HAMBURG, Germany, March 10, 2011 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) today announced the establishment of a research collaboration with Harvard University and the Howard Hughes Medical Institute (HHMI) aimed at discovering and developing new treatments in the field of diabetes.
The initial goal of the collaboration is to pursue a comprehensive and systematic approach towards the identification and development of physiological mechanisms and targets that regulate beta cell replication. Harvard, HHMI, and Evotec bring together extensive expertise and know-how in beta cell biology and diabetes along with an unparalleled set of tools to exploit beta cell related mechanisms and targets. This unique collaboration will be fueled by substantial scientific contributions from Harvard and HHMI as well as Evotec's firm commitment to deliver on their common goal to develop orally available small molecule therapies that trigger or support beta cell replication.
Therapies that trigger/support beta cell replication are expected to enhance or even restore the body's ability to produce sufficient insulin to maintain optimal glycemic control and thereby reduce and prevent the development of diabetic complications. Leveraging key insights about beta cell replication and forming co-development alliances with pharmaceutical companies at the appropriate point in the development chain are the core strategic drivers of the collaboration.
"We are very proud to have entered into this collaboration with Harvard and HHMI. We are convinced that it will lead to the development of a pipeline of exciting drug candidates in diabetes," said Dr. Cord Dohrmann, CSO of Evotec. "Existing therapies have proven largely ineffective against the progression of most degenerative diseases including diabetes. We are enthusiastic about exploring new mechanisms that have the potential to restore beta cell function and produce first-in-class therapeutics for the treatment of diabetes in collaboration with Harvard and HHMI."
Dr. Doug Melton, Thomas Dudley Cabot Professor at Harvard University, and an investigator at the Howard Hughes Medical Institute, will be the principal investigator for Harvard and HHMI.
"We're very pleased to enter into this collaboration with Evotec, which joins together leaders in academic research and industry to progress groundbreaking research more rapidly from the lab to the clinic," said Isaac T. Kohlberg, Harvard's Chief Technology Development Officer and head of its Office of Technology Development. "It exemplifies Harvard's commitment to creatively partner with industry in ways that will advance the boundaries of translational science and fulfill our mandate to serve the public interest."
Further details and commercial terms of the cooperation are not disclosed.
ABOUT DOUG MELTON
Doug Melton is the Thomas Dudley Cabot Professor of Natural Sciences at Harvard University and an Investigator of the Howard Hughes Medical Institute. His laboratory focuses on the development of the pancreas and the use of stem cell approaches to find new treatments for diabetes.
ABOUT EVOTEC AG
Evotec is a leader in the discovery and development of novel small molecule drugs with operational sites in Europe and Asia. The Company has built substantial drug discovery expertise and an industrialized platform that can drive new innovative small molecule compounds into the clinic. In addition, Evotec has built a deep internal knowledge base in the treatment of diseases related to neuroscience, pain, oncology, inflammation and metabolic diseases. Leveraging these skills and expertise the Company intends to develop best-in-class differentiated therapeutics and deliver superior science-driven discovery alliances with pharmaceutical and biotechnology companies. Evotec has long-term discovery alliances with partners including Boehringer Ingelheim, MedImmune, CHDI, Genentech, Novartis, Ono Pharmaceutical and Roche. Evotec has product candidates in clinical development and a series of preclinical compounds and development partnerships, including for example a strategic alliance with Roche for the EVT 100 compound family, subtype selective NMDA receptor antagonists for use in treatment-resistant depression and an alliance in the field of diabetes with Andromeda (Teva). For additional information please go to www.evotec.com.
ABOUT HARVARD UNIVERSITY'S OFFICE OF TECHNOLOGY DEVELOPMENT
The Harvard Office of Technology Development (OTD) is responsible for all activities pertaining to the evaluation, patenting and licensing of new inventions and discoveries made at Harvard University and Harvard Medical School. OTD also serves to further the development of Harvard technologies through the establishment of sponsored research collaborations with industry. OTD's mission is to promote the public good by fostering innovation and translating new inventions made at Harvard into useful products available and beneficial to society.
— Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements about our expected 2010 financial results and financial growth in 2011, our anticipated financing needs, our ability to deliver on our liquidity guidance, our belief that we are on course to sustainable profitability latest in 2012, our expectations and assumptions concerning regulatory, clinical and business strategies, the progress of our clinical development programmes and timing of the commencement and results of our clinical trials, strategic collaborations and management's plans, objectives and strategies. These 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. In particular, the risks and uncertainties include, among other things: risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured; the risk that we will not achieve the anticipated benefits of our collaborations, partnerships and acquisitions in the timeframes expected, or at all; risks relating to our ability to advance the development of product candidates currently in the pipeline or in clinical trials; our inability to further identify, develop and achieve commercial success for new products and technologies; the risk that competing products may be more successful; our inability to interest potential partners in our technologies and products; our inability to achieve commercial success for our products and technologies; our inability to protect our intellectual property and the cost of enforcing or defending our intellectual property rights; our failure to comply with regulations relating to our products and product candidates, including FDA requirements; the risk that the FDA may interpret the results of our studies differently than we have; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully secure regulatory approval of and market our drug candidates; and risks of new, changing and competitive technologies and regulations in the U.S. and internationally.
The list of risks above is not exhaustive. Our most recent Annual Report on Form 20-F, filed with the Securities and Exchange Commission, and other documents filed with, or furnished to the Securities and Exchange Commission, contain additional factors that could impact our businesses and financial performance. 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: Dr. Werner Lanthaler Chief Executive Officer +49.(0)40.560 81-242 +49.(0)40.560 81-333 Fax email@example.com Evotec AG Schnackenburgallee 114 22525 Hamburg (Germany)