HAMBURG (dpa-AFX) - Evotec SE (EVT), a drug discovery and development company, on Friday said it will receive a payment of $9 million, following an expansion of its collaboration with pharmaceutical company Bristol Myers Squibb (BMY), comprising a new cell type innovation.
The latest expansion of the collaboration is expected to enable the companies to investigate the root causes of many neurodegenerative diseases in a cell type specific fashion using cells directly derived from patients, the Hamburg-based Evotec said.
In addition, molecular disease signatures are expected to be used to define detailed molecular disease phenotypes using Evotec's panomics platform, EVOpanOmics & EVOpanHunter.
The collaboration was initiated in 2016 with the goal of identifying disease-modifying treatments for a broad range of neurodegenerative diseases.
Currently approved drugs only offer short-term management of the patients' symptoms and there is tremendous unmet medical need for therapeutic options that slow down or reverse disease progression, the German firm added.
At XETRA, Evotec was seen trading up by 0.03 percent at 39.55 euros per share on Friday at 09.55 AM CEST, compared to the previous close of 39.54 euros per share.
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