Hamburg, Germany - 10 November 2009: Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX) a leading provider in the discovery and development of novel small molecule drugs today announced that it plans to voluntarily delist its American Depositary Shares from the NASDAQ stock market and concentrate its share trading on the recently re-entered TecDAX platform.
Dr Werner Lanthaler, Chief Executive Officer of Evotec stated: "Evotec follows the trading behaviour of its shareholders thereby reducing unnecessary complexity in the capital market presence and related costs. Despite this delisting we intend to continually improve the information and service quality for our global shareholder base."
Evotec has given formal notice to the NASDAQ of its intention to voluntarily delist its American Depositary Shares. Evotec intends to file a Form 25 with the NASDAQ on 20 November 2009 to initiate the delisting which will become effective on 30 November 2009. As soon thereafter as the Company is eligible, the Company intends to file a Form 15 with the Securities and Exchange Commission to terminate the registration of the American Depositary Shares and the underlying ordinary shares.
During the second quarter of 2008 Evotec acquired Renovis and, in the context of this transaction, listed on NASDAQ. The Evotec ADSs are listed on the NASDAQ Global Market under the trading symbol "EVTC". Based on the "Evotec 2012 - Action Plan to Focus and Grow" Evotec implemented strict restructuring measures during the course of the second quarter 2009. As a consequence of these measures, Evotec closed its US operations in South San Francisco, California, during the third quarter 2009.
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 expectations and assumptions concerning regulatory, clinical and business strategies, the progress of our clinical development programs and timing of the 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 the Company may be unable to reduce its cash burn through recent restructuring and cost containment measures and may not recognize the results of such measures within the expected timeframe; 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.