Evelo Biosciences Announces Grant of Inducement Award
Evelo Biosciences, a clinical-stage biotechnology company, announced the appointment of Mark Plinio as Chief Commercial Officer on June 14, 2021. In conjunction with his hiring, Evelo granted him an option to purchase 250,000 shares at $16.34 each, reflecting the stock's closing price on the grant date. This option vests 25% after one year and the remainder in monthly installments over three years. Evelo develops orally delivered medicines targeting immune and neurological systems, with four candidates currently in clinical development for inflammatory diseases and cancer.
- Appointment of Mark Plinio as Chief Commercial Officer expected to strengthen leadership.
- Issuance of 250,000 stock options increases executive alignment with shareholder interests.
- Evelo is advancing multiple product candidates: EDP1815, EDP1867, EDP2939, and EDP1908.
- Company is currently not profitable and has incurred significant losses.
- Need for additional funding remains a critical concern.
- Potential regulatory delays in clinical drug development may affect timelines.
CAMBRIDGE, Mass., June 16, 2021 (GLOBE NEWSWIRE) -- Evelo Biosciences, Inc. (Nasdaq: EVLO), a clinical stage biotechnology company developing a new modality of orally delivered medicines, announced that on June 14, 2021, Mark Plinio commenced his services as Evelo’s Chief Commercial Officer. In connection with the commencement of Mr. Plinio’s employment, the Company issued to Mr. Plinio an option to purchase 250,000 shares of the Company’s common stock with a per share exercise price of
About Evelo Biosciences
Evelo Biosciences is a clinical stage biotechnology company developing orally delivered medicines that act on the small intestinal axis, SINTAX™, to have systemic therapeutic effects. SINTAX plays a central role in governing the immune, metabolic, and neurological systems.
Evelo currently has four product candidates in development: EDP1815, EDP1867, and EDP2939 for the treatment of inflammatory diseases and EDP1908 for the treatment of cancer. Evelo is advancing additional product candidates in other disease areas.
For more information, please visit www.evelobio.com and engage with Evelo on LinkedIn.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements concerning the development of our product candidates and the promise and potential impact of our product candidates.
These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the impact of the COVID-19 pandemic on our operations, including our preclinical studies and clinical trials, and the continuity of our business; we have incurred significant losses, are not currently profitable and may never become profitable; our need for additional funding; our limited operating history; our unproven approach to therapeutic intervention; the lengthy, expensive, and uncertain process of clinical drug development, including potential delays in regulatory approval; our reliance on third parties and collaborators to expand our microbial library, conduct our clinical trials, manufacture our product candidates, and develop and commercialize our product candidates, if approved; our lack of experience in manufacturing, selling, marketing, and distributing our product candidates; failure to compete successfully against other drug companies; protection of our proprietary technology and the confidentiality of our trade secrets; potential lawsuits for, or claims of, infringement of third-party intellectual property or challenges to the ownership of our intellectual property; our patents being found invalid or unenforceable; risks associated with international operations; our ability to retain key personnel and to manage our growth; the potential volatility of our common stock; our management and principal stockholders have the ability to control or significantly influence our business; costs and resources of operating as a public company; unfavorable or no analyst research or reports; and securities class action litigation against us.
These and other important factors discussed under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the three months ended March 31, 2021 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Contact
Jessica Cotrone, 978-760-5622
jcotrone@evelobio.com
FAQ
What is the recent leadership change at Evelo Biosciences?
How many shares were issued to Mark Plinio?
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