Hamburg, Germany | Abingdon, UK | Munich, Germany - Evotec OAI AG, Hamburg, Germany (Neuer Markt: EVT), a supplier of integrated high value added drug discovery services, and SiREEN AG, a drug discovery and development company, announced today the signing of a drug discovery and development agreement to identify and synthesise novel small molecule therapeutics.
 
In this collaboration Evotec OAI will perform assay development, screening and chemical synthesis for up to four targets over the next three years. Initially, SiREEN will select targets from which Evotec OAI will develop biological assays and perform screening using their high-quality lead discovery library to identify novel scaffolds. Additionally, SiREEN will access Evotec OAI's leading chemical synthesis platform to support the development of protein family specific compound libraries. Equally, SiREEN's technologies SiREENize and SiREENscreen can be used in Evotec OAI's processes with the aim to define highly selective lead compounds. The agreement combines both companies' core technologies and allows either party to access these for use in their drug discovery and service offerings respectively.
 
For the initial programme SiREEN will pay to Evotec OAI fees for services. In addition, Evotec OAI will receive an equity stake in SiREEN. Under the terms of the agreement both companies will receive milestone and royalty payments for the services provided. The agreement also includes an option to extend the collaboration beyond discovery to drug development programs. Additionally, over the next three years SiREEN will grant Evotec OAI access to proprietary technologies to augment Evotec OAI's comprehensive drug discovery platform.
 
"SiREEN's innovative drug discovery technology will add further value to our comprehensive Target-to-IND process," said Dr. Timm-H. Jessen, Chief Scientific Officer of Evotec OAI. "We are delighted that both companies will collaborate to enhance the search for novel therapeutics."
 
"We strongly believe that the combination of Evotec OAI's validated drug discovery platform and SiREEN's novel technologies SiREENize and SiREENscreen will boost the efficiency of the drug discovery and development process", said Dr. Michael Schäffer, SiREENs Chief Executive Officer. "There is a perfect fit between SiREEN and Evotec OAI and we are looking forward to strengthen our collaboration in the future."
 
About Evotec OAI AG
Evotec OAI offers a comprehensive range of high-value added services and products required to increase the efficiency and at the same time reduce the risk in the identification of new drugs. By integrating proprietary state-of-the-art technologies and processes in biology, chemistry and screening, the Company has established a unique position for all the critical elements in the drug discovery and development process - from target to clinical development. Due to its extensive know how and experience Evotec OAI is the ideal partner for pharma and biotech companies world-wide. To date, Evotec OAI has completed over 1,200 projects with 150 companies, including all of the top 20 global pharmaceutical companies and major biotechs.
 
The Company employs nearly 600 people, primarily at its two main sites at Hamburg in Germany and Abingdon in the UK. Subsidiaries are located in Europe and North America. In 2001 Evotec OAI achieved revenues of EUR 63.2 million. Evotec OAI shares are listed on the Neuer Markt of the Frankfurt Stock Exchange since November 1999 (NM: EVT).

About SiREEN AG
SiREEN (www.sireen.com) is a drug discovery and development company that uses an integrated system of molecular tools to develop novel small molecule inhibitors. SiREENs technology is designed to identify highly specific molecules which inhibit the function of disease related proteins. SiREEN believes that the application of its technologies SiREENize, SiREENscreen and SiREENvalid will lead to minimised side effects of its therapeutics and to a significantly reduced attrition rate in the cost extensive, later stages of drug development. SiREEN focuses on diseases that display an unmet medical need and initiated programmes in colon cancer, leukemias and neuroregeneration. SiREEN AG currently employs 10 people and is based in Munich, Germany.
 
Contacts:
Evotec OAI AG                                     
Anne Hennecke
Investor Relations & Corporate Communications
+49-40-56081-286
anne.hennecke@evotecoai.com
 
SiREEN AG
Dr. Michael Schäffer
Chief Executive Officer
+49-89 700760-17
schaeffer@sireen.com