surf1944
17 years ago
Evotec Completes Acquisition of Renovis -- ADSs Begin Trading Today
HAMBURG, Germany and SOUTH SAN FRANCISCO, Calif., May 5, 2008 (PRIME NEWSWIRE) -- Evotec AG (Frankfurt:EVT) today announced that at the close of business on Friday May 2nd the merger was successfully completed, that Renovis, Inc. (traded formerly on NASDAQ:RNVS) became a wholly owned subsidiary of Evotec, and that trading of the Evotec American Depository Shares, or ADSs, will begin today on the NASDAQ Global Market under they trading symbol "EVTCV."
The ADSs will trade on a "when issued" basis under the symbol "EVTCV" until they are eligible for normal trade settlement, currently anticipated to be within two weeks of the acquisition at which time the ADSs will trade under the symbol "EVTC."
In exchange for each outstanding share of Renovis common stock, Renovis stockholders are receiving 0.5271 ADSs, of Evotec. Each Evotec ADS represents two ordinary shares of Evotec. As a result, Evotec is issuing an aggregate of 34,970,268 new ordinary shares underlying the ADSs. Current Evotec stockholders now own approximately 68.8% of the combined company and Renovis stockholders own up to 31.2%.
To ensure that new Evotec shareholders will be able to participate in this year's Annual General Meeting, Evotec has scheduled the meeting to be held on August 28, 2008. The Executive Management Team of Evotec is the Executive Management Team of the combined company with Jorn Aldag serving as President & Chief Executive Officer. Dr Michael Kelly, currently Senior Vice President, Research & Development of Renovis, will join Evotec's Executive Management Team and will be President of Evotec's site in California. The combined company's Supervisory Board will consist of six directors. At Evotec's upcoming Annual General Meeting, Dr Corey Goodman, former Chief Executive Officer & President of Renovis, and John Walker, Executive Chairman and Principal Executive Officer of Renovis are expected to be elected as new members of Evotec's Supervisory Board.
"The acquisition enhances Evotec's emerging clinical story. Our three clinical candidates are now backed by a strong late stage preclinical pipeline focusing on areas of neurological and inflammatory diseases, and we have pro-forma cash and investments of approximately US$ 188 million (as of March 31, 2008). By combining Evotec's drug discovery and development know-how with Renovis' medicinal chemistry and target validation expertise, we now have world class discovery capabilities, a strong pipeline in CNS disorders and several significant research partnerships with leading pharmaceutical companies such as Boehringer Ingelheim, Pfizer and Roche. By the end of 2009, we expect to have at least 6 compounds in clinical development, 3 of which should have proof-of-concept data to attract partners, and our cash is expected to last through 2010," said Jorn Aldag, President & Chief Executive Officer of Evotec.
Key highlights of Evotec now include: Three clinical programs, three advanced preclinical programs, and partnerships
* EVT 201: a partial positive allosteric modulator (pPAM) of GABAA receptors for the treatment of insomnia. In 2007, the compound has shown robust effects on sleep onset and sleep maintenance in two Phase II proof-of-concept studies in adult primary insomnia patients and elderly primary insomniacs. The data provided encouraging evidence of the drug's potential to address many of the shortcomings of commercially available prescription sleep aids. Evotec intends to partner EVT 201 in 2008.
* EVT 101: one of the few orally active and selective antagonists of the NR2B subunit-containing NMDA receptors in clinical development. Its selectivity may offer clinical advantages over current Alzheimer therapies and the Company believes that there is significant potential in a number of pain indications. EVT 101 was well tolerated in Phase I studies and recently released initial data from Phase Ib studies has confirmed our enthusiasm for the drug candidate's potential to enter the brain and affect those regions of the brain that relate to the performance of cognitive tasks and to pain. Additional data from these studies is expected this quarter.
* EVT 302: an orally active, highly selective and reversible inhibitor of MAO-B in development for smoking cessation with a potential additive effect to nicotine-based therapies, and with the potential for once per week dosing and for a superior safety profile. Results from Phase I PET and safety and tolerability studies were reported since the announcement of the transaction, which laid a foundation for moving forward to Phase II proof-of-concept trials. A Phase II craving study started in February 2008 and a Phase II quit rate study is expected to start in the middle of the year. The studies will read out in the third quarter 2008 and the first half of 2009, respectively.
