Evotec Wins German Government Research Grant
News Nov 19, 2009
Evotec has announced that it has been granted up to €2.5 m in research funds from the BMBF, within the Neu2 consortium, to advance research and development activities on the target Serine Racemase for potential use in neuroprotection.
Evotec will use its drug discovery platform and expertise in progressing this program towards the clinic, particularly making use of its high quality compound library and proprietary fragment-based drug discovery platform.
The Neu2 consortium, including Evotec, MerckSerono, the European ScreeningPort GmbH, Bionamics GmbH, and the University Medical Center Hamburg-Eppendorf amongst others were successful against stiff competition in this nationwide competition. The goal of the competition is to strengthen the German pharmaceutical industry and to bring innovation to market. The winning consortium, within which Evotec plays an important role, focuses on developing therapeutics aimed at Multiple Sclerosis and other neurodegenerative diseases.
Dr Klaus Maleck, Chief Financial Officer of Evotec comments: “Evotec is pleased to work on identifying new drugs against neurodegenerative diseases within this consortium. At the same time, this grant represents a valuable alternative to financing our research without jeopardizing our patent position. The work has the potential to make major improvements to the quality of life of the patient and can have considerable, non-dilutive impact on our investment case.”