Evotec AG (Frankfurt:EVT) (TecDAX) today announced that it has entered into a license and collaboration agreement with Zhejiang Jingxin Pharmaceutical Co., Ltd ("Jingxin Pharma") for EVT 201, a novel potential treatment for insomnia. The agreement grants Jingxin Pharma exclusive rights to develop and market the drug candidate in China. In return, Evotec will receive a small upfront payment, together with commercial milestones and significant royalties.
Jingxin Pharma will initiate clinical trials with EVT 201 in China in 2011. All development costs will be borne by Jingxin Pharma. Evotec will have the right to reference clinical data produced by Jingxin Pharma to support potential further development of EVT 201 in other territories.
Mr. Lu Gang, Chairman of the Board and General Manager of Jingxin Pharma, said: "Although certain aspects of insomnia are addressed by current treatments, high unmet medical needs remain for patients suffering from sleep problems. In two Phase II clinical trials Evotec has demonstrated that EVT 201 potentially offers advantages to existing insomnia agents. We are encouraged to further reveal the potential of this programme to the benefit of patients that are not adequately treated."
Dr Werner Lanthaler, Chief Executive Officer of Evotec AG, commented: "Jingxin Pharma is an enthusiastic partner keen to develop EVT 201 for China as the major emerging pharmaceutical market. This deal allows finally the further progression of Evotec's insomnia programme and therefore represents an important step in realising the drug candidate's intrinsic value."
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