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Evotec Reports Third Quarter 2007 Results
Date:11/13/2007

- Second proof-of-concept study in cognition started with Alzheimer/pain candidate EVT 101; start of Phase II neuropathic pain study delayed until mid 2008 following IND review

- Phase I studies for EVT 302 (smoking cessation) progressing as planned; there were no significant adverse effect findings so far; further Phase I study started to confirm superiority of the compound (no liability with tyramine containing foods)

- Disposal of Chemical Development Business to Aptuit for GBP31.5 million, effective November 2007

- Proposed acquisition of US-based Biotech company Renovis and anticipated NASDAQ listing; expected to close in Q1 2008

- Public-private-partnership "European Screening Port" established in Hamburg together with the City of Hamburg and the State of Germany

"The third quarter was a major one for Evotec. The sale of our Chemical Development Business to Aptuit and the proposed acquisition of Renovis are major milestones in the implementation of our strategic plan to transition into a drug discovery and development company for Central Nervous Systems (CNS) diseases. These transactions significantly strengthen our liquidity and accelerate our CNS pipeline development. Renovis adds complementary pipeline projects to our R&D portfolio and sufficient cash to fund their future development. Three Renovis programs in pain and inflammatory disease are expected to enter Phase I clinical trials in 2008/2009", said Jorn Aldag, President & Chief Executive Officer of Evotec AG. "In October, we also released compelling, top-line, proof-of-concept data in elderly insomnia patients for our lead compound EVT 201. These confirmed earlier data from adult insomniacs demonstrating desirable advantages in sleep onset, maintenance, and lack of hangover. We expect the compound to be attractive to potential partners as it addresses key limitations of competitive therapies. We aim to out-license EVT 201 in 2008."

2007 Financial Targets Conf
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SOURCE Evotec AG
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