HAMBURG, Germany and OXFORD, England, March 28 /PRNewswire-FirstCall/ -- Evotec AG (Frankfurt Stock Exchange: EVT) today reported financial results according to IFRS for the year ended December 31, 2007.
Financial results for the year were driven by strong progress in the Company's clinical pipeline and four major corporate transactions, the acquisition of Neuro3d, the sale of Evotec Technologies (ET), the sale of the Chemical Development Business (CPD) and the proposed acquisition of Renovis. Including the now discontinued activities, the company achieved revenues of EUR 54.4m (2006: EUR 84.7m) and a net loss of EUR 11.2m (2006: EUR 27.7m). While 2006 included both, ET and CPD for the full year, in 2007, ET was not included anymore and CPD only for eleven months.
In light of the Company's recent divestments, the remainder of this
release focuses on the financials of the continuing business of Evotec
(referred to as the 'continuing business'). In its continuing business the
Company achieved revenues of EUR 32.9m and had total cash and investments
of EUR 93.7m respectively, meeting its guidance for 2007 of EUR 30-35m of
revenues and EUR 93-98m of cash.
Completion of the corporate development plan:
- EUR 18.9m through the acquisition of Neuro3D, S.A. received
- Evotec Technologies sold to PerkinElmer for EUR 23.9m
- Chemical Development Business sold to Aptuit for EUR 42.5m
- Library business transferred to joint venture with RSIL, India
- Agreement to acquire Renovis, Inc., subject to Renovis
CNS pipeline reached significant value inflection points:
- Positive data from two Phase II trials evaluating EVT 201
strengthening confidence in EVT 201's potential advantages over
competitive insomnia therapies
- Phase I safety data for EVT 302 revealed good tolerance up to the
highest doses of the potential smoking
|SOURCE Evotec AG|
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