Evelo Biosciences to cut jobs, skin disease drug trial disappoints (updated)

Evelo Biosciences

01/02/2023 13:04

(Adds details on study, share movement)
       Feb 1 (Reuters) - Evelo Biosciences Inc  EVLO.O  said on
Wednesday its skin disease treatment did not meet the main goal
in a mid-stage trial, and added it would reduce its workforce to
conserve cash amid macroeconomic concerns.
    The drug developer had 122 full-time employees, as of March
2022. Evelo did not disclose details on how many jobs it plans
to cut. 
    Evelo said the drug, EDP1815, had failed to reduce the size
and severity of eczema in the first three patient groups of the
mid-stage trial. 
    The company was testing the drug on patients with atopic
dermatitis and said it plans to wait for data from the final
patient group in the study to make a decision on the drug.    
    Shares of Evelo fell 20.2% to 83 cents premarket.
 (Reporting by Aditya Samal; Editing by Krishna Chandra Eluri)
 ((Aditya.Samal@thomsonreuters.com;))