Evoke Pharma Inc (NASDAQ: EVOK) shares rose by nearly 165 per cent during trading hours on Wednesday after receiving a key approval for its nasal spray drug.
The biotech company obtained a Notice of Allowance from the United States Patent and Trademark Office for GIMOTI. Once issued within the next four to six weeks, it will provide coverage until 2036.
This drug is used to treat diabetic gastroparesis, a complication diabetic individuals can develop that makes their stomach muscles weak and gives them digestive problems. Nausea and vomiting are symptoms of the condition. It is primarily caused by high blood sugar levels and subsequent vagus nerve dysfunction.
GIMOTI is the only FDA-approved, nasally-administered variation of a medication called metoclopramide.
“Backed by extensive market research, GIMOTI continues to stand out as an effective non-oral treatment for a disease that can compromise the effectiveness of pills due to slowed gastric absorption of oral medications,” said CEO Matt D’Onofrio, in an announcement about the notice.
The positive news follows a significant financial success in Q1 results released on May. 13. Net product sales shot up by 77 per cent year-over-year during the quarter at US$3.1 million. GIMOTI has been gaining popularity.
In other news, Evoke recently attended a prominent conference in San Diego. Digestive Disease Week, ongoing since 1969, is the largest and most prestigious gathering of its kind. Over 13,000 professionals involved with gastroenterology, endoscopy, hepatology and gastrointestinal surgery attended this year.
“What a week — great convos, strong science, and a lot of interest in GIMOTI and how it’s helping patients with diabetic gastroparesis,” the company said.
Last fall, the small biotech operator set up a booth at the American College of Gastroenterology’s annual meeting in Phoenix to promote GIMOTI and fraternize with other professionals.
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