Evelo Bio slumps after skin disease drug fails in mid-stage study

Evelo Biosciences

17/10/2023 13:00

** Shares of drug developer Evelo Biosciences  EVLO.O  drops
41.6% to $1.7 premarket 
    ** Co says its experimental drug to treat moderate psoriasis
failed to meet the main goal in a mid-stage study   
    ** EVLO says it will stop development of the drug candidate,
EDP2939 
     ** Drug could not meaningfully reduce severity of the
condition compared to placebo - EVLO
    ** Psoriasis is a chronic condition that can cause thick,
scaly patches, or plaques, to form on the skin
    ** EVLO says it is exploring strategic alternatives
    ** EVLO seeks partnering opportunities for another drug
candidate being developed to treat mild and moderate psoriasis
and its proprietary platform for developing oral
anti-inflammatory medicines   
    ** Up to last close, EVLO down ~91% YTD  

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))