...Innovative preclinical pipeline
The combined company's preclinical pipeline complements Evotec's clinical portfolio, and includes candidates expected to enter Phase I clinical trials in 2008:
* VR1 antagonists: The lead preclinical program is a collaboration with Pfizer Inc. in which Evotec will be eligible to receive milestone payments of more than US$ 170 million and double-digit royalties on worldwide net sales of products successfully developed and commercialized. Potential products include broadly applicable analgesics with a potentially differentiated profile for a variety of chronic or acute pain indications as well as urinary incontinence and asthma. Entry into human clinical trials is expected for the first half of 2008.
* P2X7 antagonists: Products include potential novel treatments for rheumatoid arthritis, irritable bowel syndrome, and chronic obstructive pulmonary disease. Human clinical trials are expected to begin in 2008. The program is unpartnered, and as such Evotec has worldwide rights for its development.
* P2X3 antagonists: Products include potential first-in-class treatments for inflammatory/neuropathic pain and urinary disorders. Human clinical trials are expected to begin in the first half of 2009. The program is unpartnered, and as such Evotec has worldwide rights for its development.
...Partnerships
* Evotec has research partnerships with a number of pharmaceutical and biotechnology companies, research foundations and renowned academic institutes, including Boehringer Ingelheim, CHDI, Pfizer and Roche.
...Advisers
* Lehman Brothers Inc. served as the financial advisor to Evotec.
* Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. and Freshfields Bruckhaus Deringer were legal counsel.
About Evotec AG
Evotec is a leader in the discovery and development of novel small molecule drugs. Both through its own discovery programs and through research collaborations, it is generating the highest quality research results to its partners in the pharmaceutical and biotechnology industries. In proprietary projects, Evotec specializes in finding new treatments for diseases of the Central Nervous System. Evotec has three programs in clinical development: EVT 201, a partial positive allosteric modulator (pPAM) of the GABAA receptor complex for the treatment of insomnia, EVT 101, a subtype selective NMDA receptor antagonist for the treatment of Alzheimer's disease and/or pain, and EVT 302, a MAO-B inhibitor in development for smoking cessation. Evotec's proprietary preclinical research programs focus on the purinergic receptors, P2X3 and P2X7, for the potential treatment of pain and inflammatory diseases. In addition, Evotec has worldwide collaboration and license agreements with Pfizer to research, develop and commercialize small molecule vanilloid receptor (VR1) antagonists. For additional information please go to www.evotec.com
surf1944
17 years ago
Glass Lewis & Co. Recommends Renovis Shareholders Vote For Merger With Evotec
Tuesday April 22, 8:30 am ET
SOUTH SAN FRANCISCO, April 22 /PRNewswire-FirstCall/ -- Renovis, Inc. (Nasdaq: RNVS - News), today announced that Glass Lewis & Co., a leading proxy advisory firm, has joined ISS/Risk Metrics in recommending that Renovis stockholders vote "FOR" the merger agreement with Evotec AG (Frankfurt Stock Exchange: EVT) at the Special Stockholders Meeting scheduled for May 1, 2008. In the proposed merger, each share of Renovis common stock will be converted into the right to receive the equivalent of 1.0542 Evotec ordinary shares.
The Board of Directors of Renovis unanimously recommends that stockholders vote "FOR" the approval and adoption of the agreement and plan of merger, and the approval of the merger and related transactions as described in the proxy statement/prospectus.
The company encourages all stockholders to vote their shares promptly by phone, Internet, or by mailing their proxy card, and to contact MacKenzie Partners at 800/322-2885 or collect at 212/929-5500 if they have any questions or need any assistance in voting their shares.
About Renovis
Renovis is a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of neurological and inflammatory diseases. The Company's proprietary research programs focus on the purinergic receptors, P2X3 and P2X7, for the potential treatment of pain and inflammatory diseases. In addition, Renovis has a worldwide collaboration and license agreement with Pfizer to research, develop and commercialize small molecule vanilloid receptor (VR1).
For additional information about the company, please visit http://www.renovis.com.
Forward-Looking Statements
This communication contains certain forward-looking statements. All statements, other than statements of historical facts, regarding the likelihood and timing of the completion of the business combination transaction involving Evotec and Renovis, the conversion of Renovis shares into a right to receive Evotec shares, the anticipated benefits of such transaction and the plans and objectives of management are forward-looking statements and are based on management's current expectations and estimates. We may not actually achieve these plans, intentions or expectations and Renovis cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make.
Factors that could cause or contribute to such differences may include, but are not limited to, risks relating to the integration of the technologies and businesses of Evotec and Renovis, unanticipated expenditures, changing relationships with customers, suppliers and strategic partners, conditions of the economy and other factors described in the Registration Statement on Form F-4 filed with the SEC by Evotec and the most recent reports on Form 10-K, Form 10-Q, Form 8-K and other periodic reports filed by Renovis with the SEC.
