Evotec AG has entered into a research alliance with Panion, Ltd., a subsidiary of Convergence Pharmaceuticals, to discover and develop compounds against a novel GPCR pain target. Evotec will be responsible for key drug discovery activities and will work with Convergence to identify preclinical candidates during a period of three years. If certain preclinical milestones are achieved, Convergence and Evotec will jointly develop the assets into the clinic or via partnering. Financial details were not disclosed.
Dr. Mario Polywka, chief operating officer of Evotec, said, "Pain remains a major unmet medical need with estimates of 1.5 billion people worldwide suffering from this often chronic ailment. This alliance with Convergence marries our complementary expertise in the field of pain and leverages our world- class platform for addressing targets associated with pain. Supported by the Biomedical Catalyst Early Stage Round 2 grant, we look forward to collaborating with Convergence to bring a new class of analgesic candidates to the clinic."
Brenda Reynolds, chief operating officer of Convergence, said, "We are pleased to have formed this alliance with Evotec and we are confident that, with our knowledge of the therapeutic area of pain and Evotec's expertise in drug discovery, this partnership will prove valuable to both parties and help to facilitate the delivery of new treatments to patients. This is the first TSB Grant awarded to a subsidiary of Convergence, a testament to our leading position in pain, and we would like to thank the TSB for their support."