Evelo Biosciences Reports Second Quarter 2020 Financial Results and Business Highlights
– FDA authorization of IND for Phase 2 trial of EDP1815 in COVID-19 in the U.S.; data expected in 4Q 2020 –
CAMBRIDGE, Mass., July 30, 2020 (GLOBE NEWSWIRE) -- Evelo Biosciences, Inc. (Nasdaq:EVLO), a clinical stage biotechnology company developing a new modality of orally delivered, systemically acting biologics, today reported financial results and business highlights for the second quarter 2020.
“Our preclinical and clinical data support advancing our programs in psoriasis, COVID-19, atopic dermatitis, and triple-negative breast cancer (TNBC), with multiple clinical readouts expected over the next 6-12 months. In parallel, we continue to advance our preclinical programs in inflammation, oncology, neuroinflammation, and metabolism,” said Simba Gill, Ph.D., chief executive officer of Evelo. “Our recently completed follow-on offering provides the capital to pursue these clinical activities whilst continuing to explore additional opportunities to capture the therapeutic potential of SINTAX.”
Second Quarter 2020 Highlights and Recent Progress
EDP1815 in Moderate Psoriasis
EDP1815 in COVID-19
Upcoming Key Milestones
Second Quarter 2020 Financial Results
About Evelo Biosciences
Evelo currently has four product candidates in development: EDP1815, EDP1867, and EDP2939 for the treatment of inflammatory diseases including psoriasis, atopic dermatitis, and COVID-19, and EDP1503 for the treatment of cancer. Evelo is advancing additional product candidates in other disease areas.
Forward Looking Statements
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 quarter ended June 30, 2020, 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.
EVELO BIOSCIENCES, INC.
EVELO BIOSCIENCES, INC.