Evelo Biosciences gets $45 million financing from K2 HealthVentures

By Angela McDaniels

Tacoma, Wash., July 25 – Evelo Biosciences, Inc. said it entered into a loan and security agreement for up to $45 million with K2 HealthVentures, a health-care investment firm.

At closing, Evelo borrowed $20 million. The funds were used to fully repay the company’s previous $15 million loan facility and will be used for general corporate and working capital purposes.

The agreement “increases our financial flexibility as we advance our clinical portfolio of oral biologics in inflammation and oncology,” Jonathan Poole, chief financial officer of Evelo, said in a company news release.

Evelo Biosciences is a clinical-stage biotechnology company developing oral biologics that act on cells in the small intestine with systemic therapeutic effects. It is based in Cambridge, Mass.

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