San Diego biotech files $23M IPO for gastroparesis PhIII

San Diego-based Evoke Pharma has joined the IPO queue, filing to raise $23 million to back a late-stage study of its nasal-spray formulation of metoclopramide aimed at diabetic gastroparesis. Launched by longtime biotech entrepreneur Cam Garner and run on a tight budget since its launch in 2007, Evoke is a single-product company--its therapy is dubbed EVK-001--that has run up a little more than $20 million in red ink since it first opened its doors 6 years ago. Questcor ($QCOR) sold the rights to the drug to the low-profile biotech for $448,000 and a schedule of milestones and royalties. Of note, Evoke is filing as an "emerging growth company," a designation intended to limit the paperwork demands on small companies setting out on the IPO path. S-1

Suggested Articles

Two months of treatment with the diabetes drug Jardiance reduced pulmonary congestion and biomarkers of heart failure in pig models.

Neither dose of the NGF inhibitor hit all the co-primary efficacy goals, and both fared worse than placebo on the safety assessments.

Mustang Bio’s stock leapt more than 400% before settling down, on the news that its gene therapy cured eight infants with “bubble boy” syndrome.