Evoke Pharma Inc (NASDAQ:EVOK) shares climbed 1.15% on Monday and an additional 0.75% in after-hours trading to $2.67. The company has a market cap of $20.72 million at 9.04 million shares outstanding. Share prices have been trading in a 52-week range of $1.52 to $11.11.
Evoke Pharma is a specialty pharmaceutical company that is focused primarily on the development of drugs to treat gastrointestinal disorders and diseases. It is currently developing EVK-001, a metoclopramide nasal spray for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women. EVK-001 is a formulation of Metoclopramide drug, designed to provide systemic delivery of metoclopramide through intranasal administration.
The company has evaluated EVK-001 in a multicenter, randomized, double-blind, placebo-controlled parallel group, dose-ranging Phase IIb clinical trial and commenced Phase III in female patients with symptoms associated with acute and recurrent diabetic gastroparesis. However, a report last week indicated that these clinical trials failed to meet their primary endpoint.
A preliminary review of topline data across all study sites revealed similar improvement in the drug and placebo groups at week 4 of treatment, but these results were not consistent across study sites. Evoke Pharma expressed surprise at these results which could be an anomaly.
The topline results are unexpected and an anomaly, given that metoclopramide has been approved and used for treating diabetic gastroparesis for more than 35 years. Additionally, EVK-001 provides predictable absorption of metoclopramide as seen in our prior trials,” stated President and CEO Dave Gonyer in a press release. “We continue to believe that EVK-001 is a promising treatment option for patients who currently rely on oral drugs to treat their symptoms of gastroparesis.
Furthermore, Gonyer noted that they will continue to provide updates once they have clarity on the next steps to take while they carry on with their analysis of the available data.
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