Evelo Biosciences to review options after Phase 2 trial of psoriasis treatment fails to meet main goal

Evelo Biosciences Inc.
EVLO,
-6.73%
said Tuesday it’s reviewing its strategic options and exploring partnerships after a Phase 2 study of a treatment for psoriasis failed to meet its main goal. “The study’s primary endpoint, the difference in the proportion of patients who achieved an outcome of a 50% improvement from baseline in Psoriasis Area and Severity Index (PASI) score (a PASI-50 response) between EDP2939 and placebo after 16 weeks of daily treatment, was not achieved,” the company said in a statement. It’s still gathering and analyzing the data. “Whilst we are disappointed with the results of the Phase 2 study with EDP2939, we continue to believe in the value of our Small Intestinal Axis (SINTAX) platform and in our potential product, EDP1815,” Evelo CEO Simba Gill said in a statement. The company previously reported positive efficacy and safety data in a Phase 2 study of mild to moderate psoriasis with EDP1815 The company will now cease development of EDP2939. The stock was halted premarket for the news, but has fallen 91% in the year to date.