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