Evelo Biosciences (EVLO) IPO Opens Flat

Today's IPO for Evelo Biosciences, Inc. (NASDAQ: EVLO) opened for trading at $16 after pricing 5,312,500 shares of common stock at a public offering price of $16.00 per share, before underwriting discounts and commissions.

In addition, Evelo has granted the underwriters a 30-day option to purchase up to an additional 796,875 shares of common stock at the initial public offering price, less the underwriting discounts and commissions, to cover over-allotments, if any.

Morgan Stanley, Cowen and BMO Capital Markets are acting as book-running managers for the offering. JMP Securities is acting as lead manager for the offering.

Evelo Biosciences is dedicated to improving the lives of patients globally through the development of a new modality of medicines – monoclonal microbials. Evelo's monoclonal microbial product candidates are orally delivered and are intended to modulate systemic immunology and biology through direct interactions with human cells in the gut. Evelo believes they have the potential to be broadly applicable across many diseases – including autoimmune, immunoinflammatory, metabolic, neurological, neuroinflammatory diseases and cancer. Monoclonal microbials have the potential to fundamentally change traditional models of drug discovery and development. By finding and selecting naturally occurring monoclonal microbials with defined therapeutic effects, Evelo is focused on improving the speed, cost and success of drug discovery and development. Evelo's platform targets pharmacological intervention at all stages of disease with naturally occurring monoclonal microbials, which Evelo believes will be safe and effective. Evelo Biosciences was conceived and created within VentureLabs®, Flagship Pioneering's institutional innovation foundry and launched by Flagship in 2015.

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