Evotec discontinues EVT 301 development

Gemany's Evotec AG, a developer of small-molecule drugs, says that it is discontinuing the development of EVT 301, an inhibitor of monoamine oxidase intended for use in the treatment of Alzheimer's disease (Marketletter June 19). The firm explained that it had decided to stop the project following asymptomatic elevated liver function in several elderly participants during safety and tolerability tests in a Phase I study.

The company added that a planned Phase II trial of the drug will not now be carried out, and that the 20.0 million euros ($50.8 million) intended to fund the product's development over the next three years would be redirected to other areas of its R&D program.

Joern Aldag, Evotec's president and chief executive , said: "our strategy is to develop high-quality compounds to later-stage development with the goal of monetizing these assets for partnering." He added that successful drug development requires discipline, and that stopping the development of EVT 301 prior to additional investment in the project was the best decision for the firm.