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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