The collaboration, now in its third year, could potentially extend through March 2017. Evotec provides research activities for Padlock including in vitro biology, high-throughput screening, structural biology, medicinal and computational chemistry and DMPK. The companies plan to progress multiple programs through hit-to-lead and lead optimization with the goal of achieving multiple development candidates. Evotec is eligible to receive success payments and an equity grant in addition to research payments totaling more than $13 million.
Dr. Michael Gilman, chief executive officer, Padlock Therapeutics, said, "We are excited about the swift progress we've made with our colleagues at Evotec. We have dramatically accelerated our understanding of the PAD enzyme family and created significant proprietary chemical equity around PAD inhibitors with the potential to make a meaningful difference in the lives of people with destructive autoimmune diseases."
Dr. Werner Lanthaler, chief executive officer of Evotec, said, "We are delighted about the great achievements in this program so far and how Venture Capital-financed virtual start-up companies like Padlock take advantage of Evotec's technological platform. We believe the combination of partnerships with asset-centric start-up companies and our industrial infrastructure creates tremendous value and will ensure that the therapeutic programs advance with increasing capital efficiency to discover molecules for clinical testing."