Evotec AG (Frankfurt Stock Exchange: EVT) Reported Today Results for the First Nine Months of 2007.
HAMBURG, Germany and OXFORD, England, November 13 /PRNewswire-FirstCall/ --
- Financials in-line with Evotec's full year expectations
- Compelling results achieved in two proof-of-concept Phase II trials with lead insomnia drug candidate EVT 201
- Sale of the Chemical Development Business to Aptuit and the proposed Renovis acquisition further emphasize the strategic transformation of Evotec towards a drug discovery and development company
- Merger will create a global company with three clinical candidates, a strong late stage preclinical pipeline focusing on areas of neurological and inflammatory diseases, and a strong cash position; expected to close in Q1 2008
- Expected year-end cash position increased to EUR 93-98 million, not yet including Renovis' cash
All amounts discussed in this press release are related to Evotec's continuing operations. The discontinued operations and a discussion of the business sold to Aptuit are provided in Evotec's full Third Quarter Report.
Revenues for the first nine months of 2007 were EUR 23.2 million, 23%
below last year's level (2006: EUR 29.9 million). The decline is the
consequence of (i) lower milestone income compared to the same period last
year (approximately - EUR 3 million), (ii) the reduction of the library
synthesis business following the transfer of this business into a joint
venture with RSIL (reduction of EUR 4.0 million or 82%), and (iii) decline
of the US dollar against Evotec's reporting currency Euro. At constant 2006
currencies (UK Sterling and US dollar), revenues would have been
approximately one million higher (EUR 24.1 million). Excluding these three
extraordinary effects Evotec's remaining business performed strongly,
growing 6% from EUR 21.9 million for the first nine months of 2006 to EUR
23.2 million for the first nine months 2007.<
|SOURCE Evotec AG|
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