Press Release
Evoke Pharma Reports Fourth Quarter and Year End 2013 Results
Fourth Quarter and Year End Financial Review
For the fourth quarter of 2013, net loss was approximately
Research and development expenses totaled approximately
For the fourth quarter of 2013, general and administrative expenses were approximately
Total operating expenses for the fourth quarter of 2013 were approximately
As of
Conference Call and Webcast
Evoke will hold a conference call today,
After the live webcast, the event will remain archived on Evoke's website for one year. In addition, a telephonic replay of the call will be available until
About
Safe Harbor Statement
Evoke cautions you that statements included in this press release 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 timing of enrollment and top-line data for Evoke's planned Phase 3 clinical trial of EVK-001 and the potential approval and commercialization of EVK-001 as a new and effective treatment for gastroparesis. 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 press release due to the risk and uncertainties inherent in Evoke's business, including, without limitation: Evoke is entirely dependent on the success of EVK-001, which has not yet entered a Phase 3 clinical trial, and Evoke cannot be certain that it will be able to obtain regulatory approval for, or successfully commercialize, EVK-001; the results observed in female patients with symptoms associated with acute and recurrent diabetic gastroparesis in Evoke's Phase 2b clinical trial of EVK-001 may not be predictive of the safety and efficacy results in the planned Phase 3 clinical trial; the inherent risks of clinical development of EVK-001, including potential delays in enrollment and completion of clinical trials; Evoke will require substantial additional funding, including to complete
the planned Phase 3 clinical trial of EVK-001 as well as finance additional development requirements, and may be unable to raise capital when needed; the potential for adverse safety findings relating to EVK-001 to delay or prevent regulatory approval or commercialization; Evoke's reliance on outsourcing arrangements for many of its activities, including clinical development and supply of EVK-001; the ability of Evoke to obtain, maintain and successfully enforce adequate patent and other intellectual property protection of its product candidate and the ability to operate its business without infringing the intellectual property rights of others; competition from other pharmaceutical or biotechnology companies; and other risks detailed in Evoke's prior press releases and in the periodic reports it files with the
| (Financial Statements to follow.) | ||
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| (A Development Stage Company) | ||
| Balance Sheets | ||
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| 2013 | 2012 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 24,196,691 | $ 116,013 |
| Prepaid expenses | 234,262 | -- |
| Total current assets | 24,430,953 | 116,013 |
| Other assets | 555,505 | -- |
| Total assets | $ 24,986,458 | $ 116,013 |
| Liabilities, convertible preferred stock and stockholders' equity (deficit) | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $ 284,915 | $ 96,798 |
| Accrued compensation | 557,399 | 417,611 |
| Warrant liability | -- | 56,000 |
| Current portion of long-term debt | 1,442,592 | -- |
| Total current liabilities | 2,284,906 | 570,409 |
| Deferred rent expense | 6,830 | -- |
| Long-term debt, net of current portion | 1,511,461 | 979,792 |
| Total liabilities | 3,803,197 | 1,550,201 |
| Commitments and contingencies | ||
| Series A convertible preferred stock | -- | 18,225,166 |
| Stockholders' equity (deficit): | ||
| Preferred stock | -- | -- |
| Common stock | 610 | 124 |
| Additional paid-in capital | 43,874,119 | 195,525 |
| Deficit accumulated during the development stage | (22,691,468) | (19,855,003) |
| Total stockholders' equity (deficit) | 21,183,261 | (19,659,354) |
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ 24,986,458 | $ 116,013 |
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| (A Development Stage Company) | ||||
| Statements of Operations and Comprehensive Loss | ||||
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Three Months Ended |
Year Ended |
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| 2013 | 2012 | 2013 | 2012 | |
| Operating expenses: | ||||
| Research and development | $ 636,423 | $ 318,347 | $ 956,980 | $ 1,165,645 |
| General and administrative | 944,359 | 343,570 | 1,644,848 | 836,781 |
| Total operating expenses | 1,580,782 | 661,917 | 2,601,828 | 2,002,426 |
| Loss from operations | (1,580,782) | (661,917) | (2,601,828) | (2,002,426) |
| Other income (expense): | ||||
| Interest income | 4,398 | 288 | 7,248 | 1,690 |
| Interest expense | (40,314) | (13,521) | (159,885) | (24,042) |
| Change in fair value of warrant liability | -- | 2,700 | (82,000) | 7,250 |
| Total other income (expense) | (35,916) | (10,533) | (234,637) | (15,102) |
| Net loss and comprehensive loss | $ (1,616,698) | $ (672,450) | $ (2,836,465) | $ (2,017,528) |
| Net loss per common share, basic and diluted | $ (0.27) | $ (0.60) | $ (1.20) | $ (1.79) |
| Weighted-average shares used to compute basic and diluted net loss per share | 5,971,236 | 1,129,625 | 2,368,006 | 1,124,000 |
CONTACT: Investor Contact:
The Ruth Group
David Burke
Tel: 646-536-7009
dburke@theruthgroup.com
Media Contact:
The Ruth Group
Aaron Estrada
Tel: 646-536-7028
aestrada@theruthgroup.com
Source: News Provided by Acquire Media