Corporate | 31 March 2014 07:30
DGAP-News: Evotec AG / Key word(s): Alliance
31.03.2014 / 07:30
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Hamburg, Germany - 31 March 2014: Evotec AG (Frankfurt Stock Exchange: EVT,
TecDAX, ISIN: DE0005664809) today announced that it has entered into a
research alliance with Panion Ltd, a subsidiary of Convergence
Pharmaceuticals Holdings Ltd. Convergence is a UK company focused on the
development of novel, high value analgesics to treat chronic pain. Panion
Ltd has been awarded a £ 2.4 m Technology Strategy Board Biomedical
Catalyst Early Stage Round 2 grant to discover and develop compounds
against a novel GPCR pain target. Evotec will be responsible for
undertaking key drug discovery activities and will work closely with the
Convergence team in identifying pre-clinical candidates over the next three
years. Subsequently, and upon meeting certain pre-clinical milestones,
Convergence and Evotec will jointly progress the assets further into the
clinic or via partnering. Further financials remain undisclosed.
Dr Mario Polywka, Chief Operating Officer of Evotec, commented: "Pain
remains a major unmet medical need with estimates of 1.5 billion people
worldwide suffering from this often chronic ailment. This alliance with
Convergence marries our complementary expertise in the field of pain and
leverages our world- class platform for addressing targets associated with
pain. Supported by the Biomedical Catalyst Early Stage Round 2 grant, we
look forward to collaborating with Convergence to bring a new class of
analgesic candidates to the clinic."
Brenda Reynolds, Chief Operating Officer of Convergence, commented: "We are
pleased to have formed this alliance with Evotec and we are confident that,
with our knowledge of the therapeutic area of pain and Evotec's expertise
in drug discovery, this partnership will prove valuable to both parties and
help to facilitate the delivery of new treatments to patients. This is the
first TSB Grant awarded to a subsidiary of Convergence, a testament to our
leading position in pain, and we would like to thank the TSB for their
support."
ABOUT EVOTEC AG
Evotec is a drug discovery alliance and development partnership company
focused on rapidly progressing innovative product approaches with leading
pharmaceutical and biotechnology companies. We operate worldwide providing
the highest quality stand-alone and integrated drug discovery solutions,
covering all activities from target-to-clinic. The Company has established
a unique position by assembling top-class scientific experts and
integrating state-of-the-art technologies as well as substantial experience
and expertise in key therapeutic areas including neuroscience, pain,
metabolic diseases as well as oncology and inflammation. Evotec has
long-term discovery alliances with partners including Bayer, Boehringer
Ingelheim, CHDI, Genentech, Janssen Pharmaceuticals, MedImmune/AstraZeneca
and Ono Pharmaceutical. In addition, the Company has existing development
partnerships and product candidates both in clinical and pre-clinical
development. These include partnerships with Boehringer Ingelheim,
MedImmune and Andromeda in the field of diabetes, with Janssen
Pharmaceuticals in the field of depression and with Roche in the field of
Alzheimer's disease. For additional information please go to
www.evotec.com.
ABOUT CONVERGENCE PHARMACEUTICALS
Convergence Pharmaceuticals is an independent biotechnology company focused
on the development of novel analgesics with potentially commercially
attractive efficacy, responder-rate and side effect profiles. The Company,
led by CEO Clive Dix, was formed in October 2010 following the acquisition
of certain neuroscience clinical assets from GlaxoSmithKline ("GSK"). The
Company has a pipeline of differentiated clinical-stage compounds targeting
the points of convergence in chronic pain signalling through modulation of
specific ion-channels.
Convergence Pharmaceuticals is well funded and raised US$ 35.4 million in
Series A financing from a syndicate of leading European and US financial
institutions. For more information please go to the Company's website at
www.convergencepharma.com.
ABOUT THE TECHNOLOGY STRATEGY BOARD
The Technology Strategy Board is the UK's innovation agency. Its goal is to
accelerate economic growth by stimulating and supporting business-led
innovation. Sponsored by the Department for Business, Innovation and Skills
(BIS), the Technology Strategy Board brings together business, research and
the public sector, supporting and accelerating the development of
innovative products and services to meet market needs, tackle major
societal challenges and help build the future economy. For more information
please visit www.innovateuk.org.
FORWARD LOOKING STATEMENTS - Information set forth in this press release
contains forward-looking statements, which involve a number of risks and
uncertainties. The forward-looking statements contained herein represent
the judgement of Evotec as of the date of this report. Such forward-looking
statements are neither promises nor guarantees, but are subject to a
variety of risks and uncertainties, many of which are beyond our control,
and which could cause actual results to differ materially from those
contemplated in these forward-looking statements. We expressly disclaim any
obligation or undertaking to release publicly any updates or revisions to
any such statements to reflect any change in our expectations or any change
in events, conditions or circumstances on which any such statement is
based.
Contact Evotec AG:
Gabriele Hansen, VP Corporate Communications & Investor Relations, Phone:
+49.(0)40.56081-255, gabriele.hansen@evotec.com
End of Corporate News
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Language: English
Company: Evotec AG
Manfred Eigen Campus / Essener Bogen 7
22419 Hamburg
Germany
Phone: +49 (0)40 560 81-0
Fax: +49 (0)40 560 81-222
E-mail: info@evotec.com
Internet: www.evotec.com
ISIN: DE0005664809
WKN: 566480
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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