HAMBURG, Germany, Nov. 28, 2012 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) announced today that it has entered into a collaboration with Probiodrug AG, a privately owned biopharmaceutical company focused on the development of innovative drugs for the treatment of major age related diseases.
Under the terms of the agreement, Evotec will setup and validate assays to support the pre-clinical and clinical development of glutaminyl cyclase (QC) inhibitors for the treatment of Alzheimer's disease. Glutaminyl cyclase is a novel proprietary enzyme target discovered and validated by Probiodrug which plays a crucial role in the pathogenesis of Alzheimer's disease (AD) as well as potentially other diseases.
Dr Mario Polywka, Chief Operating Officer of Evotec commented: "We are pleased to enter this collaboration with Probiodrug to use our first class assay development capabilities to support the pre-clinical and clinical development of QC inhibitors in Alzheimer's disease and other indications. This is a good example of how Evotec can support Biotech companies with their specific drug discovery needs."
Hendrik Liebers, Chief Financial Officer of Probiodrug, added: "The collaboration will allow us to focus on the further pre-clinical and clinical development of our programmes in neurodegeneration/AD. Evotec, with its proven track record, is ideally suited to accompany this process by running existing and developing new biological assays."
ABOUT PROBIODRUG AG
Probiodrug is a biopharmaceutical company dedicated to the discovery and development of small molecule drugs against novel molecular targets for the treatment of neuronal and inflammatory diseases. The Company has a dominant position in the area of glutaminyl cyclase inhibition. Glutaminyl cyclase, a novel enzyme target discovered and patented by Probiodrug, has a crucial role in the pathogenesis of Alzheimer's disease (AD) as well as various peripheral inflammatory diseases.
Probiodrug is backed by institutions such as BB Biotech, Edmond de Rothschild Investment Partners, Goodvent/IBG, HBM, TVM, Life Sciences Partners, Biogen Idec Ventures, CFH Group, funds managed by Wellington Management, and private investors.
Probiodrug's core capabilities are based on its long-standing expertise in the elucidation of the structure and function of enzymes which play a central role in the maturation of hormones. The Company has pioneered the field of dipeptidyl peptidase 4 (DP4)-inhibition for the treatment of type 2 diabetes. Compounds and technology patents of its DP4 program in diabetes were licensed to various pharmaceutical companies. In 2004, all metabolic assets were sold to OSI Pharmaceuticals, Inc. The first drug based on Probiodrug's technologies reached the market in late 2006. Proceeds of the various transactions have been reinvested by the Company to fund the novel approach for the treatment of AD and inflammatory diseases.
The Company was founded in 1997 by Prof Dr Hans-Ulrich Demuth and Dr Konrad Glund. Probiodrug has raised EUR71 m for its QC program. For more information please visit www.probiodrug.de.
ABOUT EVOTEC AG
Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing innovative product approaches with leading pharmaceutical and biotechnology companies. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic. The Company has established a unique position by assembling top-class scientific experts and integrating state-of-the-art technologies as well as substantial experience and expertise in key therapeutic areas including neuroscience, pain, metabolic diseases as well as oncology and inflammation. Evotec has long-term discovery alliances with partners including Bayer, Boehringer Ingelheim, CHDI, Janssen, Genentech, Medimmune/AstraZeneca, and Ono Pharmaceutical. In addition, the Company has existing development partnerships and product candidates both in clinical and pre-clinical development. These include partnerships with Boehringer Ingelheim, MedImmune and Andromeda (Teva) in the field of diabetes, and with Roche in the field of Alzheimer's disease. For additional information please go to www.evotec.com.
FORWARD LOOKING STATEMENTS — Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this report. Such forward-looking 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. 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.
CONTACT: Dr Mario Polywka Chief Operating Officer +44.(0)1235.44 16 76 +44.(0)1235.86 31 39 Fax firstname.lastname@example.org Evotec AG Manfred Eigen Campus Essener Bogen 7 22419 Hamburg (Germany)Source:Evotec AG