ISS/Risk Metrics Recommends Renovis Shareholders Vote for Merger With Evotec
April 18 2008 - 4:30PM
PR Newswire (US)
SOUTH SAN FRANCISCO, Calif., April 18 /PRNewswire-FirstCall/ --
Renovis, Inc. (NASDAQ:RNVS), today announced that Institutional
Shareholder Services (ISS), one of the nation's leading proxy
advisory firms, has recommended that Renovis stockholders vote
"FOR" the merger agreement with Evotec AG (Frankfurt Stock
Exchange: EVT) at the Special Stockholders Meeting scheduled for
May 1, 2008. In the proposed merger, each share of Renovis common
stock will be converted into the right to receive the equivalent of
1.0542 Evotec ordinary shares. In its report, recommending for the
merger with Evotec, ISS concluded: "Based on our review of the
terms of the transaction and the factors described above including
the company's recent drug failure, its partial-auction process that
resulted in the merger agreement, the strategic and synergistic
rationale, and the valuation analysis conducted by Cowen, we
believe that the merger agreement warrants shareholder support."*
The Board of Directors of Renovis unanimously recommends that
stockholders vote "FOR" the approval and adoption of the agreement
and plan of merger, and the approval of the merger and related
transactions as described in the proxy statement/prospectus. The
company encourages all stockholders to vote their shares promptly
by phone, Internet, or by mailing their proxy card, and to contact
MacKenzie Partners at 800/322-2885 or collect at 212/929-5500 if
they have any questions or need any assistance in voting their
shares. *Permission to reprint neither requested nor received.
About Renovis Renovis is a biopharmaceutical company focused on the
discovery and development of drugs for major medical needs in the
areas of neurological and inflammatory diseases. The Company's
proprietary research programs focus on the purinergic receptors,
P2X3 and P2X7, for the potential treatment of pain and inflammatory
diseases. In addition, Renovis has a worldwide collaboration and
license agreement with Pfizer to research, develop and
commercialize small molecule vanilloid receptor (VR1). For
additional information about the company, please visit
http://www.renovis.com/. Forward-Looking Statements This
communication contains certain forward-looking statements. All
statements, other than statements of historical facts, regarding
the likelihood and timing of the completion of the business
combination transaction involving Evotec and Renovis, the
conversion of Renovis shares into a right to receive Evotec shares,
the anticipated benefits of such transaction and the plans and
objectives of management are forward-looking statements and are
based on management's current expectations and estimates. We may
not actually achieve these plans, intentions or expectations and
Renovis cautions investors not to place undue reliance on our
forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in
the forward-looking statements we make. Factors that could cause or
contribute to such differences may include, but are not limited to,
risks relating to the integration of the technologies and
businesses of Evotec and Renovis, unanticipated expenditures,
changing relationships with customers, suppliers and strategic
partners, conditions of the economy and other factors described in
the Registration Statement on Form F-4 filed with the SEC by Evotec
and the most recent reports on Form 10-K, Form 10-Q, Form 8-K and
other periodic reports filed by Renovis with the SEC. Additional
information about the transaction Renovis filed a Current Report on
Form 8-K with the Securities and Exchange Commission on September
24, 2007, that includes as an exhibit the Agreement and Plan of
Merger between Evotec and Renovis. Evotec and Renovis have mailed a
joint proxy statement/prospectus to stockholders of Renovis in
connection with the proposed merger. This document contains
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 Renovis by directing a request to
Renovis' Investor Relations department at Two Corporate Drive,
South San Francisco, California 94080 or from Evotec by directing a
request to Evotec's Investor Relations department at
Schnackenburgallee 114, 22525 Hamburg, Germany. 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 http://www.renovis.com/.
Participants in Solicitations Renovis and its directors, executive
officers and other members of its management and employees may be
deemed to be participants in the solicitation of proxies from
stockholders of Renovis in connection with the merger. Information
regarding Renovis's directors and executive officers is available
in the joint proxy statement/prospectus, which has been mailed to
stockholders of Renovis in connection with the proposed merger
proxy statement, and the other relevant documents filed with the
SEC. DATASOURCE: Renovis, Inc. CONTACT: Investors and Media, Shari
Annes of Renovis, Inc., +1-650-888-0902, Web site:
http://www.renovis.com/
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