Shares of Germany's Evotec took a hit after the German drug developer announced it was scrapping a development program for a new Alzheimer's treatment after noting several adverse events during an early stage safety trial. Researchers reported cases of asymptomatic elevated liver function tests among older volunteers taking EVT301. "In the light of these findings Evotec has stopped the on-going Phase I trials and has decided today to discontinue the development program." Evotec will now channel $25.3 million of research funds into other development programs.
"In other respects, our pipeline is progressing well. EVT 201 and EVT 101 continue to meet their clinical milestones and we look forward to apprising you of their developments later this year," said John Kemp, chief research & development officer of Evotec.
- see the release on Evotec