Press Release
Evoke Pharma Reports First Quarter 2020 Financial Results and Changes its 2020 Annual Meeting of Stockholders to a Virtual Format
Gimoti™ Prescription Drug User Fee Act (PDUFA) date is
“We continue to work with the
First Quarter 2020 Financial Review
For the first quarter of 2020, net loss was approximately
Research and development expenses totaled approximately
For the first quarter of 2020, general and administrative expenses were approximately
Total operating expenses for the first quarter of 2020 were approximately
As of
Change of Location of 2020 Annual Meeting of Stockholders – To be Held Virtually
Due to the public health and safety concerns related to the COVID-19 pandemic, as well as the orders and recommendations from government authorities, notice is hereby given that the location of the Company’s 2020 Annual Meeting of Stockholders (including any adjournments or postponements, the Annual Meeting) has been changed to be held solely via a live webcast.
As previously announced, the Annual Meeting will be held at
| Date: | |||
| Time: | |||
| Link: | www.proxydocs.com/EVOK | ||
| Registration Deadline: |
In order to attend and vote at the Annual Meeting virtually, stockholders must register in advance at www.proxydocs.com/EVOK prior to the deadline of 2:00 p.m. PT on
Further information regarding the change to a virtual-only Annual Meeting can be found in the proxy supplement filed by the Company with the
About
Evoke is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The Company is developing Gimoti, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adult women (approximately 80% of the affected patients).
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 digestive system symptoms. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Metoclopramide is currently available only in oral and injectable formulations and is the only drug currently approved in
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 potential timing of FDA action on the NDA and potential approval and product launch for Gimoti, including whether FDA will act by the PDUFA target goal date; Evoke’s belief that it can leverage Eversana’s capabilities to prepare for potential commercialization of Gimoti; and Evoke’s projected cash runway and potential 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: the potential for FDA to delay the PDUFA target goal date due to
(Financial Statements to Follow)
| Condensed Balance Sheets | ||||||||
| 2020 | 2019 |
|||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 4,133,188 | $ | 5,663,833 | ||||
| Prepaid expenses | 387,803 | 581,706 | ||||||
| Other current assets | 11,551 | — | ||||||
| Total current assets | 4,532,542 | 6,245,539 | ||||||
| Operating lease right-of-use asset | 105,352 | 138,538 | ||||||
| Other assets | — | 11,551 | ||||||
| Total assets | $ | 4,637,894 | $ | 6,395,628 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 925,628 | $ | 1,033,383 | ||||
| Accrued compensation | 685,266 | 843,162 | ||||||
| Operating lease liability | 105,352 | 138,538 | ||||||
| Total current liabilities | 1,716,246 | 2,015,083 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 2,446 | 2,443 | ||||||
| Additional paid-in capital | 90,439,901 | 90,108,492 | ||||||
| Accumulated deficit | (87,520,699 | ) | (85,730,390 | ) | ||||
| Total stockholders' equity | 2,921,648 | 4,380,545 | ||||||
| Total liabilities and stockholders' equity | $ | 4,637,894 | $ | 6,395,628 | ||||
| Condensed Statements of Operations | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| 2020 | 2019 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 463,853 | $ | 746,882 | ||||
| General and administrative | 1,329,834 | 1,223,013 | ||||||
| Total operating expenses | 1,793,687 | 1,969,895 | ||||||
| Loss from operations | (1,793,687 | ) | (1,969,895 | ) | ||||
| Other income: | ||||||||
| Interest income | 3,378 | 4,629 | ||||||
| Total other income | 3,378 | 4,629 | ||||||
| Net loss | $ | (1,790,309 | ) | $ | (1,965,266 | ) | ||
| Net loss per share of common stock, basic and diluted | $ | (0.07 | ) | $ | (0.11 | ) | ||
| Weighted-average shares used to compute basic and diluted net loss per share | 24,439,881 | 17,484,318 | ||||||
Investor Contact:
Tram Bui
Tel: 646-536-7035
tbui@theruthgroup.com
Source: Evoke Pharma, Inc.