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ARTICLE | Company News

Evotec neurology news

May 11, 2009 7:00 AM UTC

Evotec will restructure and reduce headcount for the second time in two months, restructuring its drug discovery and development operations and cutting headcount by about 45 (12%) to less than 330 to save cash. The cuts will come from the consolidation of its European facilities and the wind down of operations at its U.S. subsidiary Renovis Inc. Evotec, which acquired Renovis in 2007, will continue to develop Renovis' portfolio of preclinical compounds, including an oral P2X7 receptor antagonist in Phase I testing for rheumatoid arthritis. Evotec's lead program is EVT 302, a reversible monoamine oxidase B (MAO-B) inhibitor in Phase II testing for smoking cessation. ...