-- Approval to Initiate Phase 1b Trial of EDP1815 in Psoriasis and Atopic Dermatitis: Dosing of First Patient Expected in 4Q18 --
-- Initiation of Investigator-Sponsored Phase 2a Trial of EDP1503 in Metastatic Melanoma Expected in 4Q18 --
CAMBRIDGE, Mass., Nov. 01, 2018 (GLOBE NEWSWIRE) -- Evelo Biosciences, Inc. (Nasdaq: EVLO) ("Evelo"), a clinical stage biotechnology company developing monoclonal microbials designed to act on the gut-body network for the treatment of a wide range of diseases, today reported financial results and provided a business update for the third quarter ended September 30, 2018.
"Our continued progress reflects our commitment to advancing a broad portfolio of product candidates to treat multiple diseases," said Simba Gill, Ph.D., CEO of Evelo. "We are enrolling patients in our Phase 1b trial of EDP1066 for psoriasis and atopic dermatitis, and recently received approval from the MHRA to start a clinical trial of EDP1815, our second candidate for inflammatory diseases. Additionally, we expect the University of Chicago’s investigator-sponsored trial of EDP1503 for the treatment of metastatic melanoma to begin enrolling patients this quarter. These activities support our goal of ten potential clinical readouts across inflammation and oncology patient groups in 2019 and 2020."
Third Quarter and Recent Business Highlights:
Pipeline:
Upcoming Anticipated Milestones:
Upcoming Events:
Corporate:
Third Quarter 2018 Financial Results:
About Evelo Biosciences
Evelo Biosciences, Inc. is a clinical-stage biotechnology company developing monoclonal microbials, a new modality of medicines designed to act on the gut-body network. Evelo’s product candidates are orally-delivered, single strains of microbes, selected for defined pharmacological properties. They are intended to modulate systemic immunology and biology by acting on multiple naturally evolved biological pathways that link the small intestine to the rest of the body. Evelo believes that monoclonal microbials have the potential to be broadly applicable across many diseases including inflammation, cancer and autoimmune diseases.
Evelo currently has three product candidates, EDP1066 and EDP1815 for the treatment of inflammatory diseases and EDP1503 for the treatment of cancer, for which ten clinical readouts are expected during 2019 and 2020. Evelo is also advancing additional candidates through preclinical development in other disease areas.
For more information, please visit www.evelobio.com.
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 our development plans, the promise and potential impact of any of our monoclonal microbials or preclinical or clinical trial data, timing of and plans to initiate clinical studies of EDP1503, EDP1066 and EDP1815, the timing and results of any clinical studies or readouts, and the sufficiency of cash to fund operations.
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: 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; a significant portion of our total outstanding shares are eligible to be sold into the market in the near future; 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, 2018 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, 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. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
(in thousands) | ||||||||
September 30, 2018 | December 31, 2017 | |||||||
Assets: | ||||||||
Cash, cash equivalents and investments | $ | 164,328 | $ | 38,246 | ||||
Property and equipment, net | 6,069 | 3,496 | ||||||
Other assets | 5,209 | 2,046 | ||||||
Total assets | $ | 175,606 | $ | 43,788 | ||||
Liabilities, preferred stock and stockholders’ equity (deficit): | ||||||||
Accounts payable and current liabilities | $ | 9,413 | $ | 3,839 | ||||
Long-term debt | 14,155 | 9,966 | ||||||
Other liabilities | 1,278 | 1,004 | ||||||
Total liabilities | 24,846 | 14,809 | ||||||
Convertible preferred stock | — | 83,702 | ||||||
Total stockholders’ equity (deficit) | 150,760 | (54,723 | ) | |||||
Total liabilities, preferred stock and stockholders’ equity (deficit) | $ | 175,606 | $ | 43,788 |
EVELO BIOSCIENCES, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
(in thousands, except share and per share amounts) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operating Expenses(1): | ||||||||||||||||
Research and development | $ | 11,227 | $ | 5,345 | $ | 28,542 | $ | 13,881 | ||||||||
General and administrative | 5,230 | 2,693 | 13,568 | 5,583 | ||||||||||||
Total operating expenses | 16,457 | 8,038 | 42,110 | 19,464 | ||||||||||||
Loss from operations | (16,457 | ) | (8,038 | ) | (42,110 | ) | (19,464 | ) | ||||||||
Other income (expense), net | 600 | (135 | ) | 607 | (440 | ) | ||||||||||
Net loss | $ | (15,857 | ) | $ | (8,173 | ) | $ | (41,503 | ) | $ | (19,904 | ) | ||||
Preferred stock dividends | — | (1,708 | ) | (3,937 | ) | (4,355 | ) | |||||||||
Net loss attributable to common stockholders | $ | (15,857 | ) | $ | (9,881 | ) | $ | (45,440 | ) | $ | (24,259 | ) | ||||
Net loss per share - basic and diluted | $ | (0.50 | ) | $ | (2.61 | ) | $ | (2.45 | ) | $ | (6.52 | ) | ||||
Weighted-average common shares used in computing net loss per share - basic and diluted | 31,741,683 | 3,779,728 | 18,532,408 | 3,721,531 |
(1) Expenses include the following amount of non-cash stock-based compensation expense:
Research and development | $ | 764 | $ | 224 | $ | 1,767 | $ | 439 | ||||||||
General and administrative | 831 | 211 | 2,727 | 467 |
Contact
Evelo Biosciences
Stefan Riley
617-704-2333
stefan@evelobio.com