Shares of Evoke Pharma, Inc. (EVOK) gained nearly 7% on Thursday morning after the specialty pharmaceutical company announced the listing of a new patent for its flagship product Gimoti nasal spray in the FDA's Orange Book.
EVOK is currently trading at $6.28, up $0.45 or 7.72%, on the Nasdaq. The stock opened at $6.52, compared to Wednesday's closing of $5.83. Trading volume was 6.35 million shares, above the average daily volume of 2.38 million.
The newly listed U.S. Patent No. 12,377,064 covers the use of GIMOTI in patients with moderate to severe symptoms of gastroparesis. Importantly, the patent extends protection until November 17, 2038, about eight years beyond Evoke's prior last-to-expire Orange Book-listed patent, which runs through May 2030.
The longer exclusivity strengthens Evoke's ability to maximize the commercial life of Gimoti, the only FDA-approved non-oral formulation of metoclopramide for treating diabetic gastroparesis, a debilitating gastrointestinal disorder that slows stomach emptying and disrupts absorption of oral medications.
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