Evoke Pharma Shares Take Flight Premarket on Extended Gimoti Exclusivity

By Colin Kellaher

Shares of Evoke Pharma Inc. more than tripled in premarket trading Tuesday after the specialty pharmaceutical company said it received new drug product exclusivity from the U.S. Food and Drug Administration for its Gimoti nasal spray.

The Solana Beach, Calif., company said it now has exclusive marketing rights over a period of three years from the FDA's original June 2020 approval to protect the product from generic competition.

Gimoti is approved for the relief of symptoms associated with acute and recurrent diabetic gastroparesis, a gastrointestinal disorder. Evoke reported net product sales of $1.62 million last year.

Evoke shares, which closed Monday at 39.4 cents, jumped more than 240% to $1.34 in premarket trading Tuesday.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

04-26-22 0937ET