Evelo Biosciences is shutting down according to a regulatory filing

The move follows setbacks for the company, which was testing its lead drug candidate for inflammatory skin conditions. That drug failed the main goal of a Phase II trial, data announced February 1 showed. As a result, Evelo laid off 48 people in January, and let go of another unspecified number of employees in the second quarter. “After seeking potential funding sources and other ways to continue to operate Evelo’s business, Evelo has not found a viable alternative to the dissolution.” More than 130 biotechs, including Evelo, have let go of employees this year, according to data compiled by BioPharma Dive.