Evoke Pharma (EVOK) IPO Opens Lower

September 25, 2013 11:05 AM EDT
The IPO for Evoke Pharma, Inc. (NASDAQ: EVOK) opened for trading at $11.15 after pricing 2,100,000 shares of its common stock at $12, the low end of the expected $12-$14 range.

Aegis Capital Corp. is acting as sole book-running manager for the offering. Cantor Fitzgerald & Co. and Feltl and Company, Inc. are acting as co-managers for the offering.

Evoke Pharma is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The Company is developing EVK-001, a metoclopramide nasal spray for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women with diabetes mellitus. Diabetic gastroparesis is a GI disorder afflicting millions of sufferers worldwide, in which the stomach takes too long to empty its contents resulting in serious digestive system symptoms. Metoclopramide is the only product currently approved in the United States to treat gastroparesis, and is currently available only in oral and intravenous forms. EVK-001 is a novel formulation of this drug, designed to provide systemic delivery of metoclopramide through intranasal administration.

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