Evotec restructures

Evotec (Xetra:EVT; NASDAQ:EVTC) will restructure and reduce headcount by about 50 (12%) to 370 to reduce cash burn, with the majority of reductions in SG&A. The company will focus on EVT 302, a reversible monoamine oxidase B (MAO-B) inhibitor in Phase II testing for smoking cessation; EVT 101, an NMDA receptor NR2B subtype antagonist partnered with Roche (SIX:ROG) in Phase I testing to treat resistant depression; P2X7 receptor antagonist, an oral small molecule in Phase I testing to treat rheumatoid arthritis; and preclinical programs for pain and narcolepsy. The company said it will discontinue earlier discovery projects and no longer invest in EVT 201, a GABA A receptor agonist in Phase II testing to treat insomnia. ...