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Evotec Reaches Milestone In Drug Development Deal With Aeovian Pharma

Evotec SE (EVTCY.PK,EVOTF.PK), a German drug discovery and development company, announced Friday that it has reached a milestone in a drug discovery and development partnership with the biopharmaceutical company Aeovian Pharmaceuticals, Inc.

It was in 2017 that both companies signed their drug discovery partnership to discover and develop new and highly selective mTORC1 inhibitors for the treatment of rare and age-related diseases.

The company noted that Aeovian recently closed a $37 million Series A financing round after nominating a pre-clinical development candidate within 18 months from starting the lead optimisation phase.

Stelios Tzannis, President & CEO of Aeovian, said, "The successful identification and de-risking of our lead clinical candidate was instrumental in the closing of our Series A financing."

The lead investors in the financing round were venBio Partners and Sofinnova Investments, while Apollo Health Ventures also participated.

Evotec said it received an undisclosed payment and has also participated in the financing round to secure additional upside from the further successful development of the jointly developed programme.

The company continues to support Aeovian's project with the fully-integrated clinical-enabling service INDiGO as well as the process development for the production of the active pharmaceutical ingredient or API.

The companies plan to work effectively towards submission of an Investigational New Drug Application with the U.S. Food and Drug Administration and the initiation of clinical studies for Aeovian's lead candidate.

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