- Evotec extends its research collaboration with Ono to include an ion channel target
Hamburg, Germany - Evotec AG (Frankfurt Stock Exchange: EVT; NASDAQ: EVTC) today announced that it has extended its current research collaboration with Ono Pharmaceutical Co., Ltd. (Ono) and initiated a new discovery collaboration. Under the contract extension Evotec will provide integrated drug discovery activities, including high throughput screening, medicinal chemistry and in vitro pharmacology to discover novel, small molecular weight compounds active against an ion channel target selected by Ono. Ono will access Evotec's ion channel drug discovery platform and expertise and Evotec will receive research funding and milestone payments.
Evotec and Ono have collaborated since March 2008 identifying novel inhibitors for a protease target. Within this collaboration Evotec provides protein crystallography, medicinal chemistry, biology and ADMET services to Ono with the aim of progressing a compound towards clinical development.
"Since we have a high regard for Evotec's wide range of drug discovery technologies, and the existing collaboration with Evotec targeting a protease has progressed as planned, we are now pleased to enter into a new drug discovery agreement on an ion channel with Evotec utilizing their proprietary drug discovery platform. We anticipate the collaboration will result in identifying a novel drug candidate with a high potential" said Kazuhito Kawabata, Ph.D., Managing Director, Research Headquarters at Ono.
Dr Mario Polywka, Chief Operating Officer of Evotec, commented: "We are delighted to be expanding our collaboration and initiating a new discovery collaboration with Ono, a partner with whom we enjoy a close relationship. This expansion clearly demonstrates the value we bring to our alliance partners in the area of drug discovery. We look forward to continuing working closely with our colleagues at Ono."
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.