Evoke Pharma, Inc. - EVOK STOCK NEWS

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.

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.

Evoke Pharma, Inc. (NASDAQ: EVOK) will host a virtual KOL webinar on the evolving landscape of gastroparesis, focusing on GIMOTI, hospitalizations, and GLP-1 medications. The event will feature Dr. Michael Cline from Cleveland Clinic, discussing healthcare resource utilization data, patient experience with GIMOTI, and the rising incidence of gastroparesis. Investors can register for the webinar on April 24, 2024, at 12:00 p.m. ET.

Evoke Pharma, Inc. announces the appointment of Matthew J. D’Onofrio as the new CEO, succeeding David A. Gonyer. The company remains focused on GIMOTI® nasal spray for GI diseases. Mr. D’Onofrio expresses commitment to the core mission of expanding GIMOTI's reach to more patients. The board shows confidence in his leadership and vision for future growth.

Evoke Pharma, Inc. (EVOK) reported a significant 107% increase in net product sales for fiscal year 2023, totaling $5.2M, with projected net revenue of $14M for 2024. The company focused on expanding market share for GIMOTI nasal spray, resulting in a rise in prescribers, prescription fills, and patient enrollments. Recent developments include reduced healthcare resource utilization with GIMOTI, transition to ASPN Pharmacies for enhanced prescription processes, strengthened patent estate, and improved cash position through a $7.5M public offering.

Evoke Pharma, Inc. (EVOK) is set to release its fourth quarter and full year 2023 financial results on March 14, 2024. The company will host a conference call to discuss the results, focusing on their specialty pharmaceutical products for GI diseases, particularly Gimoti® nasal spray.