Evelo Biosciences, Inc. (Nasdaq: EVLO), a clinical-stage biotechnology company developing a new modality of orally delivered medicines, has announced the pricing of an underwritten public offering of 4,500,000 shares of its common stock, at a public offering price of US$15 per share, before underwriting discounts and commissions. Evelo also granted the underwriters a 30-day option, solely to cover over-allotments, if any, to purchase up to an additional 675,000 shares of its common stock. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately US$67.5 million, excluding any exercise of the underwriters' option to purchase additional shares. All of the shares in the offering are to be sold by Evelo.
Latham & Watkins represents Evelo Biosciences in the transaction with a corporate deal team led by partners Peter Handrinos and Wesley Holmes, with associates Adam Johnson, Angel Marcial, and Christopher Lloyd.