Evotec announces retructuring as 2008 net loss escalates 63% over 2007
German small-molecule drug developer Evotec will restructure to focus on core value programs and significantly reduce its operating costs after reporting that its 2008 loss had worsened by 63%, year-on-year.
The firm's net loss reached 78.3 million euros ($106.3 million), or 0.82 euros loss per share, versus a loss of 48.1 million euros, or 0.67 euros loss per share. As of December 31, 2008, the company had 92.4 million euros in cash and cash equivalents, down 1%. Evotec says this amount will fund its planned business operations comfortably for more than three years.
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