Flag­ship’s Evelo Bio­sciences pitch­es $100M IPO for a new plat­form of mon­o­clon­al mi­cro­bials

With its lead “mon­o­clon­al mi­cro­bial” about to be test­ed for the first time on a hu­man, Evelo Bio­sciences be­lieves that this is the right time to float a $100 mil­lion IPO.

Launched with $85.4 mil­lion raised from the sale of stock to Flag­ship and a loan from Pa­cif­ic West­ern Bank, Evelo re­cent­ly added a $47.5 mil­lion Se­ries C to the cof­fers in Feb­ru­ary and then added $34 mil­lion more last month, ac­cord­ing to the S-1 fil­ing. Al­to­geth­er that tots up to $167 mil­lion. And as of the end of last year the Cam­bridge, MA-based biotech un­der the guid­ance of CEO Sim­ba Gill had burned through $56.4 mil­lion.

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