With cash running low, little Evoke loses a crucial PhIII gamble
All San Diego-based Evoke Pharma wanted to do was to come up with an effective, intranasal spray formulation of metoclopramide that could be used to treat diabetic gastroparesis in women. After all, it had proven active in a mid-stage study and the drug is commonly used to treat a variety of stomach-related ailments.
How hard could it be?
Plenty, as it turned out, as the company today acknowledged that their drug failed a Phase III study, demonstrating once again that the best efforts to de-risk a program can often go awry. Evoke’s shares $EVOK crashed on the news, plunging 75%.
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