Evelo Bio grabs $85M as the latest early-stage biotech debuts on Nasdaq
Evelo Biosciences became the latest early-stage biotech company to make the leap into Nasdaq. The Cambridge, MA-based company priced 5.3 million shares at $16 — smack dab in the middle of the range — to add $85 million to its reserves.
The stock will start trading today under the $EVLO symbol, fresh evidence that the market for new biotech stocks continues to have legs in 2018.
The company is helmed by CEO Simba Gill, who’s out to make “monoclonal microbials” into a new drug class. And that’s the kind of story that has been floating dozens of new biotechs over the past 18 months.
The science at Flagship-based Evelo focuses on the intersection of the gut and body; specifically how the gut operates in directing the immune system. By designing the right microbial strains that operate in the gut, Evelo’s scientists believe that they can up-regulate the immune system to go after, say, cancer, or down-regulate it to prevent inflammatory diseases like psoriasis or atopic dermatitis, rheumatoid arthritis and Crohn’s disease.
Morgan Stanley, Cowen and BMO Capital Markets are acting as book-running managers for the offering. JMP Securities is acting as lead manager.