Corporate | 18 September 2014 07:30
DGAP-News: Evotec AG / Key word(s): Miscellaneous
18.09.2014 / 07:30
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Hamburg, Germany - 18 September 2014: Evotec AG (Frankfurt Stock Exchange:
EVT, TecDAX, ISIN: DE0005664809) announced today after careful evaluation
that it will take legal steps against Israel-based Andromeda Biotech, Ltd.
("Andromeda") to recover all Evotec claims and potential damages that
result from recent incidents in relation to DiaPep277(R).
On 08 September 2014, US-based Hyperion Therapeutics, Inc. ("Hyperion")
announced that it will discontinue the product development of DiaPep277(R)
for newly diagnosed Type 1 diabetes, because Hyperion affirmed that it
uncovered evidence that certain employees of Andromeda in collusion with a
third-party biostatistics firm in Israel engaged in serious misconduct with
regard to the use of generated data in order to manipulate the analyses to
obtain a favourable result of the Phase III trial.
In 2007, DeveloGen AG ("DeveloGen") sold all rights to the drug candidate
DiaPep277(R) to Andromeda, a newly formed wholly owned subsidiary of Clal
Biotechnology Industries Ltd. Under the terms of this asset purchase
agreement, DeveloGen transferred all rights in DiaPep277(R) to Andromeda in
return for single-digit royalty rates and certain milestones in the
single-digit rate upon commercialisation of DiaPep277(R).
Evotec, which acquired DeveloGen in 2010, had no involvement in any aspect
or decision-making regarding the development of DiaPep277(R). Similarly,
Evotec's subsidiary DeveloGen, was also not involved in any way in the
further development of DiaPep277(R) after selling it to Andromeda in June
2007, and had absolutely no role in the data generation and analyses.
Consequently in light of the recent developments with DiaPep277(R), Evotec
has decided to take legal steps against Andromeda to recover all Evotec
claims and potential damages that result from this recent fraudulent
activity.
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, inflammation and infectious
diseases. Evotec has long-term discovery alliances with partners including
Bayer, Boehringer Ingelheim, CHDI, Genentech, Janssen Pharmaceuticals,
MedImmune/AstraZeneca, Roche and UCB. In addition, the Company has existing
development partnerships and product candidates both in clinical and
pre-clinical development. These include partnerships with Boehringer
Ingelheim and MedImmune 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.
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 press release. 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
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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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