Welcome to our dedicated page for Evoke Pharma news (Ticker: EVOK), a resource for investors and traders seeking the latest updates and insights on Evoke Pharma stock.
Evoke Pharma, Inc. (NASDAQ: EVOK) is a specialty pharmaceutical company headquartered at 505 Lomas Santa Fe Dr, Solana Beach, California, USA. The company is dedicated to developing and commercializing treatments for gastrointestinal (GI) disorders and diseases. Evoke Pharma's flagship product is Gimoti, an innovative nasal spray formulation of metoclopramide designed to treat symptoms of diabetic gastroparesis (DGP) in women. Unlike traditional oral forms, Gimoti offers a unique delivery method through the nasal mucosa, addressing erratic absorption issues common in DGP patients.
Recently, Evoke Pharma has made significant strides. The company was selected for a Distinguished Oral Plenary Presentation at a prominent medical meeting, showcasing new data that highlight Gimoti's potential to reduce healthcare costs and resource utilization. Research indicates that nasal metoclopramide reduces emergency room visits and hospitalizations, illustrating substantial cost savings compared to oral formulations.
Evoke Pharma has also reported robust financial growth, with net product sales reaching $1.6 million in Q3 2023, an 88% increase year-over-year. The company attributes this success to increased prescription fills, new enrollments, and a growing number of prescribers. To further enhance accessibility, Evoke transitioned its prescription intake system to ASPN Pharmacies, aiming to broaden its reach through extensive pharmacy networks.
With a strong intellectual property portfolio, including four FDA Orange Book-listed patents for Gimoti, Evoke Pharma continues to solidify its market position. The company remains committed to improving patient outcomes and expanding the availability of effective treatments for diabetic gastroparesis.
Evoke Pharma (NASDAQ: EVOK), a specialty pharmaceutical company focusing on gastrointestinal (GI) treatments, has announced the issuance of US patent No. 11,628,150 for its GIMOTI® (metoclopramide) nasal spray. This patent, expiring in 2029, covers specific formulations of metoclopramide. The company intends to list this patent in the FDA Orange Book shortly, enhancing its patent portfolio alongside existing patents in the EU, Japan, Canada, and Mexico. CEO Matt D'Onofrio emphasized the importance of this patent in protecting GIMOTI's proprietary administration route, vital for commercial success. GIMOTI addresses symptoms of diabetic gastroparesis, a serious GI disorder affecting many patients globally. This approval reinforces Evoke's commitment to innovation in the GI space.
Evoke Pharma, Inc. (NASDAQ: EVOK) announced that the USPTO has issued a Notice of Allowance for U.S. Application No. 17/100,664 concerning GIMOTI, its nasal spray formulation of metoclopramide. The patent, entitled "Nasal Formulation of Metoclopramide," will be issued on April 18, 2023, and is set to expire in 2030. GIMOTI is the first FDA-approved nasal formulation of metoclopramide, specifically for adults suffering from acute and recurrent diabetic gastroparesis. This new patent strengthens Evoke's existing patent portfolio and reflects the innovation of GIMOTI in improving treatment outcomes for patients, as stated by President & COO Matt D’Onofrio.
Evoke Pharma (NASDAQ: EVOK) has presented real-world data at the AMCP Annual Meeting that highlights the benefits of GIMOTI (metoclopramide nasal spray) in reducing healthcare resource utilization (HCRU) among patients with diabetic gastroparesis (DGP). The study involved 294 patients and demonstrated a significant decrease in physician office visits from an average of 2.2 pre-treatment to 2.0 post-treatment (p=0.03). Additionally, outpatient visits decreased from 1.6 to 1.0 (p<0.01). This finding underscores the potential of GIMOTI to improve patient outcomes and reduce healthcare costs, solidifying its position as an innovative treatment option.
Evoke Pharma, Inc. (NASDAQ: EVOK) announced significant growth in 2022 with net product sales from prescriptions rising 179% to $2.5 million. Patient enrollments increased by 149%. Despite a slight decline in Q4 sales to $796,000, overall prescription fills surged 178% for the year. The company expanded its prescriber base by 25% to 1,017. Evoke's strategic initiatives include enhanced market access via partnerships and telehealth integration. However, net losses for 2022 stood at $8.2 million or $2.62 per share. As of December 31, 2022, cash reserves were approximately $9.8 million, projected to sustain operations into Q3 2023.
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