Evoke Pharma Inc Stock Price, News & Analysis

Evoke Pharma, Inc. (Nasdaq: EVOK) has priced an underwritten public offering of 5,000,000 shares at $2.50 per share, aiming for gross proceeds of $12.5 million. The offering includes a 45-day option for the underwriter to purchase an additional 750,000 shares. Expected to close around January 19, 2021, the funds will support working capital, commercialization, R&D activities, and potential technology acquisitions. Laidlaw & Company (UK) Ltd. is the sole book-running manager for the offering.

Evoke Pharma, Inc. (Nasdaq: EVOK) announced plans for a public offering of common stock with an underwriter option for an additional 15%. The shares are to be sold entirely by Evoke and will be subject to market conditions. Proceeds will fund working capital, commercialization, R&D activities, and potential technology acquisitions. The offering follows a previously filed shelf registration statement with the SEC. Laidlaw & Company is the sole book-running manager. This press release is not an offer to sell securities in jurisdictions where it would be unlawful.

Evoke Pharma reported promising results from a recent survey on GIMOTI, its newly launched treatment for diabetic gastroparesis. The survey, conducted in December 2020, involved 104 healthcare practitioners and indicated strong intent to prescribe GIMOTI, with 79% of targeted gastroenterologists and 89% of non-target gastroenterologists expressing positive prescribing trends. Notably, GIMOTI's unique nasal delivery method stands out as an alternative to oral treatments, addressing significant patient needs. The company's leadership expressed optimism over the results, paving the way for enhanced commercial efforts in 2021.

Evoke Pharma, focused on treatments for gastrointestinal diseases, reported its Q3 2020 financial results, highlighting the commercial launch of GIMOTI, a nasal treatment for diabetic gastroparesis, in partnership with EVERSANA.

The net loss was approximately $2.1 million, or $0.08 per share, compared to a loss of $1.6 million, or $0.07 per share, in Q3 2019. Operating expenses rose to $2.1 million driven by commercialization efforts. As of September 30, 2020, cash and equivalents stood at $6.3 million, expected to fund operations into Q2 2021, excluding potential GIMOTI revenue.

Evoke Pharma has announced the commercial launch of Gimoti (metoclopramide) nasal spray, designed specifically for adults suffering from acute and recurrent diabetic gastroparesis. This treatment allows for medication absorption via the nasal mucosa, bypassing gastrointestinal issues common in these patients. Approved by the FDA in June 2020, Gimoti offers a novel alternative to traditional oral medications, which can be ineffective due to unpredictable stomach emptying. With support from EVERSANA, the launch aims to address a significant market need and improve patient outcomes.

Evoke Pharma (EVOK) announced the appointment of Christopher Quesenberry as Chief Commercial Officer for Gimoti, approved by the FDA for treating diabetic gastroparesis. With over 30 years in pharma strategy, Quesenberry will lead the commercialization efforts alongside partner EVERSANA. The collaboration aims to ensure successful market entry and sales for Gimoti, expected to launch in Q4 2020. Evoke's President emphasized the importance of Quesenberry's expertise in executing their commercialization strategy for this critical GI disorder treatment.

Evoke Pharma, Inc. (NASDAQ: EVOK) announced its Q2 2020 financial results, showing a net loss of approximately $7.0 million or $0.28 per share, significantly higher than the $2.1 million net loss in Q2 2019. Research and development expenses surged to $5.8 million due to a $5 million technology acquisition milestone linked to the FDA approval of Gimoti, the first outpatient treatment for diabetic gastroparesis. The company expects to launch Gimoti in Q4 2020 with commercial partner EVERSANA, and reported cash reserves of $8.0 million, sufficient to fund operations into Q2 2021.

Evoke Pharma, Inc. (NASDAQ: EVOK) has commenced the commercial manufacturing of Gimoti™ (metoclopramide) nasal spray with manufacturing partner Patheon. Approved by the FDA on June 19, 2020, Gimoti is intended for adults suffering from diabetic gastroparesis. The company plans to launch sales in Q4 2020 in collaboration with EVERSANA. CEO David Gonyer emphasized the acceleration of pre-commercialization activities, ensuring the timely completion of manufacturing ahead of the launch.

Evoke Pharma (NASDAQ: EVOK) reported approximately $8.0 million in cash as of June 30, 2020, sufficient to fund operations into Q2 2021. The company anticipates launching GIMOTI, the first nasal treatment for diabetic gastroparesis, in Q4 2020 through its partner EVERSANA. This partnership will help mitigate capital investment needs by leveraging EVERSANA's resources for commercialization. GIMOTI addresses a significant unmet need in the treatment of diabetic gastroparesis, which affects millions of patients. Forward-looking statements caution potential risks in achieving growth.