Evelo Biosciences: Falls on discounted share offering

Evelo Biosciences

29/01/2021 13:29

** Biotech co's shares  EVLO.O  down 8.65% at $16.99
premarket 
    ** Co on Thursday after-market announced offering of 4.5 mln
shares at $15/share to raise ~$67.5 mln  urn:newsml:reuters.com:*:nGNX5m1NYB
    ** Offer represents discount of 19.35% to stock's last close
    ** Stock on offer represents 9.74% of co's outstanding
shares
    ** Co intends to use net proceeds to continue development of
EDP1815 trials, other R&D activities for additional product
candidates, including oral product candidates through
preclinical development across therapeutic area and for working
capital and other general corporate purposes
    ** Morgan Stanley, Cowen and BMO Capital Markets are joint
book-running managers for the offering that is expected to close
on Feb. 2
    ** EVLO shares up 53.84% YTD, as of last close

 (Reporting by Lasya Priya M in Bengaluru)
 ((LasyaPriya.M@thomsonreuters.com;))