April 14 Quick Takes: Evelo stalls early eczema program

Evelo Biosciences Inc. (NASDAQ:EVLO) will prioritize two inflammation programs based on its small intestinal axis platform SINTAX while pausing development of a third, EDP1867 to treat atopic dermatitis, after the whole-microbe therapy showed no clear evidence of clinical benefit among 15 patients in a Phase Ib study. The company will continue to advance EDP1815, which is in Phase II testing for psoriasis and atopic dermatitis; and inflammatory disease candidate EDP2939, which is due in the clinic this year. Evelo’s shares have lost nearly 80% of their value since June 2021; the company now has a market cap of $136.3 million. 

Ji Xing Pharmaceuticals Ltd. will lead development and commercialization of presbyopia treatments LNZ100 aceclidine and LNZ101 aceclidine and brimonidine from Lenz Therapeutics Inc. in Greater China. Versant Ventures and RA Capital Management-backed Lenz will receive $15 million up front, and is eligible for up to $95 million in milestone payments and royalties on net sales. Additionally, RTW Investments will invest $10 million in Lenz. Aceclidine, a small molecule acetylcholine receptor agonist, met its Phase IIb trial endpoints. A Phase III trial is planned for 2H22...