Flagship-founded Evelo Biosciences will dissolve after finding no ‘viable alternative’

Evelo Bio­sciences, a Flag­ship Pi­o­neer­ing biotech that set out to cre­ate new oral med­i­cines dubbed mon­o­clon­al mi­cro­bials, has de­cid­ed to dis­solve af­ter mul­ti­ple clin­i­cal fail­ures and lay­offs doomed its fate ear­li­er this year.

The board de­ter­mined on Mon­day that a dis­so­lu­tion would be “in the best in­ter­ests of Evelo and its stock­hold­ers,” per a late Tues­day SEC fil­ing out­lin­ing the plan, which in­cludes hir­ing a new ex­ec­u­tive from an ac­count­ing firm fo­cused on dis­tressed busi­ness­es and ex­pe­ri­enced in wind­ing down com­pa­nies.

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