Evotec's nine-month loss narrows 12.6%

German drug developer Evotec says that its revenues for the first nine months of 2008 totaled 25.2 million euros ($32.3 million), up 9% over the comparable period the year before, as its net loss narrowed to 29.0 million euros from 33.2 million euros thanks to income from the valuation of convertible bonds in Direvo Biotech, which was bought by Bayer earlier this year (Marketletter September 22).

Revenues in third-quarter 2008 increased 44% from the prior year to 10.7 million euros, after it received milestone payments during the period related to its collaboration with fellow German firm, the privately-held drug major Boehringer Ingelheim (Marketletter September 8). The payment was the third milestone received under their 2004 drug discovery alliance, which is centered on small-molecule therapeutics acting on selected G-protein coupled receptors.