Brief: Evelo Biosciences Approved A Plan To Reduce Its Workforce By 48 Employees

Evelo Biosciences

02/02/2023 22:48

Feb 2 (Reuters) - Evelo Biosciences Inc  EVLO.O :
    * EVELO BIOSCIENCES - ON JAN 31,BOARD  APPROVED A PLAN TO
REDUCE
ITS WORKFORCE BY 48 EMPLOYEES, OR ABOUT 45% OF COMPANY'S
HEADCOUNT AS OF JAN 31, 2023
    * EVELO BIOSCIENCES INC -  ESTIMATES THAT IT WILL INCUR
AGGREGATE
CHARGES IN CONNECTION WITH THE WORKFORCE REDUCTION OF
APPROXIMATELY $2.7 MILLION
    * EVELO BIOSCIENCES INC - COMPANY EXPECTS THE MAJORITY OF
THESE
COSTS TO BE INCURRED DURING THE QUARTER ENDING MARCH 31, 2023
    * EVELO BIOSCIENCES INC - WORKFORCE REDUCTION & OTHER COST
SAVINGS
ACTIONS BEING IMPLEMENTED ARE EXPECTED TO EXTEND CASH RUNWAY
INTO Q3 2023
    * EVELO BIOSCIENCES - ON JAN 31,CO INFORMED STEPHEN J.
CARRIERE,
CHIEF ACCOUNTING OFFICER, HIS POSITION WAS BEING ELIMINATED IN
CONNECTION WITH LAYOFFS
    * EVELO BIOSCIENCES INC - CARRIERE IS EXPECTED TO SERVE IN
HIS
POSITION THROUGH MARCH 31, 2023
    * EVELO BIOSCIENCES INC - ON JAN 31, BOARD APPOINTED MARELLA
THORELL, CFO, AS PRINCIPAL ACCOUNTING OFFICER EFFECTIVE UPON
CARRIERE’S DEPARTURE

Further company coverage:  EVLO.O 
 ((Reuters.Briefs@thomsonreuters.com;))