Evotec and Convergence Form Integrated Pain Alliance
March 31 2014 - 1:40AM
Evotec AG (Frankfurt: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: Gabriele Hansen
VP, Corporate Communications & Investor Relations
+49.(0)40.560 81-255
+49.(0)40.560 81-222 Fax
gabriele.hansen@evotec.com
Evotec AG
Manfred Eigen Campus
Essener Bogen 7
22419 Hamburg (Germany)
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