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SOLANA BEACH, Calif. - Evoke Pharma, Inc. (NASDAQ:EVOK), a specialty pharmaceutical company with a market capitalization of $5.38 million and impressive revenue growth of ~90% over the last twelve months, has received a Notice of Allowance from the United States Patent and Trademark Office for a patent application covering the use of GIMOTI nasal spray in patients with moderate to severe gastroparesis symptoms.
The allowed application is a continuation of an existing patent and is expected to extend market exclusivity for GIMOTI until December 2036 upon issuance. The company plans to list the patent in the FDA’s Orange Book.
GIMOTI is the only FDA-approved non-oral, self-administered metoclopramide formulation for treating symptoms associated with acute and recurrent diabetic gastroparesis in adults. The nasal spray delivery method addresses a key challenge in gastroparesis treatment, as the condition can compromise the absorption of oral medications due to delayed gastric emptying. According to InvestingPro data, the product maintains an impressive gross profit margin of 97.36%, highlighting its potential in the pharmaceutical market. For deeper insights into Evoke Pharma’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
"This new patent allowance adds meaningful value to the GIMOTI franchise by reinforcing protection around how and in whom the therapy is used," said Matt D’Onofrio, CEO of Evoke Pharma, in the press release statement.
The company has filed another U.S. continuation application to pursue additional claims for treating this patient population and is supporting Gastroparesis Awareness Month this August.
Gastroparesis is a gastrointestinal disorder that affects millions of patients worldwide, causing the stomach to empty its contents too slowly, which can lead to serious symptoms and complications.
Evoke Pharma is a specialty pharmaceutical company focused primarily on developing treatments for gastrointestinal disorders and diseases.
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