Evoke Pharma Extends Cash Runway to 2Q 2021
July 08 2020 - 8:30AM
Evoke Pharma, Inc. (NASDAQ: EVOK), a specialty pharmaceutical
company focused on treatments for gastrointestinal (GI) diseases,
today announced that as of June 30, 2020 it had cash and cash
equivalents of approximately $8.0 million. Based on its
current operating plan, Evoke believes that its existing cash and
cash equivalents will provide sufficient cash to fund its
operations into the second quarter of 2021, without
consideration of the remaining $3.0 million available under its
EVERSANA line of credit or potential GIMOTI revenue.
“Following the approval of GIMOTI, the first and
only nasal therapeutic to treat the symptoms of diabetic
gastroparesis in adults, we have further improved our capital
position in preparation for commercialization,” said David Gonyer,
R.Ph., President and CEO. “We are planning to launch GIMOTI
via our partner, EVERSANA, in the fourth quarter and are continuing
to execute on essential pre-commercialization activities. The
partnership with EVERSANA has allowed us avoid significant capital
investment by leveraging their infrastructure, expertise and
financial resources for this product launch.”
About Evoke Pharma, Inc.Evoke
is a specialty pharmaceutical company focused primarily on the
development of drugs to treat GI disorders and diseases. The
Company developed GIMOTI, a nasal spray formulation of
metoclopramide, for the relief of symptoms associated with acute
and recurrent diabetic gastroparesis in adults.
Diabetic gastroparesis is a GI disorder
affecting millions of patients worldwide, in which the stomach
takes too long to empty its contents resulting in serious GI
symptoms as well as other systemic complications. The gastric delay
caused by gastroparesis can compromise absorption of orally
administered medications. Prior to FDA approval to commercially
market GIMOTI, metoclopramide was only available in oral and
injectable formulations and remains the only drug currently
approved in the United States to treat gastroparesis. Visit
www.EvokePharma.com for more information.
Safe Harbor Statement 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 the company’s current
beliefs and expectations. These forward-looking statements include
statements regarding: the timing of the commercial launch of GIMOTI
and commercial activities to be conducted by EVERSANA; the size of
the gastroparesis market and the potential of GIMOTI to provide an
important new alternative to current treatment options; and Evoke’s
projected cash runway and potential to continue to access the
EVERSANA line of credit. 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 inherent in Evoke’s business, including, without
limitation: Evoke’s and EVERSANA’s ability to successfully launch
and drive market demand for GIMOTI and the timing thereof; Evoke’s
ability to obtain additional financing as needed to support its
operations, including through the EVERSANA line of credit which is
subject to certain customary conditions; the COVID-19
pandemic may disrupt Evoke’s and EVERSANA’s business operations
impairing the ability to commercialize GIMOTI and Evoke’s
ability to generate any product revenue; Evoke’s dependence on
third parties for the manufacture of GIMOTI; Evoke is entirely
dependent on the success of GIMOTI; inadequate efficacy or
unexpected adverse side effects relating to GIMOTI that could delay
or prevent commercialization, or that could result in recalls or
product liability claims; our ability to obtain and maintain
intellectual property protection for GIMOTI; and other risks
detailed in Evoke’s prior press releases and in the periodic
reports it files with the Securities and Exchange Commission. 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 GroupTram
BuiTel: 646-536-7035tbui@theruthgroup.com
Evoke Pharma (NASDAQ:EVOK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Evoke Pharma (NASDAQ:EVOK)
Historical Stock Chart
From Sep 2023 to Sep 2024