HAMBURG, Germany, Jan. 7, 2015 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) (ISIN:DE0005664809) and Padlock Therapeutics, Inc. ("Padlock") announced today that they have successfully completed an initial goal in a programme focused on developing inhibitors of protein-arginine deiminases (PADs) and have further extended the collaboration that was first signed in January 2014. Padlock is a company that is developing medicines targeting protein-arginine deiminases (PADs), enzymes with an important role in the generation of autoantigens, inflammation and immune complex formation in autoimmune diseases.
The collaboration initially began in January 2014 and now extends through March 2017. As part of the collaboration, Evotec provides a full range of research activities and expertise to Padlock including in vitro biology, high-throughput screening, structural biology, medicinal and computational chemistry and DMPK. Over the next period, Evotec and Padlock will progress multiple programmes through hit-to-lead and lead optimisation with the goal of delivering multiple development candidates. Under the terms of the initial agreement, Evotec was awarded a success payment and equity grant in addition to research payments. In the next phase of this agreement, Evotec is eligible for over $ 13 m in research payments and milestones.
Dr Mario Polywka, Chief Operating Officer of Evotec, commented: "We are excited to continue collaborating with Padlock. This collaboration highlights how Evotec's integrated drug discovery platform provides a unique complement to Padlock's innovative approach to this target class and associated therapeutic area. We look forward to mutual success over the coming years."
Dr Michael Gilman, Chief Executive Office Padlock Therapeutics, added: "Evotec has been an innovative and supportive partner during Padlock's successful seed phase. We look forward to continuing our work with Evotec scientists toward PAD-targeted medicines as fundamentally new therapies for patients with autoimmune disease."
No further financial details were disclosed.
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, inflammation and infectious diseases. Evotec has long-term discovery alliances with partners including Bayer, Boehringer Ingelheim, CHDI, Genentech, Janssen Pharmaceuticals, MedImmune/AstraZeneca, Roche and UCB. In addition, the Company has existing development partnerships and product candidates both in clinical and pre-clinical development. These include partnerships with Boehringer Ingelheim and MedImmune in the field of diabetes, with Janssen Pharmaceuticals in the field of depression and with Roche in the field of Alzheimer's disease. For additional information please go to www.evotec.com.
ABOUT PADLOCK THERAPEUTICS, INC.
Padlock Therapeutics is a private, Cambridge, Massachusetts-based biotechnology company dedicated to creating new medicines to treat destructive autoimmune diseases. The company leverages the breakthrough science on the role of protein citrullination in disease to develop drugs targeting protein-arginine deiminase (PAD) enzymes. Padlock was founded by scientists at The Scripps Research Institute in conjunction with Atlas Venture. Padlock's Series A investors include Atlas Ventures, Johnson & Johnson Innovation - JJDC, MS Ventures, and Index Ventures. For more information on Padlock, visit www.padlocktherapeutics.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: For further information, please contact Gabriele Hansen VP, Corporate Communications & Investor Relations +49.(0)40.560 81-255 +49.(0)40.560 81-333 Fax email@example.com Evotec AG Manfred Eigen Campus Essener Bogen 7 22419 Hamburg (Germany)Source:Evotec AG