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Evoke extends cash runway with agreement with Mallinckrodt to defer Gimoti milestones

Published 03/26/2018, 11:36 AM
© Reuters.  Evoke extends cash runway with agreement with Mallinckrodt to defer Gimoti milestones
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  • Evoke Pharma (EVOK -1%) has amended its agreement with Mallinckrodt (MNK +0.7%) to defer development and approval milestone payments for Gimoti (metoclopramide) for the treatment of gastroparesis symptoms in women. Specifically, the revised contract defers the amount and timing of two milestone payments triggered by the FDA's acceptance of the marketing application and approval of the application into a single payment due one year after FDA approval.
  • CEO Dave Gonyer says, “We continue to focus our current resources on the NDA submission and commercial preparation of Gimoti and appreciate Mallinckrodt’s support of Evoke and our intent to bring Gimoti to market. This deferral provides us additional available capital. We have now improved our cash runway to January of next year and remain on track to submit the Gimoti NDA next quarter."
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