Evotec, VC Consortium Form ‘Breakpoint Therapeutics GmbH’

• PORTFOLIO OF DRUG DISCOVERY PROJECTS TARGETING DNA DAMAGE RESPONSES (“DDR”), A HIGHLY PROMISING APPROACH TO TREAT CANCER PATIENTS
• BREAKPOINT THERAPEUTICS WILL ADVANCE MULTIPLE COMPLEMENTARY AND SYNERGISTIC DRUG DISCOVERY PROGRAMMES INITIATED AT EVOTEC
• STRONG CONSORTIUM OF RENOWNED FUNDING PARTNERS CONSISTING OF MEDICXI, TAIHO VENTURES, LLC AND EVOTEC PROVIDING EARLY STAGE FINANCING OF EUR 30 M

Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809) today announced the formation of Breakpoint Therapeutics GmbH, a spin-off company focusing on the development of Evotec’s DNA damage response (“DDR”) portfolio, comprising discovery-stage assets and drug targets that promise broad therapeutic application in a variety of cancers. Breakpoint Therapeutics’ mission is to develop first and best-in-class oncology drugs that interfere with DNA repair and replication stress pathways to facilitate the cure of therapy-resistant cancers.

Breakpoint Therapeutics will initially focus on advancing multiple drug discovery programmes initiated at Evotec that address high unmet medical needs of different patient groups. The goal of the spin-off company is to accelerate early projects through discovery and pre-clinical development and expect to deliver the first IND-ready drug in 2022.

The early stage funding amounting to EUR 30 m will be covered by a renowned international investor consortium led by Medicxi, a life sciences-focused investment firm, Taiho Ventures, LLC (“Taiho”), the venture capital arm of Taiho Pharmaceutical, and Evotec. Evotec will hold below 50% of the company and consolidate at equity accordingly.

The company will conduct its research activities using Evotec’s fully established, validated and industrialised platforms. This highly virtual set up of Breakpoint Therapeutics achieves maximal flexibility in accessing required resource to drive projects forward at highest scientific standards and best capital efficiency.

https://www.marketscreener.com/EVOTEC-SE-436047/news/EVOTEC-AND-VENTURE-CAPITAL-CONSORTIUM-FORM-BREAKPOINT-THERAPEUTICS-GMBH-28864672/