Evotec OAI to Collaborate with Prolysis in the Development of New Antibiotics

Hamburg, Germany | Oxford, UK - Evotec OAI AG (NM: EVT), a partner for integrated high-value-added drug discovery services to the pharmaceutical and biotechnology industries, and Prolysis Ltd. (Oxford, UK), a biotechnology company dedicated to the discovery and development of new antibiotics, announced that they have entered into a three-year drug discovery agreement worth approximately EUR 5 million. During the course of this agreement Prolysis will gain access to over 20 man-years of dedicated expert chemistry resource. The agreement may be extended into development increasing its value to approximately EUR 10 million.
In the search for new antibiotic drugs the Evotec OAI team will apply its world-class biology, medicinal and computational chemistry skills to design and synthesise compounds against selected Prolysis targets. In this integrated biology and chemistry collaboration, Evotec OAI will optimise the drug-like and ADME/Tox properties of those substances using its cutting edge early ADME/Tox platform. Evotec OAI will receive fees for services as well as an equity stake in Prolysis.
Joern Aldag, President and Chief Executive Officer of Evotec OAI, commented: "We are pleased that Prolysis has chosen Evotec OAI as its preferred partner for drug discovery. With this strategic collaboration we have once more demonstrated the attractiveness of our business model to offer innovative deal structures to target-oriented biotech companies creating substantial value for both companies in a long-term relationship."
Professor Russell Smith, Prolysis' Acting Chief Executive Officer, added: "We are delighted to be working with Evotec OAI. Their excellent medicinal and computational chemistry skills combined with an integrated ADME/Tox platform will accelerate and add significant value to our drug discovery programmes. "
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 more than 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 Prolysis
Prolysis Ltd, a privately owned company, was established in 1998 and is a spinout from the University of Oxford. It is dedicated to the discovery and development of effective antibacterial compounds that meet the challenge of improved efficacy and  the avoidance of resistance, through novel modes of action. Prolysis has a wide range of skills and expertise in bacterial molecular and cellular biology, biochemistry, bioinformatics, functional genomics and proteomics. Prolysis uses novel patented assay technologies invented by Professor Jeff Errington at the Sir William Dunn School of Pathology at the University of Oxford,  to identify drug-like compounds that inhibit novel validated antibiotic targets. For further information about Prolysis visit www.prolysis.com.