DGAP-Adhoc: Evotec announces update on DiaPep277(R)

 | Quelle: EQS Group AG EQS Group AG 

Evotec AG  / Key word(s): Miscellaneous

08.09.2014 18:03

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Evotec AG (Frankfurt Stock Exchange, Prime Standard, ISIN: DE 000 566480 9,
WKN 566480) was informed that US company Hyperion Therapeutics, Inc.
("Hyperion") is terminating the development of DiaPep277(R) for newly
diagnosed Type 1 diabetes.

In a press release published by Hyperion on 08 September 2014 at market
opening in the US, the company states that it has uncovered evidence that
certain employees of Andromeda Biotech, Ltd. ("Andromeda"), which Hyperion
acquired in June 2014, engaged in serious misconduct, involved with the
trial data of DiaPep277(R). Hyperion announced that it will complete the
DIA-AID 2 Phase 3 trial, but will terminate further development in
DiaPep277(R).

DiaPep277(R) is one of Evotec's advanced pipeline projects, where Evotec is
entitled to royalties and milestones. Given the situation of the programme
Evotec does no longer expect this project to hit the market. Therefore, the
company expects to record a non-cash impairment charge of EUR 8.7 m.

In addition, Evotec still has an open receivable against
Andromeda/Hyperion, which amounts to EUR 3.4 m, the payment of which is
required for Evotec to meet its profitability in 2014.


Contact: Dr Werner Lanthaler, Chief Executive Officer, Evotec AG, Manfred
Eigen Campus, Essener Bogen 7, 22419 Hamburg, Germany, Phone: +49.(0)40.560
81-242, werner.lanthaler@evotec.com


08.09.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Evotec AG
              Manfred Eigen Campus / Essener Bogen 7
              22419 Hamburg
              Germany
Phone:        +49 (0)40 560 81-0
Fax:          +49 (0)40 560 81-222
E-mail:       info@evotec.com
Internet:     www.evotec.com
ISIN:         DE0005664809
WKN:          566480
Indices:      TecDAX
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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