Evelo Biosciences Inc

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4:40:04 PM EDT: $0.24 +0.01 (+4.97%)
Layoffs, Other Pre-Announcement

Evelo Biosciences Approved A Plan To Reduce Its Workforce By 48 Employees

Published: 02/02/2023 22:54 GMT
Evelo Biosciences Inc (EVLO) - Evelo Biosciences - on Jan 31,board Approved a Plan to Reduce Its Workforce by 48 Employees, Or About 45% of Company's Headcount As of Jan 31, 2023.
Evelo Biosciences Inc - Estimates That It Will Incur Aggregate Charges in Connection With the Workforce Reduction of Approximately $2.7 Million.
Evelo Biosciences Inc - Company Expects the Majority of These Costs to Be Incurred During the Quarter Ending March 31, 2023.
Evelo Biosciences Inc - Workforce Reduction & Other Cost Savings Actions Being Implemented Are Expected to Extend Cash Runway Into Q3 2023.
Evelo Biosciences - on Jan 31,co Informed Stephen J. Carriere, Chief Accounting Officer, His Position Was Being Eliminated in Connection With Layoffs.
Evelo Biosciences Inc - Carriere is Expected to Serve in His Position Through March 31, 2023.
Evelo Biosciences Inc - on Jan 31, Board Appointed Marella Thorell, Cfo, As Principal Accounting Officer Effective Upon Carriere’s Departure.
Further Company Coverage: Evloo ((reuters.