Welcome to our dedicated page for Evoke Pharma news (Ticker: EVOK), a resource for investors and traders seeking the latest updates and insights on Evoke Pharma stock.
Evoke Pharma, Inc. (NASDAQ: EVOK) is a specialty pharmaceutical company headquartered at 505 Lomas Santa Fe Dr, Solana Beach, California, USA. The company is dedicated to developing and commercializing treatments for gastrointestinal (GI) disorders and diseases. Evoke Pharma's flagship product is Gimoti, an innovative nasal spray formulation of metoclopramide designed to treat symptoms of diabetic gastroparesis (DGP) in women. Unlike traditional oral forms, Gimoti offers a unique delivery method through the nasal mucosa, addressing erratic absorption issues common in DGP patients.
Recently, Evoke Pharma has made significant strides. The company was selected for a Distinguished Oral Plenary Presentation at a prominent medical meeting, showcasing new data that highlight Gimoti's potential to reduce healthcare costs and resource utilization. Research indicates that nasal metoclopramide reduces emergency room visits and hospitalizations, illustrating substantial cost savings compared to oral formulations.
Evoke Pharma has also reported robust financial growth, with net product sales reaching $1.6 million in Q3 2023, an 88% increase year-over-year. The company attributes this success to increased prescription fills, new enrollments, and a growing number of prescribers. To further enhance accessibility, Evoke transitioned its prescription intake system to ASPN Pharmacies, aiming to broaden its reach through extensive pharmacy networks.
With a strong intellectual property portfolio, including four FDA Orange Book-listed patents for Gimoti, Evoke Pharma continues to solidify its market position. The company remains committed to improving patient outcomes and expanding the availability of effective treatments for diabetic gastroparesis.
Evoke Pharma reports significant progress in its commercial strategy and positive momentum for its GI treatment product, GIMOTI. The company achieved its highest monthly GIMOTI prescription fills in May 2024 and expanded state Medicaid access. Evoke transitioned its pharmacy distribution to ASPN Pharmacies in November 2023, improving prescription conversion rates. Through Eversana, Evoke also broadened its pharmacy network to include four additional regional pharmacies, improving access in states like Arkansas and Illinois.
Leadership changes include the promotion of Mark Kowieski to Chief Financial Officer. The company focuses on enhancing operational efficiency and plans to continue its growth trajectory throughout 2024.
Evoke Pharma (NASDAQ: EVOK) will present data on GIMOTI®, a nasal spray for gastroparesis, at the 2024 Digestive Disease Week Conference (DDW 2024) in Washington D.C. from May 18-21, 2024. The study focuses on the benefits of GIMOTI for women, who are most affected by gastroparesis. The data demonstrates fewer physician visits, hospitalizations, and emergency department visits compared to oral metoclopramide. The presentation, led by Dr. David C. Kunkel from the University of San Diego Health, is scheduled for May 20, 2024. Evoke Pharma will also have a commercial booth (#737) at the conference.
Evoke Pharma reported a strong first quarter for 2024, with net product sales increasing by 114% year-over-year to $1.7 million. The company saw a 70% growth in prescriber numbers compared to Q4 2023 and reaffirmed its $14 million net revenue guidance for 2024. Challenges included a cyberattack and increased co-pay expenses, but the company remains optimistic, leveraging its partnership with ASPN Pharmacies. The first quarter also saw the company raising $8.8 million through a public offering. Net loss was reduced to $1.6 million from $2.2 million in Q1 2023. Cash position stands at $9.7 million, expected to fund operations into Q1 2025.
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