Evoke Pharma Inc. began trading on the Nasdaq Sept. 25 with an initial public offering of 2.1 million shares priced at $12 a share.
The company’s expected gross proceeds were $25.2 million.
The company, which develops treatments for gastrointestinal diseases, closed trading on Sept. 27 at $12.03 a share. In opening trading Sept. 25, it was around $11.15 per share.
The initial offering was at the low end of projections which were between $12 and $14 per share.
The company is developing a nasal spray to treat diabetic gastroparesis, a condition that keeps food remaining in the stomach for a longer period of time than necessary — leading to nausea, vomiting, abdominal pain and other such digestion problems.
Evoke Pharma said it plans to start a phase 3 trial on the compound this year.
Evoke filed for the IPO in April.
-SDBJ Staff Report