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Biotech / Medical : Unquoted Biotechs
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To: nigel bates who wrote (40)12/6/2002 5:23:23 AM
From: nigel bates   of 253
 
HAMBURG -(Dow Jones)- Evotec OAI AG , a partner for integrated high- value-added drug discovery services to the pharmaceutical and biotechnology industries, said Friday it has signed an extension to its discovery chemistry agreement with Avidex Ltd.

Avidex is an Oxford-based company specialising in the development of novel therapeutics in the fields of immunology and cancer. The contract extends the very successful collaboration started in May 2002.

The collaboration is focused on optimising compounds designed to represent a novel approach for suppressing the inappropriate immune responses seen in autoimmune diseases.

Under the terms of the agreement, Evotec OAI will apply its extensive lead optimisation and medicinal chemistry expertise to further optimise the drug-like properties of the substances already identified. Based upon selected chemical templates Evotec OAI will continue to design and synthesise small molecules for Avidex.

"Seeing Avidex continuing our drug discovery collaboration is a strong further validation of the quality of our services and the value they bring to our customers. Successful long-term partnerships of this kind form a solid basis of our drug discovery business," said Joern Aldag, President and Chief Executive Officer of Evotec OAI.

"We chose Evotec OAI because of their track record in medicinal chemistry and lead optimisation. We wanted to work with a company which ideally complements our in-house biological resources and expertise," said James Noble, Chief Executive Officer of Avidex...
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