Evelo Biosciences, an early-stage biotech developing microbial gut therapies for inflammatory diseases, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $85 million by offering 5.3 million shares at a price range of $15 to $17. Insiders intend to purchase $40 million worth of shares in the offering (47%). At the midpoint of the proposed range, Evelo Biosciences would command a fully diluted market value of $563 million.
The company dosed its first monoclonal microbial candidate in inflammatory diseases, EDP1066, in April 2018, and expects to initiate a clinical trial for its second candidate in inflammatory diseases, EDP1815, in the fourth quarter of 2018.
Evelo Biosciences was founded in 2014 and plans to list on the Nasdaq under the symbol EVLO. Morgan Stanley, Cowen & Company and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of May 7, 2018.
