(RTTNews) – Evotec SE (EVT), a drug discovery and development company, announced on Friday that it would receive a payment of $ 9 million, following an extension of its collaboration with pharmaceutical company Bristol Myers Squibb (BMY), comprising a new type of innovation cell. The latest extension of the collaboration is expected to allow companies to investigate the root causes of many neurodegenerative diseases in a cell-type-specific way using cells directly derived from patients, said Hamburg-based Evotec.
In addition, molecular signatures of diseases should be used to define detailed molecular phenotypes of diseases using the panomic platform of Evotec, EVOpanOmics and EVOpanHunter.
The collaboration was initiated in 2016 with the aim of identifying disease-modifying treatments for a wide range of neurodegenerative diseases.
Currently approved drugs only offer short-term management of patients’ symptoms and there is a huge unmet medical need for treatment options that slow or reverse the progression of the disease, the German company added.
At XETRA, Evotec traded up 0.03% to 39.55 euros per share on Friday at 9:55 am CEST, from the previous close of 39.54 euros per share.
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