Additional information about the transaction
Renovis filed a Current Report on Form 8-K with the Securities and Exchange Commission on September 24, 2007, that includes as an exhibit the Agreement and Plan of Merger between Evotec and Renovis. Evotec and Renovis have mailed a joint proxy statement/prospectus to stockholders of Renovis in connection with the proposed merger. This document contains important information about the merger and should be read before any decision is made with respect to the merger. Investors and stockholders will be able to obtain free copies of this document and any other documents filed or furnished by Evotec or Renovis through the website maintained by the Securities and Exchange Commission at www.sec.gov. Free copies of these documents may also be obtained from Renovis by directing a request to Renovis' Investor Relations department at Two Corporate Drive, South San Francisco, California 94080 or from Evotec by directing a request to Evotec's Investor Relations department at Schnackenburgallee 114, 22525 Hamburg, Germany.
In addition to the documents referenced above, Renovis files or furnishes annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission. You may read and copy any reports, statements or other information filed or furnished by Renovis at the SEC's Public Reference Room at Station Place, 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents by writing to the SEC and paying a fee for the copying cost. Please call the SEC at 1-800-SEC-0330 for more information about the operation of the Public Reference Room. Renovis's SEC filings are also available to the public at the SEC's web site at www.sec.gov, or at http://www.renovis.com.
Participants in Solicitations
Renovis and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from stockholders of Renovis in connection with the merger. Information regarding Renovis's directors and executive officers is available in the joint proxy statement/prospectus, which has been mailed to stockholders of Renovis in connection with the proposed merger proxy statement, and the other relevant documents filed with the SEC.
surf1944
17 years ago
Form 8-K for RENOVIS INC
11-Jan-2008
Other Events
Item 8.01 Other Events
On January 7, 2008, Evotec AG, an Aktiengesellschaft organized and existing under the laws of the Federal Republic of Germany ("Evotec"), filed a Registration Statement on Form F-4 for the registration with the Securities and Exchange Commission (the "SEC") of its ordinary shares to be issued in connection with the proposed merger of Evotec and Renovis, Inc., a Delaware corporation ("Renovis"). These shares will underlie the Evotec AG American Depository Shares, or ADSs, that Renovis stockholders are to receive in connection with the proposed merger. JPMorgan Chase Bank, N.A., as depositary, will issue the ADSs. Renovis currently expects that the transaction will close during the first half of 2008, subject to the approval of Renovis's stockholders, approval of Evotec's NASDAQ listing and antitrust regulatory clearance, as well as other customary closing conditions.
Additional information about the transaction
The Registration Statement on Form F-4 filed by Evotec on January 7, 2008 includes as an exhibit the Agreement and Plan of Merger between Evotec and Renovis. Evotec and Renovis expect to mail a joint proxy statement/prospectus, which forms part of the Registration Statement on Form F-4, to shareholders of Renovis in connection with the proposed merger. This document will contain important information about the merger and should be read before any decision is made with respect to the merger. Investors and stockholders will be able to obtain free copies of this document and any other documents filed or furnished by Evotec or Renovis through the website maintained by the SEC at www.sec.gov. Free copies of these documents may also be obtained from Evotec, by directing a request to Evotec's Investor Relations department at Schnackenburgallee 114, 22525 Hamburg, Germany, or from Renovis, by directing a request to Renovis's Investor Relations department at Two Corporate Drive, South San Francisco, California 94080. In addition to the documents referenced above, Renovis files or furnishes annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any reports, statements or other information filed or furnished by Renovis at the SEC's Public Reference Room at Station Place, 100 F Street, N.E., Washington, D.C. 20549. You may request copies of these documents by writing to the SEC and paying a fee for the copying cost. Please call the SEC at 1-800-SEC-0330 for more information about the operation of the Public Reference Room. Renovis's SEC filings are also available to the public at the SEC's web site at www.sec.gov, or at Renovis's web site at www.renovis.com.
surf1944
17 years ago
Renovis Reports Second Quarter 2007 Financial Results
August 7, 2007 - 3:30 PM EST
SOUTH SAN FRANCISCO, Calif., Aug. 7 /PRNewswire-FirstCall/ -- Renovis, Inc. (Nasdaq: RNVS), a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of neurological and inflammatory diseases, today announced financial results for the second quarter ended June 30, 2007.
