Evelo Biosciences rises on plan to reduce workforce

Evelo Biosciences

03/02/2023 17:21

** Shares of drug developer Evelo Biosciences Inc  EVLO.O  rise 8.78% to 93
cents
    ** Co late on Thursday said it plans to reduce its workforce by 48 employees
or about 45% of EVLO's headcount
    ** Workforce reduction and other cost savings are being implemented to
extend cash runway to Q3 2023 - EVLO
    ** Expects to incur charges of about $2.7 million, majority of which will be
in quarter ending March 31
    ** On Feb 1, co said its experimental drug, EDP1815, failed to meet the main
goal of a mid-stage trial testing it for treating atopic dermatitis, or eczema
    ** Stock lost ~73% last year
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))