Hamburg, Germany - 07 January 2015: Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) and Padlock Therapeutics, Inc. ("Padlock") announced today that they have successfully completed an initial goal in a programme focused on developing inhibitors of protein-arginine deiminases (PADs) and have further extended the collaboration that was first signed in January 2014. Padlock is a company that is developing medicines targeting protein-arginine deiminases (PADs), enzymes with an important role in the generation of autoantigens, inflammation and immune complex formation in autoimmune diseases.
The collaboration initially began in January 2014 and now extends through March 2017. As part of the collaboration, Evotec provides a full range of research activities and expertise to Padlock including in vitro biology, high-throughput screening, structural biology, medicinal and computational chemistry and DMPK. Over the next period, Evotec and Padlock will progress multiple programmes through hit-to-lead and lead optimisation with the goal of delivering multiple development candidates. Under the terms of the initial agreement, Evotec was awarded a success payment and equity grant in addition to research payments. In the next phase of this agreement, Evotec is eligible for over $ 13 m in research payments and milestones.
Dr Mario Polywka, Chief Operating Officer of Evotec, commented: "We are excited to continue collaborating with Padlock. This collaboration highlights how Evotec's integrated drug discovery platform provides a unique complement to Padlock's innovative approach to this target class and associated therapeutic area. We look forward to mutual success over the coming years."
Dr Michael Gilman, Chief Executive Office Padlock Therapeutics, added: "Evotec has been an innovative and supportive partner during Padlock's successful seed phase. We look forward to continuing our work with Evotec scientists toward PAD-targeted medicines as fundamentally new therapies for patients with autoimmune disease."
No further financial details were disclosed.