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Evotec Provides Update on Planned NASDAQ Listing in the Context of its Announced Acquisition of Renovis
Date:1/7/2008

Registration Statement on Form F-4 Filed With the SEC

Shares Expected to be Approved for Listing on NASDAQ in H1 2008

HAMBURG, Germany and OXFORD, England, January 7 /PRNewswire-FirstCall/ --

- Compilation of IFRS Financial Information Resulted in Adjustments of Evotec's Consolidated Financial Statements With a Positive Net Effect on the Accumulated Deficit of EUR23.7 Million as of September 30 2007

Evotec AG (Frankfurt Stock Exchange: EVT) today provided further details on its planned NASDAQ listing in the context of the anticipated acquisition of Renovis Inc. Evotec AG has filed a registration statement on Form F-4 to register with the US Securities and Exchange Commission (SEC) the Evotec AG ordinary shares. These shares underlie the Evotec AG American Depositary Shares, or ADSs, that Renovis stockholders will receive in connection with the proposed merger. The Evotec ADSs are expected to be approved for listing on the NASDAQ Global Market under the trading symbol "EVTC" in H1 2008. JPMorgan Chase Bank, N.A., as the depositary will issue the ADSs.

In the process of compiling financial information, that is required to be filed with the SEC as part of the registration statement, the Company has retrospectively adjusted the representation of the ENS Holdings, Inc. acquisition under International Financial Reporting Standards (IFRS). In its previously filed consolidated financial statements under IFRS for the year ended December 31, 2005 the Company had capitalized and immediately impaired the portion of the purchase price allocated to goodwill in the amount of EUR 18.5 million, which resulted in a charge in that amount against earnings. Following a review of the accounting of the business combination, this amount has now been re-evaluated and allocated mainly to developed technologies acquired ("In-process Research and Development") in the amount of EUR 38.5 million, in particular to Evotec's clinical programs EVT 20
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SOURCE Evotec AG
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