Evotec Announces Initiation of Phase I Clinical Trial of VR1 Antagonist under Partnership with Pfizer Inc.

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Hamburg, Germany - Evotec AG (Frankfurt Stock Exchange: EVT; NASDAQ:
EVTC) announced today that dose escalation studies for a Phase I
clinical trial of a small molecule VR1 (vanilloid receptor 1)
antagonist is being progressed by Pfizer Inc. under the collaboration
with Evotec. The Phase I study is a randomised, double-blind and
placebo-controlled single ascending dose study in healthy volunteers
to evaluate the compound's safety, tolerability and pharmacokinetic
profile after oral administration.

The VR1 receptor is one of the best characterized members of the
transient receptor potential (TRP) family of ion channel proteins.
Ion channels mediate and influence cell signalling and are attractive
targets for drug discovery. Antagonists of VR1, which prevent the
activation of nerve cell signalling, are predicted to be useful in
the treatment of pain, urinary incontinence and other diseases and
disorders.

Michael G. Kelly, Ph.D., President, Renovis, Inc., Evotec's US
subsidiary, commented: "We are extremely pleased that Pfizer has now
initiated clinical Phase I with a VR1 antagonist resulting from our
collaboration. Safe and effective antagonists of this receptor have
the potential to improve treatment in multiple large indication areas
where patients are poorly served by existing therapies. At the same
time, this demonstrates the progress and productivity of our joint
research effort."

In May 2005, Pfizer entered into this worldwide collaboration and
license agreement with Renovis, now a wholly-owned subsidiary of
Evotec, to research, develop and commercialize small molecules that
target the VR1 receptor. Under the terms of the agreement, the two
companies combined their VR1 research and development programs.
Pfizer has exclusive worldwide rights to commercialize products that
result from the collaboration. Additionally, Evotec is eligible to
receive development and commercialisation milestones of greater than
$170 million as well as double-digit royalties upon commercialisation
of a product resulting from the collaboration.

Contact: Anne Hennecke, Senior Vice President, Investor Relations &
Corporate Communications, Evotec AG, Phone: +49-40-56081-286,
anne.hennecke@evotec.com

Forward-Looking Statements
Information set forth in this press release contains forward-looking
statements, which involve a number of risks and uncertainties. Such
forward-looking statements include, but are not limited to,
statements about our expectations and assumptions concerning
regulatory, clinical and business strategies, the progress of our
clinical development programs and timing of the results of our
clinical trials, strategic collaborations and management's plans,
objectives and strategies. These statements are neither promises nor
guarantees, but are subject to a variety of risks and uncertainties,
many of which are beyond our control, and which could cause actual
results to differ materially from those contemplated in these
forward-looking statements. In particular, the risks and
uncertainties include, among other things: risks that product
candidates may fail in the clinic or may not be successfully marketed
or manufactured; risks relating to our ability to advance the
development of product candidates currently in the pipeline or in
clinical trials; our inability to further identify, develop and
achieve commercial success for new products and technologies;
competing products may be more successful; our inability to interest
potential partners in our technologies and products; our inability to
achieve commercial success for our products and technologies; our
inability to protect our intellectual property and the cost of
enforcing or defending our intellectual property rights; our failure
to comply with regulations relating to our products and product
candidates, including FDA requirements; the risk that the FDA may
interpret the results of our studies differently than we have; the
risk that clinical trials may not result in marketable products; the
risk that we may be unable to successfully secure regulatory approval
of and market our drug candidates; and risks of new, changing and
competitive technologies and regulations in the U.S. and
internationally.
The list of risks above is not exhaustive. Our Annual Report on Form
20-F, filed with the Securities and Exchange Commission, and other
documents filed with, or furnished to the Securities and Exchange
Commission, contain additional factors that could impact our
businesses and financial performance. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any such statements to reflect any change in our
expectations or any change in events, conditions or circumstances on
which any such statement is based.

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Evotec AG
Schnackenburgallee 114 Hamburg Germany

WKN: 566480; ISIN:
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