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Evelo Biosciences (Nasdaq:EVLO) announced updates regarding its clinical pipeline and business situation on February 1, 2023. The Phase 2 trial of EDP1815 for atopic dermatitis did not meet its primary endpoint due to a high placebo response rate. However, a clear pathway for Phase 3 trials in psoriasis has been established following feedback from FDA, EMA, and MHRA. Dosing has commenced for EDP2939, a new extracellular vesicle product, with Phase 2 data expected in the second half of 2023. To extend its cash runway amid financial challenges, Evelo has reduced its workforce while continuing to prioritize its core clinical programs.
Horizon Technology Finance Corporation (NASDAQ: HRZN) reported a strong portfolio update for Q4 2022, originating $114 million in loans, with $104 million specifically for HRZN. The company achieved a total loan portfolio growth of $262 million for the year. The committed backlog reached $255 million, including $220 million in HRZN commitments. Over the entire year, the Horizon Platform originated a record $543 million in new loans. Key loans included $45 million to Evelo Biosciences (NASDAQ: EVLO) among others.
Evelo Biosciences (Nasdaq:EVLO) announced a $45 million senior secured loan agreement with Horizon Technology Finance. This refinancing replaces existing debt and offers three years of interest-only payments followed by a two-year amortization. The funds aim to bolster the company’s financial position as it prepares to achieve three Phase 2 clinical milestones in 2023, including results for EDP1815 in atopic dermatitis and EDP2939 in psoriasis. The collaboration is expected to support Evelo's vision in treating inflammatory diseases using its SINTAX platform.
Evelo Biosciences, Inc. (Nasdaq:EVLO) announced the publication of a peer-reviewed article on the small intestinal axis and its role in resolving inflammation through SINTAX medicines. The article integrates lab and clinical trial data, highlighting the therapeutic potential of SINTAX in managing systemic inflammation. The company will host a virtual Science Symposium on November 30, 2022, at 8:00 AM ET, featuring discussions aimed at further developing its clinical portfolio. Evelo focuses on innovative, orally delivered medicines targeting the immune system connected to the small intestine.
Evelo Biosciences reported its Q3 2022 financial results and outlined significant upcoming clinical milestones. The company expects multiple Phase 2 readouts for EDP1815 in atopic dermatitis starting in early 2023, with data from four cohorts anticipated. EDP2939's Phase 2 data for psoriasis is expected in H2 2023. Regulatory feedback from the EMA, MHRA, and FDA indicates progress in trial design for EDP1815 in psoriasis. As of September 30, 2022, cash and equivalents stood at $69.1 million, with a net loss of $30.6 million during Q3, showing improvement over the previous year.
Evelo Biosciences (Nasdaq: EVLO) will have CEO Simba Gill participate in a fireside chat at the Jefferies London Healthcare Conference on November 15, 2022, at 7:25 a.m. GMT. A live audio webcast will be available on their website and a replay for 30 days post-event. Evelo is focused on developing SINTAX, a novel platform of orally delivered medicines targeting the small intestinal axis, with products in development like EDP1815 for psoriasis and EDP2939 for inflammatory diseases. For more details, visit www.evelobio.com.
Evelo Biosciences, Inc. (Nasdaq: EVLO) recently presented encouraging data on EDP1815, its lead product candidate, during a Phase 2 clinical trial for psoriasis at the EADV Congress in Milan. The biomarker data revealed broad anti-inflammatory effects, showing that EDP1815 can resolve systemic inflammation safely. Furthermore, gene expression analysis indicated significant reductions in cytokine genes related to inflammation. Evelo is seeking feedback from health authorities to advance EDP1815 into registration trials for psoriasis, with responses expected by the end of 2022.
Evelo Biosciences, Inc. (Nasdaq: EVLO) announced the appointment of Marella Thorell as Chief Financial Officer, effective September 1, 2022. As part of her compensation, she was granted an option to purchase 440,000 shares at an exercise price of $2.29, which is the closing price on her start date. The option will vest over four years, with 25% vesting after one year and the remainder in monthly installments. Evelo is focused on developing orally delivered therapies targeting the small intestinal axis, with promising candidates EDP1815 and EDP2939 aimed at treating inflammatory diseases.
Evelo Biosciences, a clinical-stage biotechnology company (Nasdaq: EVLO), will participate in a fireside chat at the Morgan Stanley 20th Annual Health Care Conference on September 13, 2022, at 12:20 p.m. ET. The event will discuss the company's innovative SINTAX platform, focusing on its orally delivered medicines targeting the small intestinal axis. Live audio of the session will be accessible on Evelo's website, with a replay available for 30 days. The firm is advancing treatments like EDP1815 for psoriasis and EDP2939 for inflammatory diseases.
Evelo Biosciences (Nasdaq: EVLO) announced a leadership transition as Simba Gill, Ph.D., moves from CEO to Chair of the Board. Lord Ara Darzi will become Lead Independent Director, with a search for Gill's successor underway through Spencer Stuart. Gill will remain CEO until a successor is appointed. Evelo is advancing its SINTAX platform, targeting inflammatory diseases with promising clinical results. The company aims to transition toward registration trials and commercialization of its products, enhancing its position in the biotechnology market.