Evoke Pharma Inc (NASDAQ:EVOK) has issued a statement explaining that it has entered into several agreements with a number of investors for an offering of company shares. This is in line with its strategy that is expected to raise an estimated $10 million. The agreements with institutional investors are to be a direct offering; of which actually are offered at the prevailing market prices. The closure of the offering will be on 3rd of August, 2016 or about this particular date.
At the same time, the company will be issuing approximately an estimated $10 million registered shares of the entire common-stock at $3.03 per share. The placement of this offering was exclusively done by professionals from the Rodman &Renshaw.
What Evok Aims To Achieve With The Offering?
The entire net proceeds from the offering will be used in the conducting of ongoing analyses of Phase-3 trial data ofEVK-001. Further, the proceeds will help in regard to continued development of existing opportunities-and a potential FDA meeting. It is important to take note that the aforementionedshares (common stock) are being offered in line with shelf registration statement, which might only be offered by prospectus that must also include a prospectus statement.
2nd Quarter financial report announcement
EVOK is scheduled to announce its financial report on 11th of August, 2016. Since last earnings, EVOK has lost an estimated -52% in earning down from $5. 03. It is projected that there is a probability of 80% share go down based on historical data. The company last closed at $3.3 and this sent the company’s cap at $27.39 million. Overall, the company has declined -72.73% based on its best performance that last 52 weeks. It has also been trading within the range of $2.51-$3.28 at a total volume of 28795400-shares.
About The Company
Evoke is a reputable pharmaceutical company that focuses in the productions of drugs to treat GI disorders and other statements. Presently, the company is engaged in the development of EVK-001-a nasal spray that is tailored to counter issues related to gastroparesis that mostly affect women who suffer diabetes mellitus.