Evelo Biosciences Announces Inducement Award Plan for Expanding Leadership Team
June 03 2021 - 4:01PM
Evelo Biosciences, Inc. (Nasdaq: EVLO), a clinical stage
biotechnology company developing a new modality of orally delivered
medicines, announced that given accelerating growth to later-stage
development and the anticipated hiring and expansion of the
Leadership Team, the Evelo Board of Directors has approved an
inducement equity plan.
On June 1, 2021, Luca Scavo commenced his services as Evelo’s
Chief Financial Officer. In connection with the commencement of Mr.
Scavo’s employment, the Company issued to Mr. Scavo an option to
purchase 300,000 shares of the Company’s common stock with a per
share exercise price of $14.24 the closing trading price of the
Company’s common stock on the Nasdaq Global Select Market on June
1, 2021, and 4,545 restricted stock units. The stock option and
restricted stock units were granted pursuant to the Company’s 2021
Employment Inducement Award Plan and were approved by the Company’s
Board of Directors. The stock option vests (subject to Mr. Scavo’s
continued service to the Company through the applicable vesting
dates) 25% on June 1, 2022, and in 36 substantially equal monthly
installments over the three years thereafter and has a ten-year
term. The restricted stock units vest in full upon Mr. Scavo’s
completion of three years of service on June 1, 2024. The stock
option and restricted stock units were granted under Rule
5635(c)(4) of the Nasdaq Listing Rules as an inducement material to
Mr. Scavo’s entering into employment with the Company.
About Evelo BiosciencesEvelo Biosciences is a
clinical stage biotechnology company developing orally delivered
medicines that act on the small intestinal axis, SINTAX™, to have
systemic therapeutic effects. SINTAX plays a central role in
governing the immune, metabolic, and neurological systems.
Evelo currently has four product candidates in development:
EDP1815, EDP1867, and EDP2939 for the treatment of inflammatory
diseases and EDP1908 for the treatment of cancer. Evelo is
advancing additional product candidates in other disease areas.
For more information, please
visit www.evelobio.com and engage with Evelo
on LinkedIn.
Forward Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
contained in this press release that do not relate to matters of
historical fact should be considered forward-looking statements,
including statements concerning the development of our product
candidates and the promise and potential impact of our product
candidates.
These forward-looking statements are based on management's
current expectations. These statements are neither promises nor
guarantees, but involve known and unknown risks, uncertainties and
other important factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements, including, but not limited to, the
following: the impact of the COVID-19 pandemic on our
operations, including our preclinical studies and clinical trials,
and the continuity of our business; we have incurred
significant losses, are not currently profitable and may never
become profitable; our need for additional funding; our limited
operating history; our unproven approach to therapeutic
intervention; the lengthy, expensive, and uncertain process of
clinical drug development, including potential delays in regulatory
approval; our reliance on third parties and collaborators to expand
our microbial library, conduct our clinical trials, manufacture our
product candidates, and develop and commercialize our product
candidates, if approved; our lack of experience in manufacturing,
selling, marketing, and distributing our product candidates;
failure to compete successfully against other drug companies;
protection of our proprietary technology and the confidentiality of
our trade secrets; potential lawsuits for, or claims of,
infringement of third-party intellectual property or challenges to
the ownership of our intellectual property; our patents being found
invalid or unenforceable; risks associated with international
operations; our ability to retain key personnel and to manage our
growth; the potential volatility of our common stock; our
management and principal stockholders have the ability to control
or significantly influence our business; costs and resources of
operating as a public company; unfavorable or no analyst research
or reports; and securities class action litigation against us.
These and other important factors discussed under the caption
"Risk Factors" in our Quarterly Report on Form 10-Q for the three
months ended March 31, 2021 and our other reports filed with the
SEC could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press
release. Any such forward-looking statements represent management's
estimates as of the date of this press release. While we may elect
to update such forward-looking statements at some point in the
future, except as required by law, we disclaim any obligation to do
so, even if subsequent events cause our views to change. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
ContactJessica Cotrone,
978-760-5622jcotrone@evelobio.com
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