in one of the largest collaborations a not-for-profit organization has signed with a biotechnology company," said Dr Mark Ashton, Executive Vice President Business Development Services at Evotec. "This collaboration is an excellent example for how our integrated drug discovery and CNS expertise adds value to companies with no or little internal discovery infrastructure. Working together, Evotec and CHDI have the tools in place to rapidly discover novel drugs against Huntington's Disease targets."
Forward looking statements
Information set forth in this report contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of Evotec's products and services, the amount and timing of payments that Evotec may receive under its collaboration agreement with CHDI, the anticipated timing and results of Evotec's clinical and pre-clinical programs, and other statements that are not historical facts. Evotec cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information as a result of risks and uncertainties. These include risks and uncertainties relating to: Evotec's ability to complete the merger because conditions to the closing of the merger may not be satisfied; the failure to successfully integrate the businesses of Evotec and Renovis; unexpected costs or liabilities resulting from the merger; the risk that synergies from the merger may not be fully realized or may take longer to realize than expected; disruption from the merger making it more difficult to maintain relationships with customers, employees or suppliers; competition and its effect on pricing, spending, third-party relationships and revenues; the need to develop new products and adapt to significant technological change; implementation of strategies for improving internal growth; development, use and protection of intellectual property; general worldwide economic conditions and related uncertainties; future legislative, regulatory, or tax changes as well as other economic, business and/or competitive factors; and the effect of exchange rate fluctuations on international operations.
The risks included above are not exhaustive. The Registration Statement on Form F-4 filed by Evotec with the Securities and Exchange Commission contains additional factors that could impact the combined company's businesses and financial performance. The parties expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the parties' expectations or any change in events, conditions or circumstances on which any such statement is based.
Evotec has filed a Registration Statement on Form F-4 with the
Securities and Exchange Commission in connection with the proposed merger.
Evotec and Renovis expect to mail a joint proxy statement/prospectus, which
forms part of the Registration Statement on Form F-4, to shareholders of
Renovis in connection with the proposed merger. This document will contain
important information about the merger and should be read before any
decision is made with respect to the merger. Investors and stockholders
will be able to obtain free copies of this document and any other documents
filed or furnished by Evotec or Renovis through the website maintained by
the Securities and Exchange Commission at http://www.sec.gov. Free copies
of these documents may also be obtained from Evotec, by directing a request
to Evotec's Investor Relations department at Schnackenburgallee 114, 22525
Hamburg, Germany, or from Renovis, by directing a request to Renovis'
Investor Relations department at Two Corporate Drive, South San Francisco,
California 94080. In addition to the documents referenced above, Renovis
files or furnishes annual, quarterly and current reports, proxy statements
and other information with the Securities and Exchange Commission. You may
read and copy any reports, statements or other information filed or
furnished by Renovis at the SEC's Public Reference Room at Station Place,
100 F Street, N.E., Washington, D.C. 20549. You can request copies of these
documents by writing to the SEC and paying a fee for the copying cost.
Please call the SEC at +1-800-SEC-0330 for more information about the
operation of the Public Reference Room. Renovis's SEC filings are also
available to the public at the SEC's web site at http://www.sec.gov, or at
their web site at http://www.renovis.com.
SVP, Investor Relations & Corporate Communications
|SOURCE Evotec AG|
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