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Evotec SE Investor Presentation 2006

May 11, 2006

151_ip_2006-05-11_43f15f57-b942-4c51-b5fb-019ebdd0916c.pdf

Investor Presentation

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Evotec AG: May 2006

Forward-looking statements

Any forward-looking statements in this presentation are subject to a number of risks and uncertainties. While this presentation represents management's current judgement on the future direction of the Company's business, the actual results could differ materially from those anticipated in these forward-looking statements. The Company undertakes no obligation to release publicly the results of any revisions to reflect events or circumstances arising after the date hereof.

3 clinical CNS programmes

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01 Evotec Overview

Emerging CNS company underpinned by established, profitable services business

  • zCNS pipeline with 3 clinical candidates
  • zContract services business with worldclass platform
    • Focus on small molecule drug development
    • Servicing over 120 customers
    • Powerful engine for proprietary research

  • zCritical mass

  • Group revenues 2005: €80m

  • 590 employees
  • zFSE Prime Segment, TecDAX 30

4

Agenda

  • 01 Evotec Overview
  • 02 Clinical CNS Pipeline

EVT 301: Alzheimer's disease EVT 101: Alzheimer's disease EVT 201: Insomnia

  • 03 Selected Service Partnerships
  • 04 Financials and Outlook

EVT 301: Alzheimer's disease

MAO-B inhibitor

Disease modifying potential in Alzheimer's disease

Status: Phase I Phase II due to begin in Q4 2006

EVT 301: Novel potentially disease modifying Alzheimer's treatment

  • z Orally active, potent, selective and reversible inhibitor of MAO-B
  • z Earlier unpublished Phase III trials by Roche of a first generation MAO-B inhibitor have demonstrated encouraging signs of slowing disease progression
  • z EVT 301 is a follow up compound from a chemically distinct series with a superior safety profile

MAO-B inhibition: A potentially disease modifying approach

Theoretical consequence of a slowing of symptom progression

Alzheimer's disease, oxidative stress and monoamine oxidase-B rationale

  • z Oxidative stress is a central feature of AD and may contribute to its pathogenesis
  • z MAO-B activity is stoichiometrically linked to H2O2 production, a ROS able to cross membranes and produce the highly reactive hydroxyl radical (HO.)

  • z MAO-B activity is markedly up-regulated in AD brain
  • z Blocking MAO-B activity has been shown to reduce disease progression

02 CNS Pipeline

MAO-B is highly over-expressed in reactive astrocytes around amyloid plaques in AD

[3H]lazabemide radioautography

Resolution of MAO-B enriched clusters in cerebral cortices of AD patients

EVT 301: Preclinical summary

  • z Potent (10nM), selective (~1000-fold) and reversible MAO-B inhibitor
  • z No known off-target activities
  • z Potent in vivo activity
  • z Clean toxicity and safety profile
  • z Excellent ADME profile
    • Metabolised to a large extent in extrahepatic tissue by CYP1A1 and CYP1B1
  • zLow liability for drug-drug interactions
    • CYP450 isoforms IC50s >50 µM

EVT 301: Clinical programme before in-licensing Healthy volunteers

EVT 301: Evotec's future development programme

EVT 101: Alzheimer's disease

Oral NR2B subtype selective NMDA receptor antagonist

Symptomatic Alzheimer's treatment (Potential for neuropathic pain, Parkinson's disease)

Status: Phase I Phase I due to be completed in 2006

02 CNS Pipeline

Restricted distribution of NR2B subunit containing receptors

  • zNR2B subunit has a distribution in brain restricted to areas important in:
    • Alzheimer's disease (cortex, hippocampus)
    • Parkinson's disease (basal ganglia)
    • Pain sensation (dorsal horn, thalamus, cortex)

Memantine has been quick to take up market share

  • z Approved in Europe and the US for the treatment of moderate-to-severe AD
  • z Memantine has blockbuster potential
  • z But: non-selective NMDA antagonist with accompanying side effects

Memantine sales in \$ million

EVT 101: A next generation memantine?

