Evelo Biosciences Announces Grant of Inducement Award
June 16 2021 - 4:01PM
Evelo Biosciences, Inc. (Nasdaq: EVLO), a clinical stage
biotechnology company developing a new modality of orally delivered
medicines, announced that on June 14, 2021, Mark Plinio commenced
his services as Evelo’s Chief Commercial Officer. In connection
with the commencement of Mr. Plinio’s employment, the Company
issued to Mr. Plinio an option to purchase 250,000 shares of the
Company’s common stock with a per share exercise price of $16.34,
the closing trading price of the Company’s common stock on the
Nasdaq Global Select Market on June 14, 2021. The stock option was
granted pursuant to the Company’s 2021 Employment Inducement Award
Plan and was approved by the Company’s Board of Directors. The
stock option vests (subject to Mr. Plinio’s continued service to
the Company through the applicable vesting dates) 25% on June 14,
2022 and the remaining 75% in 36 substantially equal monthly
installments over the three years thereafter and has a ten-year
term. The stock option was granted under Rule 5635(c)(4) of the
Nasdaq Listing Rules as an inducement material to Mr. Plinio’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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