Evoke Pharma Inc (NASDAQ:EVOK) plans to sell its shares in a firm commitment underwritten public offering. Evoke Pharma is a pharmaceutical company that mainly specializes in gastrointestinal (GI) diseases treatment.
The company, one of the best Nasdaq Stocks says it will roll out a 45-day option to the underwriter to buy an extra 15% of its common stock. Evoke will sell all the shares in the public offering. The proceeds raised from the offering will go towards funding pre-commercialization of the Gimoti, developing its clinical activities raising working capital and corporate activities in general.
Evoke has appointed Laidlaw & Company (UK) Ltd as the main stock manager for the offering. The outcome of this offering is dependent on conditions in the market and it has no timeframe on when it may be completed, the terms and actual size of the offering.
In a registration statement (File No. 333-200176), the Securities and Exchange Commission (SEC) declared the stock effective. Evoke will now be required to file a prospectus with the SEC will all details relating to the offering. SEC is responsible for enforcing the federal securities regulations for all stocks listed on the U.S stocks markets including top Nasdaq Stocks.
The company’s shares raised by 38% in premarket trade after the positive examination of the company’s Gimoti. Evoke noted that the FDA did not include the product from the last stage of a Human Factors Validation research that is mandatory before submitting application for a new drug.
Evoke is a pharmaceutical company with specialty in treatment of GI diseases and disorders. The company is currently developing a metoclopramide nasal spray to be used in to relieve symptoms that are associated with gastroparesis in diabetic women. Many people worldwide are affected by diabetic gastroparesis, a condition that slows down the rate at which the stomach takes long to empty its content causing digestive complications. Metoclopramide is the only available medication approved for treatment of gastroparesis in the United States and is administered in intravenous and oral forms.Gimoti is a type of Metoclopramide and is designed to deliver metoclopramide through the nose.