Evelo Biosciences Signs With Horizon For $45 Mln Loan

(RTTNews) - Evelo Biosciences, Inc. (EVLO) Friday announced a $45 million senior secured loan agreement with specialty finance company Horizon Technology Finance Corp. (HRZN) to refinance its existing debt.

The clinical stage biotechnology company said as per the agreement the loan will be provided for three years of interest-only payments followed by a two-year amortization period.

This loan would replace its existing senior secured debt which would have begun amortizing in March 2023.

Evelo expects to deliver three Phase 2 clinical milestones throughout 2023: first, early in the first quarter of 2023.