HAMBURG, Germany--(EON: Enhanced Online News)--Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) announced today that it will extend its existing relationship with Eternygen GmbH ("Eternygen") by becoming an investor in addition to being a pre-clinical drug discovery partner. Within a consortium of investors including VC Fonds Technologie Berlin, managed by IBB Beteiligungsgesellschaft mbH, and two renowned family offices, Epidarex and Evotec together will participate in Eternygen's latest funding round of EUR 8 m (approx. $ 8.3 m).
“Epidarex is pleased to be backing such a strong group of scientific and commercialisation partners to advance this promising technology and ultimately improve human health worldwide.”
Eternygen, a privately owned metabolic diseases company based in Berlin, Germany, is focused on the sodium coupled citrate transporter ("NaCT"), a novel target which is also known as INDY ("I am Not Dead Yet"). INDY is a key regulator of energy metabolism that may be involved in the pathogenesis of nonalcoholic fatty liver disease ("NAFLD"), nonalcoholic steatohepatitis ("NASH"), diabetes and obesity. Eternygen will use the proceeds of the Series A funding to accelerate its small molecule NaCT inhibitors towards the selection of a pre-clinical lead candidate. Eternygen will rely on Evotec's best-in-class drug discovery platform and metabolic disease expertise to conduct all work to the selection of pre-clinical development candidate and possibly beyond.
Dr Cord Dohrmann, Chief Scientific Officer of Evotec, commented: "We are very excited to take part in the growth and ownership of a company which together with Evotec has assembled world-leading expertise and tools around a very promising mechanism in metabolic diseases. Combining academic excellence with a highly focused management team and a proven platform is a highly effective model for Evotec to bring forward projects with first-in-class potential. Eternygen perfectly fits into this mold."
Marco Janezic, CEO Eternygen GmbH, said: "The successful completion of our series A round with a syndicate of renowned investors is great recognition for the achievements at Eternygen. Epidarex and Evotec have significant expertise turning novel targets into successful drug development projects and to commercialise such programmes. We are convinced that the world-class metabolic drug development expertise these investors bring to the table will greatly accelerate and enhance our company."
Kyp Sirinakis, Managing Partner at Epidarex Capital, added: "Epidarex is pleased to be backing such a strong group of scientific and commercialisation partners to advance this promising technology and ultimately improve human health worldwide."
No further financial details are disclosed.
ABOUT ETERNYGEN GMBH
Eternygen is a Berlin based Biotech Company founded in June 2012 focusing on research, development and marketing of NaCT inhibitors for the treatment of dietary-related metabolic diseases. The founding team consists of renowned scientists from leading German universities and academic institutes as well as serial entrepreneurs from the venture and industry community. Eternygen is a virtual company supported by a network of senior industry experts and contract research organizations. Eternygen shareholders include Epidarex Capital, Evotec AG, VC Fonds Technologie, Berlin, Germany managed by IBB Beteiligungsgesellschaft mbH, and two renowned family offices. For additional information please go to www.eternygen.com.
ABOUT EPIDAREX CAPITAL
Epidarex Capital invests in early-stage, high growth life science and health technology companies in under-ventured markets within the UK and US. Epidarex was created to meet the need for more sector-specific risk capital for young companies, including spin-outs from leading research universities. The fund's international management team has a track record of successfully partnering with top scientists and entrepreneurs to develop highly innovative products for the global healthcare market. For further information please visit www.epidarex.com.
ABOUT IBB BETEILIGUNGSGESELLSCHAFT IBB
Beteiligungsgesellschaft (www.ibb-bet.de) provides innovative Berlin-based companies with venture capital and has established itself in Berlin as a market leader in early-stage financing. The funds are used primarily for developing and launching innovative products or services and creative business concepts. Currently, two funds managed by IBB Beteiligungsgesellschaft are in the investment phase: the VC Fonds Technologie Berlin, with assets of 60 million EUR, and the VC Fonds Kreativwirtschaft Berlin, with assets of 40 million EUR. Both VC funds are subsidized by the Investitionsbank Berlin (IBB) and the European Regional Development Fund (ERDF), managed by the State of Berlin. For additional information please go to www.IBB-Bet.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, academics, patient advocacy groups and venture capitalists. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic to meet the industry's need for innovation and efficiency in drug discovery (EVT Execute). 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, diabetes and complications of diabetes, pain and inflammation, oncology and infectious diseases. On this basis, Evotec has built a broad and deep pipeline of more than 70 partnered product opportunities at clinical, pre-clinical and discovery stages (EVT Innovate). Evotec has established multiple long-term discovery alliances with partners including Bayer, CHDI, Sanofi or UCB and development partnerships with e.g. Janssen Pharmaceuticals in the field of Alzheimer's disease, with Sanofi in the field of diabetes and with Pfizer in the field of tissue fibrosis and with Celgene in the field of neurodegenerative diseases. 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 press release. 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.
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