Revenue for the second quarter and the six months ended June 30, 2007 was $5.8 million and $7.1 million, respectively, compared to $3.7 million and $6.1 million in the corresponding periods in 2006. The increases in revenue resulted primarily from the Company's recognition of milestone revenue of $4.5 million related to our collaboration with Pfizer Inc. to research, develop and commercialize small molecules that target the vanilloid receptor, or VR1. In the corresponding periods in 2006 the Company earned $1.5 million in milestone revenue related to the Pfizer collaboration. The increase in revenue in the respective periods in 2007 was partially offset by a decrease in revenue that resulted from a change in the amortization period for the upfront license payment that Renovis received from Pfizer in 2005 in connection with the execution of the collaboration agreement. Following the Company's recent agreement with Pfizer to extend the term of their research collaboration for an additional year, through June 30, 2008, the amortization period for the upfront license payment was extended. Although the extension of the research collaboration provides for additional research funding to Renovis, it reduced the amount of upfront license fee revenue recognized in each of the first two quarters of 2007.
Research and development expenses for the second quarter and six months ended June 30, 2007 were $5.8 million and $14.2 million, respectively, compared to $7.0 million and $13.9 million during the same periods in 2006. The decrease in the second quarter of 2007 as compared to the corresponding period in 2006 resulted primarily from cost savings generated by the restructuring undertaken in January 2007. The increase in the six month period ended 2007 as compared to 2006 was primarily due to $0.8 million in non-recurring restructuring expenses and the non-cash charge of $1.4 million for the repurchase, at a price of $0.001 per stock option, and subsequent cancellation of certain stock options held by Company executives, both of which occurred in the first quarter of 2007. This increase was partially offset by cost savings following the Company's restructuring.
General and administrative expenses totaled $2.9 million and $12.0 million during the second quarter and six months ended June 30, 2007, compared to $3.7 million and $7.6 million during the same periods of 2006. The decrease in the second quarter of 2007 reflects the lower costs incurred following the restructuring. The increase in the first six months of 2007 from the same period of 2006 was primarily due to the non-cash charge of $5.9 million related to the stock option cancellation program, as well as the $0.2 million in restructuring charges, partially offset by cost savings as a result of the restructuring.
The net loss for the second quarter of 2007 was $1.8 million compared to $5.8 million in the second quarter of 2006. The net loss for the six months ended June 30, 2007 was $16.9 million compared to $13.0 million for the same period last year. Basic and diluted net loss per share in the quarter and six months ended June 30, 2007, was $0.06 and $0.57 compared to $0.20 and $0.45 in the comparable periods in 2006.
At June 30, 2007, Renovis had $85.8 million in cash, cash equivalents and short-term investments. This amount does not include the $4.5 million in milestone payments earned in the current quarter related to the Pfizer collaboration, which we received in July 2007.
Highlights
'We achieved two important milestones in our collaboration with Pfizer in the second quarter: the advancement into IND-enabling studies of a second VR1 product candidate; and the completion of certain studies with a previously nominated compound. We currently expect this program to be in the clinic in the first half of 2008. We also advanced a lead compound from our unpartnered P2X7 antagonist program into IND-track development, with a goal to initiate clinical studies in the first half of 2008. In addition, we have made progress in our unpartnered P2X3 antagonist and other exploratory programs. This continued progress plus the reduction of both G&A and R&D expenses as a result of our restructuring in January demonstrate our continued focus on enhancing the value of our stockholders' investments,' said Corey S. Goodman, Ph.D., President and Chief Executive Officer.
2007 Financial Guidance
Financial projections involve a high level of uncertainty due, among many factors, to the variability involved in predicting requirements of drug discovery and clinical development activities and the potential for Renovis to enter into new licensing agreements or strategic collaborations. We plan to update financial guidance for 2007, as necessary, when we release results for each quarter or upon the announcement of material corporate events.
For the year ending December 31, 2007, the Company continues to anticipate:
-- total contract revenue from existing agreements of $9.0 million to
$10.0 million; and
-- total operating expenses of $28.0 million to $32.0 million, excluding
non-cash, stock-based compensation to be recognized in accordance with
SFAS No. 123R and $1.0 million in restructuring expense.
Option Grants Under NASDAQ Marketplace Rule 4350
In accordance with NASDAQ Marketplace Rule 4350, Renovis granted employment inducement stock options to four non-executive employees hired between April 16, 2007 and July 9, 2007 to support the Company's research and development efforts.
