EVLO - Evelo Biosciences agrees over $79.2M direct offering of shares

Biotechnology company Evelo Biosciences (NASDAQ:EVLO) entered into a securities purchase agreement with investors over direct offering of 54,246,358 shares at $1.46 per share. The offering will result in gross proceeds of $79.2M. The offering is being led by Evelo Founder Flagship Pioneering. Other new and existing investors are also participating. The offering is expected to close on May 27, subject to customary closing conditions. The net proceeds may be used to continue the development of EDP1815 in a Phase 2 trial in atopic dermatitis; prepare to advance EDP1815 in registration trials in psoriasis and, upon receipt of positive Phase 2 data, atopic dermatitis; and progress its first bacterial extracellular vesicle product candidate EDP2939 into the clinic. Shares were trading -10.96% pre-market. Source: Press Release

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Evelo Biosciences agrees over $79.2M direct offering of shares