Clinical Trial Milestone achieved
Evotec receives EUR 2.0 million milestone payment from Boehringer Ingelheim
Hamburg, Germany - 19 May 2010: Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX) today announced that a compound in its strategic alliance with Boehringer Ingelheim has advanced into clinical trials. With the initiation of the Phase I clinical studies for this compound, Evotec will receive a milestone payment of EUR 2.0 million. The compound, which was discovered and optimised within the alliance, is being developed as a novel treatment for neuropathic pain, a disease caused by damage or dysfunction of the nervous system and affecting up to 7-8% of the world's population.
The alliance has involved working on multiple high priority targets across key therapeutic areas and has recently been expanded for four further years to include oncology. So far it has resulted in eight milestone payments from multiple programmes.
Dr Werner Lanthaler, Chief Executive Officer of Evotec, added: "This clearly validates our strategy of creating value for our partners and further emphasises our expertise in providing most efficient integrated drug discovery solutions for our collaborators. We are looking forward to advancing other exciting projects towards the clinic as part of this innovative alliance."
About the Collaboration
In 2004, Evotec entered into a multi-year, multi-target drug discovery collaboration with Boehringer Ingelheim to jointly identify and develop preclinical development candidates for the treatment of various disease areas including CNS, inflammation, cardiometabolic and respiratory diseases. In 2009, the collaboration was extended for an additional 4 years term and the scope expanded to include oncology targets. Under the terms of the agreement, Boehringer Ingelheim has full ownership and global responsibility for clinical development, manufacturing and commercialisation of the compounds identified. In return, Evotec receives ongoing research payments and preclinical milestones. Furthermore, the contract provides substantial long-term upside for Evotec through potential payments for successful milestone achievements during clinical development and royalties when new drugs reach the market.
About Neuropathic pain
Neuropathic pain is a type of pain which is caused by damage to or dysfunction of the nervous system. There is often no 'injury' or tissue damage that triggers the pain. However, the function of the nerve is affected in a way that it sends pain messages to the brain. Neuropathic pain is often described as burning, stabbing, shooting, aching, or like an 'electric-shock'. According to the Pain journal (Bouhassira et al, 2008), as much as 7% to 8% of the world's population is affected. Furthermore, it was noted in the same journal (Dworkin et al, 2007) that neuropathic pain can be very difficult to treat with only some 40-60% of patients achieving partial relief.
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