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Evotec AG. (9/18/14). "Press Release: Evotec Takes Legal Steps against Andromeda Biotech, Ltd.". Hamburg.

Organisations Organisation Evotec AG (FSE: EVT, TecDAX)
  Today Evotec SE (FSE: EVT, MDA X/TecDAX)
  Group Evotec (Group)
  Organisation 2 Andromeda Biotech Ltd.
  Group Horizon Therapeutics (Group)
Products Product DiaPep277®
  Product 2 clinical research services
Index terms Index term Clal Industries–Hyperion Therapeutics: investment, 201404–201406 acquisition of Andromeda Biotech for $12.5m in cash + 313k shares
  Index term 2 DeveloGen–Evotec: investment, 201007–201009 acquisition up to €14m in shares + possible cash earn-out

Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) announced today after careful evaluation that it will take legal steps against Israel-based Andromeda Biotech, Ltd. ("Andromeda") to recover all Evotec claims and potential damages that result from recent incidents in relation to DiaPep277®.

On 08 September 2014, US-based Hyperion Therapeutics, Inc. ("Hyperion") announced that it will discontinue the product development of DiaPep277® for newly diagnosed Type 1 diabetes, because Hyperion affirmed that it uncovered evidence that certain employees of Andromeda in collusion with a third-party biostatistics firm in Israel engaged in serious misconduct with regard to the use of generated data in order to manipulate the analyses to obtain a favourable result of the Phase III trial.

In 2007, DeveloGen AG ("DeveloGen") sold all rights to the drug candidate DiaPep277® to Andromeda, a newly formed wholly owned subsidiary of Clal Biotechnology Industries Ltd. Under the terms of this asset purchase agreement, DeveloGen transferred all rights in DiaPep277® to Andromeda in return for single-digit royalty rates and certain milestones in the single-digit rate upon commercialisation of DiaPep277®.

Evotec, which acquired DeveloGen in 2010, had no involvement in any aspect or decision-making regarding the development of DiaPep277®. Similarly, Evotec's subsidiary DeveloGen, was also not involved in any way in the further development of DiaPep277® after selling it to Andromeda in June 2007, and had absolutely no role in the data generation and analyses. Consequently in light of the recent developments with DiaPep277®, Evotec has decided to take legal steps against Andromeda to recover all Evotec claims and potential damages that result from this recent fraudulent activity.

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.

Record changed: 2017-04-02


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