By Josh Beckerman
Evelo Biosciences shares fell 58% as the company said it will discontinue EDP2939 after a Phase 2 study in moderate psoriasis didn’t meet its primary endpoint.
The stock was recently at $1.23 and is down about 96% this year.
Evelo is “conducting a review of potential strategic alternatives, including seeking to partner EDP1815 and the Sintax platform.”
The company previously reported positive data in a Phase 2 study of mild to moderate psoriasis with EDP1815 but discontinued development of EDP1815 for atopic dermatitis. In July, Evelo said “we believe EDP2939 has the potential for greater activity versus EDP1815.”
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