Evoke Pharma Inc Stock Price, News & Analysis

Evoke Pharma (NASDAQ: EVOK) has announced receiving approximately $3.0 million in gross proceeds from the amendment and exercise of existing warrants. The funds will be used to support working capital, general corporate purposes, and advancing commercial efforts for GIMOTI® (metoclopramide) nasal spray. The warrants were exercised at $8.16 per share, with no new warrants issued in these transactions, which closed on September 30, 2024.

CEO Matt D'Onofrio highlighted that recent regulatory events suggest Gimoti is unlikely to face direct branded competition for several years. As part of the transaction, Nantahala Capital Management, an existing investor and warrant holder, has been granted the right to nominate two members to the company's Board of Directors.

Evoke Pharma reaffirms its commitment to patients with diabetic gastroparesis following the FDA's decision not to approve Vanda Pharmaceuticals' Tradipitant. Evoke's product, Gimoti (metoclopramide nasal spray), remains the sole FDA-approved non-oral outpatient treatment for acute and recurrent symptoms of diabetic gastroparesis in adults.

Real-world data presented at Digestive Disease Week 2023 showed that Gimoti users experienced significant reductions in emergency room visits (-60%) and hospitalizations (-68%) compared to oral metoclopramide over six months. A cost analysis revealed that Gimoti reduced total care costs by approximately $15,000 within the first six months compared to oral metoclopramide.

Evoke continues to focus on improving patient outcomes and expanding access to Gimoti, which has been provided to over 4,000 patients since launch. The company is also positioning itself to respond to new challenges, such as gastroparesis linked to GLP-1 receptor agonists.

Evoke Pharma, a specialty pharmaceutical company focusing on gastrointestinal (GI) diseases, announced its participation in the 7th Annual Gastroenterology and Hepatology Advanced Practice Providers (GHAPP) Conference from September 12-14, 2024, in National Harbor, Maryland. As a four-year meeting sponsor, Evoke Pharma aims to engage with nurse practitioners and physician assistants who manage patients with GI disorders, including gastroparesis.

The company will host a booth to discuss GIMOTI® (metoclopramide) nasal spray, their treatment for diabetic gastroparesis. CEO Matt D'Onofrio emphasized the importance of connecting with advanced practice providers and showcasing GIMOTI's positive impact on patients. Demittre Sorenson, PA-C, from the Center for Advanced GI, highlighted GIMOTI's effectiveness in treating gastroparesis patients, noting its nasal delivery bypasses the dysfunctional gut.

Evoke Pharma (NASDAQ: EVOK) announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference from September 9-11, 2024, in New York City. The company, specializing in gastrointestinal disease treatments, will present on its flagship product GIMOTI® (metoclopramide nasal spray) for diabetic gastroparesis.

Key points:

• Presentation available on-demand to registered attendees from September 9, 2024, at 7:00 a.m. ET
• Archived webcast accessible on Evoke Pharma's investor relations website
• Management to participate in one-on-one meetings with investors
• Focus on recent positive commercial progress of GIMOTI®

This conference provides Evoke Pharma an opportunity to showcase its advancements in GI treatments and engage with potential investors.

Evoke Pharma (NASDAQ: EVOK) reported strong Q2 2024 financial results for GIMOTI, its nasal spray treatment for diabetic gastroparesis. Net product sales grew 47% quarter-over-quarter and 126% year-over-year, indicating an annual run-rate exceeding $10 million. The company achieved record-high prescription fills, with a 75% year-over-year increase and 32% growth compared to Q1 2024. Net loss narrowed to $1.3 million ($0.93 per share) from $1.9 million ($6.70 per share) in Q2 2023. Evoke revised its 2024 guidance to $11-12 million, still reflecting over 100% growth from the previous year. The company believes its current cash position and future GIMOTI sales will fund operations into Q2 2025.

Evoke Pharma (NASDAQ: EVOK) is supporting Gastroparesis Awareness Month in August, collaborating with advocacy groups to raise awareness for millions of patients worldwide. Gastroparesis, affecting approximately 2% of the U.S. population, is a disorder where food moves slower than normal from the stomach to the intestines. Evoke's CEO, Matt D'Onofrio, emphasizes the company's dedication to ensuring diabetic gastroparesis patients receive treatment through their assistance programs.

Evoke's product, GIMOTI® (metoclopramide) nasal spray, launched in June 2020, is the only non-oral FDA-approved outpatient gastroparesis treatment in over 30 years. Over 4,000 patients have received GIMOTI, which has shown significant impact on reducing healthcare facility use and saving patients and insurers over $15,000 in expenses over a six-month period compared to oral metoclopramide.

Evoke Pharma (NASDAQ: EVOK) has announced a 1-for-12 reverse stock split of its common stock, effective August 1, 2024. This decision, approved by stockholders on May 22, 2024, aims to bring the company into compliance with Nasdaq's minimum bid price requirement. The stock will continue trading under the symbol EVOK with a new CUSIP number. Every 12 shares will be converted into one share, with no change in par value or authorized shares. Fractional shares will be paid in cash. The split will affect all outstanding stock options, warrants, and equity incentive plans proportionately. Equiniti Trust Company will act as the exchange agent for the process.

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.