Evelo Biosciences Inc., which is seeking to piggyback on the natural evolution of the gut to disrupt disease processes, raised $85 million in its IPO by offering approximately 5.3 million shares priced at $16 – the midpoint of its proposed range – to advance its microbial gut therapies, which target inflammatory diseases and cancer. The company, which listed on Nasdaq under the ticker EVLO, granted underwriters a 30-day option to purchase up to 796,875 additional shares, potentially adding $12.75 million to its raise.