US-based gut-body therapy developer Evelo Biosciences has filed for a $100m initial public offering that will enable pharmaceutical firm Celgene, internet technology group Alphabet and medical researcher Mayo Clinic to exit.
Evelo is working on monoclonal microbials cloned from a single naturally-occurring microbe which are intended to leverage the role of the gastrointestinal tract, or gut, in controlling immune and biological activity in the human body.
The proceeds will fund proof-of-concept clinical trials for Evelo’s oncology and inflammatory diseases programs as well as the enhancement of its platform and the preclinical development of other drug candidates.
Evelo has raised approximately $167m in funding according to press releases and the IPO filing, most recently securing $81.5m in a series C round that closed last month.
Flagship Pioneering, the venture capital firm that incubated Evelo, provided it with $35m in series A funding in 2015 and led its $50.7m series B round in July 2017. It is the company’s only shareholder with a stake sized at 5% or over, though the filing does not reveal the precise size.
Medical researcher Mayo Clinic, pharmaceutical company Celgene and internet technology group Alphabet also took part in the 2017 round, the latter through its GV unit, investing alongside Alexandria Venture Investments, a vehicle for real estate investment trust Alexandria Real Estate Equities.
The offering is set to take place on the Nasdaq Global Market and Morgan Stanley, Cowen and Company, BMO Capital Markets and JMP Securities have been appointed underwriters.