San Diego Business Journal

Evoke Pharma Begins Trading on Nasdaq

Monday, September 30, 2013

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