The inducement stock options cover an aggregate of 34,400 shares of common stock and are classified as non-qualified stock options with an exercise price equal to the fair market value on the date of grant. These options were granted without stockholder approval pursuant to NASDAQ Marketplace Rule 4350 (i)(1)(A)(iv) with the Company's standard stock option terms, including a 10-year term and vesting over fours years.
About Renovis
Renovis is a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of neurological and inflammatory diseases. The Company's proprietary research programs focus on the purinergic receptors, P2X3 and P2X7, for the potential treatment of pain and inflammatory diseases. In addition, Renovis has a worldwide collaboration and license agreement with Pfizer to research, develop and commercialize small molecule vanilloid receptor (VR1) antagonists and an agreement with Genentech, Inc. in the areas of nerve growth and anti-angiogenesis.
For additional information about the company, please visit http://www.renovis.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial results, future revenues, future operating expenses, future preclinical and clinical development, anticipated preclinical and clinical development progress, and the plans and objectives of management are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Renovis cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that we make are described in greater detail in the reports we file with the Securities and Exchange Commission, including the 'Risk Factors' section of our Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on May 9, 2007, and our Annual Report on Form 10-K, which was filed on March 15, 2007. Renovis is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
RENOVIS, INC.
Condensed Statements of Operations
(All amounts in thousands, except per share amounts)
(Unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
2007 2006 2007 2006
Contract revenue $ 5,816 $ 3,650 $ 7,133 $ 6,128
Operating expenses:
Research and
development 5,780 6,982 14,208 13,854
General and
administrative 2,927 3,730 12,018 7,633
Total operating
expenses 8,707 10,712 26,226 21,487
Loss from operations (2,891) (7,062) (19,093) (15,359)
Other income, net 1,053 1,231 2,149 2,393
Net loss (1,838) (5,831) (16,944) (12,966)
Basic and diluted
net loss per share $ (0.06) $ (0.20) $ (0.57) $ (0.45)
Shares used to
compute basic and
diluted net loss
per share 29,609,853 29,178,167 29,574,197 29,077,767
RENOVIS, INC.
Condensed Balance Sheets
(in thousands)
June 30, December 31,
2007 2006
(unaudited) (1)
Assets:
Cash and cash equivalents $ 39,704 $ 41,958
Short-term investments 46,093 57,149
Prepaid and other current assets 5,902 928
Total current assets 91,699 100,035
Property and equipment, net 6,124 7,052
Other long-term assets 235 214
$ 98,058 $ 107,301
Liabilities and stockholders' equity
Current liabilities $ 7,400 $ 10,531
Long-term liabilities 2,629 3,684
Stockholders' equity 88,029 93,086
$ 98,058 $ 107,301
(1) Derived from audited financial statements at that date.
SOURCE Renovis, Inc.
Source: PR Newswire (August 7, 2007 - 3:30 PM EST)
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Stock
17 years ago
Renovis Announces Management Changes
SOUTH SAN FRANCISCO, Calif., June 28 /PRNewswire-FirstCall/ -- Renovis, Inc. (Nasdaq: RNVS), a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of neurological and inflammatory diseases, today announced the promotions of three key employees to management positions following the resignation of John C. Doyle, Senior Vice President of Corporate Development and Chief Financial Officer, who is leaving the Company to pursue another opportunity. Jeffrey S. Farrow has been promoted to Vice President of Finance and Chief Accounting Officer, and George F. Fraley has been promoted to Vice President of Legal Affairs and will also retain his current title as Associate General Counsel. In addition, Michael C. Ellis, Ph.D., has been promoted to Senior Director of Corporate Development. The Company has no current plans to replace Mr. Doyle.
'I would like to thank John for his service and contributions to Renovis and wish him well in his next endeavor,' said Dr. Goodman. 'He has played a key role at the Company during the last five years, including working closely with me on several important strategic initiatives following the failure of NXY-059 last October.
'Jeff, George and Mike have the skills and experience needed to execute these initiatives, and we remain focused on doing so successfully. In addition, our research and development team continues to make excellent progress as evidenced by the recent milestones achieved in our VR1 collaboration with Pfizer and by the selection of a lead compound for IND-track development in our unpartnered P2X7 antagonist program. Both programs are currently on track to begin clinical development in the first half of next year, and we are excited by their potential to yield breakthrough treatments for major medical needs in neurological and inflammatory disease indications,' Dr. Goodman continued.
