EVELO BIOSCIENCES INC - EVLO STOCK NEWS

Evelo Biosciences announces completion of Phase 2 trial enrollment for EDP2939 in psoriasis, expects topline data in Q4 2023. Completed $25.5M private placement and reduced secured debt. Q2 2023 financial results show cash position of $7.6M, reduced R&D and G&A expenses, and net loss of $21.1M.

Evelo Biosciences has closed a private placement, raising $25.5 million in gross proceeds. The funds will be used to complete the ongoing Phase 2a trial of EDP2939 in moderate psoriasis, pay down $5 million of debt, and for general corporate purposes. The company also restructured its secured debt with Horizon Technology Finance Corporation, reducing the principal balance by $10 million. Evelo appointed two new members to its Board of Directors, while four current directors stepped down.

Evelo Biosciences, Inc. has entered into a securities purchase agreement to sell 11,025,334 shares of its common stock in a private placement, resulting in gross proceeds of approximately $25.5 million. The company intends to use the net proceeds to fund the readout of its Phase 2a trial of EDP2939 in moderate psoriasis and for general corporate purposes.

Evelo Biosciences (Nasdaq: EVLO) announced that the fourth cohort of its EDP1815 Phase 2 trial for atopic dermatitis did not meet its primary endpoint, prompting the company to cease further development of EDP1815 in this indication. The trial found only 37.9% of patients achieved an EASI-50 response at week 16 compared to 44.7% for placebo. However, Evelo will pivot focus towards its next-generation extracellular vesicle (EV) platform, with their first EV candidate, EDP2939, fully enrolled in a Phase 2 study for moderate psoriasis. Topline data from this trial is expected in early Q4 2023. The company is also implementing workforce reductions to prioritize investment in this new platform.

Evelo Biosciences (Nasdaq: EVLO) reported its 2022 financial results and progress on its SINTAX platform, focusing on orally delivered inflammation-resolving medicines. The company advanced its clinical pipeline with promising Phase 2 study results in psoriasis and ongoing trials in atopic dermatitis. Highlights include a $79.2 million capital raise in May 2022 and a successful refinancing of $45 million debt in December. Despite a net loss of $114.5 million in 2022, Evelo's cash position as of year-end was $47.9 million. Key upcoming milestones include results from the EDP1815 Phase 2 trial in atopic dermatitis expected in Q2 2023, and psoriasis data anticipated in the second half of 2023.

Evelo Biosciences (Nasdaq: EVLO), a biotechnology firm focused on the development of orally delivered anti-inflammatory medicines, will host a conference call and webcast on March 16, 2023, to discuss its Q4 and full year 2022 financial results and business highlights. The company is developing therapeutic products like EDP1815 and EDP2939, targeting inflammatory diseases such as psoriasis and atopic dermatitis. Evelo aims to deliver effective, safe, and affordable therapies through its innovative SINTAX platform, which operates on the small intestinal axis.

Evelo Biosciences, a clinical-stage biotechnology company focused on developing orally delivered anti-inflammatory medicines, announced that Mark Plinio, J.D., the Chief Commercial Officer, will participate in a dermatology panel at the Cowen 43rd Annual Health Care Conference on March 7, 2023, at 12:50 p.m. ET. A live audio webcast of the panel will be available here. Evelo aims to create effective, safe, and affordable therapies for inflammatory diseases, focusing on candidates like EDP1815 and EDP2939 targeting psoriasis.

Evelo Biosciences (Nasdaq: EVLO) announced that its first extracellular vesicle product, EDP2939, has begun dosing in a Phase 2 psoriasis clinical trial following a successful safety review of a blinded, placebo-controlled cohort. This milestone signifies the first oral delivery of a bacterial EV medicine to humans with no reported safety concerns. The Phase 2 trial aims to determine the efficacy of EDP2939 in improving psoriasis symptoms, with data anticipated in the second half of 2023. The company envisions EDP2939 could offer biologic-like efficacy in treating inflammatory diseases.