Item 2.02 Results of Operations and Financial Condition.
On January 13, 2021, Evoke Pharma, Inc. (the "Company") disclosed that its cash
and cash equivalents were approximately $8.1 million as of December 31, 2020.
This amount has not been audited, reviewed or compiled by our independent
registered public accounting firm and is preliminary, and does not present all
information necessary for an understanding of our financial condition as of
December 31, 2020. The audit of our financial statements for the year ended
December 31, 2020 is ongoing and could result in changes to this amount.
Item 8.01 Other Events.
On January 13, 2021, the Company announced that during December 2020, the
Company, through its marketing partner, Eversana Life Science Services, LLC
("Eversana"), conducted an ATU (Awareness, Trial, and Usage) Study, a
quantitative survey to measure physician awareness, trial, and product usage,
for GIMOTI. Approximately 104 total physician responses were captured. Survey
respondents were split into three groups drawn from the healthcare practitioner
("HCP") community; "target" gastroenterologists currently being called on by the
field sales force (n = 61), other "non-target" gastroenterologists (n = 19), and
primary care physicians (PCPs) who are not currently targeted for messaging (n =
24). Areas of interest that were queried included initial and future potential
prescribing trends, and how HCPs viewed the suitability of GIMOTI in certain
gastroparesis patient populations. The results of the ATU survey may not predict
prescribing trends by doctors or acceptance by patients, and are not intended to
reflect or imply actual prescriptions or sales to date.
Key Findings:
• Indicated an intent to prescribe GIMOTI:
• 79% of target gastroenterologists.
• 89% of non-target gastroenterologists.
• 50% of PCPs.
• Out of those target gastroenterologists indicating an intent to prescribe
GIMOTI, 94% indicated GIMOTI would be "appropriate" to use in moderate to
severe patients.
• A majority of each of the target and non-target gastroenterologists noted
they intend to prescribe GIMOTI for both new and existing gastroparesis
patients.
• Nineteen of all participating HCPs indicated that they have already
written a prescription for GIMOTI.
• HCPs indicated that the primary driver for prescribing GIMOTI was
patients being switched to GIMOTI due to lack of efficacy of
current treatments.
Safe Harbor Statement
The Company cautions you that statements included in this report that are not a
description of historical facts are forward-looking statements. In some cases,
you can identify forward-looking statements by terms such as "may," "will,"
"should," "expect," "plan," "anticipate," "could," "intend," "target,"
"project," "contemplates," "believes," "estimates," "predicts," "potential" or
"continue" or the negatives of these terms or other similar expressions. These
statements are based on the Company's current beliefs and expectations. These
forward-looking statements include statements regarding: the Company's unaudited
cash and cash equivalents as of December 31, 2020; potential future prescribing
trends for GIMOTI based on this survey of HCPs or the Company's marketing
efforts; and the Company's commercialization plans, including its plans to
increase awareness and access to GIMOTI. The inclusion of forward-looking
statements should not be regarded as a representation by Evoke that any of its
plans will be achieved. Actual results may differ from those set forth in this
report due to the risks and uncertainties inherent in the Company's business,
including, without limitation: risks related to the preliminary, unaudited
financial results, including the risks that the unaudited financial results
reported herein reflect information available to the Company only at this time
and may differ from actual results, including in connection with the Company's
completion of financial closing procedures; the Company's and Eversana's ability
to successfully drive market demand for GIMOTI; the results of the ATU survey
may not predict prescribing trends by doctors or acceptance by patients, and are
not intended to reflect or imply actual prescriptions or sales to date; the
Company's ability to obtain additional financing as needed to support its
operations, including through the Eversana line of credit which is subject to
certain customary conditions; the COVID-19 pandemic may disrupt the Company's
and Eversana's business operations impairing the ability to commercialize GIMOTI
and the Company's ability to generate any product revenue; the Company's
dependence on third parties for the manufacture of GIMOTI; Evoke is entirely
dependent on the success of GIMOTI; inadequate efficacy or unexpected adverse
side effects relating to GIMOTI that could result in recalls or product
liability claims; the Company's ability to obtain and maintain intellectual
property protection for GIMOTI; and other risks detailed in the Company's
periodic reports it files with the Securities and Exchange Commission. You are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof, and the Company undertakes no obligation to
revise or update this report to reflect events or circumstances after the date
hereof. All forward-looking statements are qualified in their entirety by this
cautionary statement. This caution is made under the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses