- Evoke Pharma Inc (NASDAQ: EVOK) share price surged more than 45% during intraday trading today. This is why.
The share price of Evoke Pharma Inc (NASDAQ: EVOK), a specialty pharmaceutical company primarily focused on treatments for gastrointestinal (GI) diseases with an emphasis on GIMOTI (metoclopramide) nasal spray, rose more than 45% during intraday trading. today. Investors are responding positively to Evoke Pharma’s announcement that the Florida Medicaid Pharmaceutical and Therapeutic Committee has approved adding GIMOTI, the company’s new treatment solution intended to treat symptoms associated with acute and recurrent diabetic gastroparesis, to the List. of Florida Medicaid Preferred Drugs (PDL) effective immediately. .
To prescribe Gimoti under the plan, health care providers must certify that the patient is at least 18 years of age, has a diagnosis of diabetic gastroparesis, and cannot use oral metoclopramide. And these criteria are typical for Gimoti’s coverage under state Medicaid programs and consistent with the company’s expectations of utility in helping patients suffering from this debilitating disease.
Patients taking oral metoclopramide are often unable to achieve relief due to delayed gastric emptying and erratic absorption of oral medication. And the company believes that many patients may benefit from Gimoti’s new nasal delivery to treat symptoms such as nausea, vomiting and abdominal pain. The Florida Medicaid formulary and related programs provide health care to approximately 5 million beneficiaries.
With this addition, the company is building a strong foundation and momentum for positive access to GIMOTI within US Medicaid lives.
“We view this addition to the Florida Medicaid PDL as a victory for patient access to this important medication for patients with diabetic gastroparesis, who have very limited options for symptomatic relief. In a world where many new products are excluded from formularies and patients are denied access, this decision is a significant business milestone for GIMOTI. Medicaid approvals in multiple jurisdictions are one of the main components of our business plan to increase access to GIMOTI. With this addition, we believe we are consistently executing the right strategies to ensure healthcare providers across the country have the option to make GIMOTI the standard of care for diabetic gastroparesis.”
— Matt D’Onofrio, MBA, Chief Commercial Officer, Evoke Pharma
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