Stock Alert: Evoke Pharma Surges On FDA Approval Of Gimoti

(RTTNews) - Shares of Evoke Pharma Inc. (EVOK) are up more than 60% in pre-market trade Monday, following FDA approval of the company's nasal spray, Gimoti, for the relief of symptoms with acute and recurrent diabetic gastroparesis in adults.

Gastroparesis is a condition in which food stays in the stomach for longer than normal. Gimoti is the first and only nasally-administered product indicated for this.

Gimoti is the nasal formulation of FDA-approved metoclopramide, commonly used to treat nausea and vomiting.

The FDA approval of Gimoti allows the company to access its existing $5 million line of credit from its partner Eversana to support the manufacturing and commercializing costs.

As of May 31, 2020, Evoke's cash and cash equivalents were approximately $4.7 million.

Evoke Pharma anticipates to start commercial sales of Gimoti in the fourth quarter of 2020.

Evoke Pharma stock closed Friday's trading at $2.35, up $0.06 or 2.62%. It has traded in the range of $0.50- $2.80 in the past 52 weeks.