BAYZF - Evotec receives Euro3 million milestone payment from Bayer for pain candidate
Evotec SE (NASDAQ:EVO) announced on Monday that it received a €3 million worth of milestone payment from German conglomerate Bayer AG (OTCPK:BAYZF) (OTCPK:BAYRY) for clinical work related to a potential treatment for diabetic neuropathic pain ("DNP"). The payment was triggered by the dosing initiation in a Phase 2 trial for the small molecule candidate, BAY 2395840, developed by Bayer (OTCPK:BAYZF) in partnership with Evotec (EVO) as part of a multi-target research deal between the two companies. The trial is designed to study BAY 2395840 compared to placebo in DNP patients. It is expected to run until the end of 2022, Evotec (EVO) said. Read: The American Depositary Shares of Hamburg, Germany-based life sciences company closed slightly higher in its public debut last November.
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Evotec receives €3 million milestone payment from Bayer for pain candidate