Evelo Biosciences Inc. reviews strategic options and explores partnerships following the failure of a Phase 2 study. The company remains hopeful about their other product.
Evelo Biosciences Inc. (EVLO) announced on Tuesday that it is currently undergoing a review of its strategic options and exploring potential partnerships. This decision comes after a Phase 2 study conducted on a treatment for psoriasis, known as EDP2939, failed to meet its primary goal.
The company stated that the primary endpoint of the study, which focused on the difference in the proportion of patients achieving a 50% improvement from baseline in the Psoriasis Area and Severity Index (PASI) score, was not achieved. Evelo Biosciences Inc. is currently in the process of gathering and analyzing the data obtained from the study.
Despite the disappointing outcome of the Phase 2 study with EDP2939, Evelo CEO Simba Gill expressed continued belief in the potential of their Small Intestinal Axis (SINTAX) platform and their product, EDP1815, which previously showed positive efficacy and safety data in a Phase 2 study on mild to moderate psoriasis. As a result, the company has decided to discontinue the development of EDP2939.
The company's stock was temporarily halted premarket following the announcement. With a year-to-date decline of 91%, Evelo Biosciences Inc. faces significant challenges as it navigates through this setback.
Stay tuned for further updates as Evelo Biosciences Inc. explores various opportunities and strategies moving forward.
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