Memantine

  • zBlock all NMDA receptors in all brain areas
  • zTherapeutic window is small (~2x recommended dose: side effects seen)
  • zMaximum efficacy compromised by dose limitations due to side effects
  • zHigh doses impair memory and learning processes

EVT 101

zSelective for NR2B-containing NMDA receptors

  • zTherapeutic window is expected to be higher (>10x preclinically)
  • z Can dose to get maximum efficacy

zHigh doses probably do not impair memory and learning processes

EVT 101: Preclinical profile High potency, selectivity and excellent drug like properties

  • z High potency and selectivity

    • 1,000-fold for any off-target activities

  • z Rapidly and extensively absorbed
  • z Moderate plasma clearanc e
  • z Good brain penetration
    • CSF/plasma ratio 0.25 – reflects free plasma concentration
  • z High oral potency with low side-effects
  • z High in vitro metabolic stability in microsomes and hepatocytes
  • z Low potential for drug-drug interaction
    • CYP450 isoforms IC50s >50 µM
  • z Successfully completed all regulatory toxicology and safety studies required for entry-into-man

EVT 101 Phase I trial: SAD and MAD

zEVT 101 at single oral doses of up to 15 mg was safe and well tolerated

  • No serious adverse events recorded
  • Most of the adverse events recorded were mild and short-lasting
  • No food effect
  • There were no clinically significant changes in safety parameters including ECGs, vital signs and blood and urine tests
  • Good exposure and PK profile - Tmax ~2h, T-half ~11h, dose proportionality
  • z EVT 101 dosed to 4 mg twice daily and 8 mg once daily for eight days in young subjects (24)
  • z EVT 101 dosed up to 3 mg twice daily in elderly (20)
  • z Systemic exposure exceeds concentrations predicted to be therapeutically active

EVT 101: Development options

EVT 201: Insomnia

GABAAmodulator

Insomnia

Status: Phase I/II Phase II due to begin in Q3 2006

Preclinical profile of EVT 201

  • z EVT 201 acts with high affinity at the benzodiazepine site on the GABAA receptor complex, with a Ki value of 0.8 nM in a 3H-flumazenil binding assay and displays high binding specificity versus other known targets
  • z In functional assays on cloned GABAA receptor subtypes it acts as a slightly alpha-1 selective, high affinity partial positive modulator
  • z Active in anxiety, panic and anticonvulsant tests in rats and mice
    • Dose range from 0.01 – 30 mg/kg
    • Only slightly less potent than the full agonist alprazolam
  • z Adverse effects (impaired rotarod performance, amnesia, convulsions upon withdrawal) were observed after 1 to 10 mg/kg of alprazolam p.o.
  • z No adverse effects observed at doses of up to 30 & 100 mg/kg of EVT 201 p.o.
  • z EVT 201 did not potentiate sedative effects of ethanol in mice at doses up to 100 mg/kg s.c.
    • Alprazolam was already markedly active at 0.3 mg/kg s.c.
  • z No development of tolerance to the anxiolytic effect of EVT 201 after 4 weeks of continuous treatment

EVT 201: Completed clinical studies

65 subjects (39 active)

12 subjects

02 CNS Pipeline

EVT 201 design of proof-of-principle study for insomnia : Road traffic noise model in healthy volunteers

EVT 201: Summary results of proof-of-principle study

  • zSignificant reduction in latency to persistent sleep
  • z Significant reduction in WASO, awakenings and arousals
  • z Increased duration of slow wave sleep, no reduction of REM sleep duration
  • z Highly significant increase in quality of sleep and strong trends towards ease of awakening in the morning and improvement in early morning behaviour
  • z Minimal residual hang over effects on quantitative measures at 8h post-dose time point, all gone by 10h
  • z Significantly improved next day alertness and mood

EVT 201: Development plan overview

Agenda

  • 01 Evotec Overview
  • 02 Clinical CNS Pipeline
  • 03 Service Partnerships
  • 04 Financials and Outlook

5/16/2006

Folie 28

Excellent customer network

29

Boehringer - Evotec: Already sizeable programme doubled and extended

Services business was cash generative

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Agenda

  • 01 Evotec Overview
  • 02 Clinical CNS Pipeline
  • 03 Selected Service Partnerships
  • 04 Group Financials and Outlook

Q1 2006: Group results driven by R&D expenses, strong performance in Services Division

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Financial guidance 2006

  • zGroup revenues to grow by 0% to 5%
  • z Services Division: Continued cash generation
  • z Group R&D spend budgeted at EUR 30m - 35m
    • Increased clinical trial expenses
    • Acquired assets (e.g. MAO-B in-licensing upfront) accounted for under R&D according to IFRS
    • Potential milestone payment to Roche
  • zYear-end liquidity targeted to exceed EUR 48m

Expected clinical news flow 2006: 2 compounds planned to start Phase II

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5/16/2006

Building a sustainable CNS business

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