Fubotv earnings beat by $0.10, revenue topped estimates
SOLANA BEACH, Calif. - Evoke Pharma, Inc. (NASDAQ:EVOK), whose stock has surged over 41% in the past week according to InvestingPro data, announced Wednesday the issuance of a new U.S. patent for its nasal spray treatment GIMOTI, extending market exclusivity until November 2038, two years beyond the previously projected expiration.
The U.S. Patent No. 12,377,064, issued by the United States Patent and Trademark Office (USPTO), covers the use of intranasal metoclopramide for patients with moderate to severe symptoms of gastroparesis. The company plans to list this patent in the FDA’s Orange Book.
"This outcome meaningfully strengthens our intellectual property position around GIMOTI," said Matt D’Onofrio, CEO of Evoke Pharma, according to the company’s press release. The firm, which maintains a healthy balance sheet with more cash than debt and an impressive 97% gross profit margin according to InvestingPro, is pursuing additional related claims via a continuation application.
GIMOTI is a nasal spray formulation of metoclopramide designed to treat symptoms associated with acute and recurrent diabetic gastroparesis in adults. Gastroparesis is a gastrointestinal disorder that delays stomach emptying, which can compromise absorption of oral medications.
The announcement comes during Gastroparesis Awareness Month, observed in August. Metoclopramide remains the only drug currently approved in the United States to treat gastroparesis, according to the company.
Evoke Pharma focuses primarily on developing treatments for gastrointestinal disorders and diseases. The company noted that diabetic gastroparesis affects millions of patients worldwide.
In other recent news, Evoke Pharma has received a Notice of Allowance from the United States Patent and Trademark Office for a patent application related to its gastroparesis treatment, GIMOTI. This development is significant as it extends the company’s intellectual property protection for intranasal metoclopramide, with the patent expected to expire in December 2036. The company also plans to list this patent in the FDA’s Orange Book, which will further extend market exclusivity for GIMOTI beyond existing patents. This continuation of U.S. Patent No. 11,517,545 is expected to bolster Evoke Pharma’s position in the market for treatments addressing moderate to severe gastroparesis symptoms.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.