Evotec AG today announced that it has entered into a research alliance with Panion Ltd, a subsidiary of Convergence Pharmaceuticals Holdings Ltd. Convergence is a UK company focused on the development of novel, high value analgesics to treat chronic pain. Panion Ltd has been awarded a GBP 2.4 m Technology Strategy Board Biomedical Catalyst Early Stage Round 2 grant to discover and develop compounds against a novel GPCR pain target. Evotec will be responsible for undertaking key drug discovery activities and will work closely with the Convergence team in identifying pre-clinical candidates over the next three years. Subsequently, and upon meeting certain pre-clinical milestones, Convergence and Evotec will jointly progress the assets further into the clinic or via partnering. Further financials remain undisclosed.
Dr Mario Polywka, Chief Operating Officer of Evotec, commented: "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, commented: "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."