Evoke Pharma Announces Full Exercise of Underwriter’s Option to Purchase Additional Shares
March 06 2017 - 8:30AM
Evoke Pharma, Inc. (Nasdaq:EVOK), a specialty pharmaceutical
company focused on treatments for gastrointestinal diseases,
announced today that the underwriter of its previously announced
public offering of approximately 2.4 million shares of its common
stock has exercised in full its option to purchase an additional
362,068 shares of common stock, at a price to the public of $2.90
per share. The issuance of the additional shares closed on Friday,
March 3, 2017, and all of the shares were sold by Evoke. The
exercise brings the total gross proceeds from the offering to
approximately $8.0 million, before underwriting discounts and
commissions and estimated offering costs.
Evoke intends to use the net proceeds from
the offering to fund clinical development, pre-approval and
pre-commercialization activities for Gimoti, including the planned
comparative exposure trial and planned NDA submission, and for
working capital and general corporate purposes.
Laidlaw & Company (UK) Ltd. acted as
sole book-running manager for the offering.
The securities described above are being
offered by Evoke pursuant to a registration statement (File No.
333-200176) previously filed and declared effective by the
Securities and Exchange Commission (SEC). This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction. A final
prospectus supplement and the accompanying prospectus related to
the offering have been filed with the SEC. Copies of the
final prospectus supplement and the accompanying prospectus may be
obtained from Laidlaw & Company (UK) Ltd, Attention: Syndicate
Department, 546 Fifth Avenue, New York, NY 10036, by telephone at
(212) 953-4900 or by email at syndicate@laidlawltd.com. Electronic
copies of the final prospectus supplement and accompanying
prospectus are also available on the website of the SEC at
www.sec.gov.
About Evoke Pharma,
Inc.
Evoke is a specialty pharmaceutical company
focused primarily on the development of drugs to treat GI disorders
and diseases. Evoke is developing Gimoti, a metoclopramide nasal
spray for the relief of symptoms associated with acute and
recurrent gastroparesis in women with diabetes mellitus. Diabetic
gastroparesis is a GI disorder afflicting millions of sufferers
worldwide, in which the stomach takes too long to empty its
contents resulting in serious digestive system symptoms.
Metoclopramide is the only product currently approved in the United
States to treat gastroparesis, and is currently available only in
oral and intravenous forms. Gimoti is a novel formulation of this
drug, designed to provide systemic delivery of metoclopramide
through nasal administration. Visit www.EvokePharma.com for
more information.
Forward Looking
Statements
Evoke cautions you that statements included
in this press release that are not a description of historical
facts are forward-looking statements. In some cases, you can
identify forward-looking statements by terms such as "may," "will,"
"should," "expect," "plan," "anticipate," "could," "intend,"
"target," "project," "contemplates," "believes," "estimates,"
"predicts," "potential" or "continue" or the negatives of these
terms or other similar expressions. These statements are based on
Evoke's current beliefs and expectations. These forward-looking
statements include statements regarding Evoke’s anticipated use of
proceeds from the offering. The inclusion of forward-looking
statements should not be regarded as a representation by Evoke that
any of its plans will be achieved. Actual results may differ from
those set forth in this press release due to the risks and
uncertainties associated with market conditions and other risks and
uncertainties inherent in Evoke’s business, including those
described in Evoke's periodic filings with the SEC and the
prospectus supplement and related prospectus for this offering
filed with the SEC. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof, and Evoke undertakes no obligation to revise or update
this press release to reflect events or circumstances after the
date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement. This caution is made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Investor Contact:
The Ruth Group
Tram Bui
Tel: 646-536-7035
tbui@theruthgroup.com
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