Mr. Farrow joined Renovis in January 2004 from his previous position as a Senior Manager in the audit practice at KPMG LLP and has most recently served as Senior Director of Finance at the Company. Mr. Fraley joined the Company in September 2006 from Abgenix, Inc. following its acquisition by Amgen Inc. and before that was an associate in the corporate and securities practice at Cooley Godward LLP. Dr. Ellis joined Renovis as Director of Genomics in June 2001 and has served as Director of Corporate Development since 2003. In their new roles, Mr. Farrow, Mr. Fraley and Dr. Ellis will report directly to Dr. Goodman.
About Renovis
Renovis is a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of neurological and inflammatory diseases. The Company's proprietary research programs focus on the purinergic receptors, P2X3 and P2X7, for the potential treatment of pain and inflammatory diseases. In addition, Renovis has worldwide collaboration and license agreements with Pfizer to research, develop and commercialize small molecule vanilloid receptor (VR1) antagonists and an agreement with Genentech, Inc. in the areas of nerve growth and anti-angiogenesis.
For additional information about the company, please visit http://www.renovis.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial results, preclinical and clinical development activities, anticipated preclinical and clinical development progress, and the plans and objectives of management are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Renovis cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that we make are described in greater detail in the reports we file with Securities and Exchange Commission, including the 'Risk Factors' section of our Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on May 9, 2007, and our Annual Report on Form 10-K, which was filed on March 15, 2007. Renovis is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
SOURCE Renovis, Inc.
Source: PR Newswire (June 28, 2007 - 9:00 AM EDT)
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surf1944
18 years ago
Renovis Announces Achievement of Milestones in VR1 Collaboration with Pfizer Inc.
SOUTH SAN FRANCISCO, June 8 /PRNewswire-FirstCall/ -- Renovis, Inc. (Nasdaq: RNVS), a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of neurological and inflammatory diseases, today announced the achievement of two milestones in its research collaboration with Pfizer Inc. to discover and develop VR1 antagonists for the potential treatment of pain and other indications.
The milestones include the placement of a second product candidate from the VR1 program into IND-enabling studies as well as completion of certain studies with a previously nominated compound. In addition to triggering aggregate payments of $4.5 million from Pfizer to Renovis, these milestones illustrate the continued productivity of the Company's joint effort with Pfizer.
'VR1 antagonists have the potential to become breakthrough treatments for chronic pain and several other important indications,' said Corey S. Goodman, Ph.D., President and Chief Executive Officer. 'Our goal for the VR1 program with Pfizer has been to discover and develop multiple product candidates to address the needs of patients in these areas. With the recent nomination of a second candidate for IND-enabling studies we believe we are making excellent progress toward this goal.'
'The joint project team has made significant progress since the companies began working together on the VR1 program in the middle of 2005,' said Michael G. Kelly, Ph.D., Senior Vice President of Research and Development. 'The program has already identified clinical candidates and we now look to be in the clinic during the first half of next year.'
2007 Financial Guidance
Financial projections involve a high level of uncertainty due, among many factors, to the variability involved in predicting requirements of drug discovery and clinical development activities and the potential for Renovis to enter into new licensing agreements or strategic collaborations. We plan to update financial guidance for 2007, as necessary, when we release results for each quarter or upon the announcement of material corporate events.
For the year ending December 31, 2007, the Company has updated its previously announced revenue guidance and now anticipates:
-- total contract revenue from existing agreements of $9.0 million to
$10.0 million; and
-- total operating expenses of $28.0 million to $32.0 million, excluding
non-cash, stock-based compensation to be recognized in accordance with
SFAS No. 123R and $1.1 million in restructuring expense.
About Renovis
Renovis is a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of neurological and inflammatory diseases. The Company's proprietary research programs focus on the purinergic receptors, P2X3 and P2X7, for the potential treatment of pain and inflammatory diseases. In addition, Renovis has worldwide collaboration and license agreements with Pfizer to research, develop and commercialize small molecule vanilloid receptor (VR1) antagonists and an agreement with Genentech, Inc. in the areas of nerve growth and anti-angiogenesis.
For additional information about the company, please visit www.renovis.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial results, including future revenues and expenses, future financial position, preclinical and clinical development activities, anticipated preclinical and clinical development progress, and the plans and objectives of management are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Renovis cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that we make are described in greater detail in the reports we file with Securities and Exchange Commission, including the 'Risk Factors' section of our Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on May 9, 2007, and our Annual Report on Form 10-K, which was filed on March 15, 2007. Renovis is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
SOURCE Renovis, Inc.
Source: PR Newswire (June 8, 2007 - 9:00 AM EDT)
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