SOLANA BEACH, Calif., March 06, 2017 (GLOBE NEWSWIRE) -- Evoke
Pharma, Inc. (Nasdaq:EVOK), a specialty pharmaceutical company focused on treatments for gastrointestinal diseases, announced today
that the underwriter of its previously announced public offering of approximately 2.4 million shares of its common stock has
exercised in full its option to purchase an additional 362,068 shares of common stock, at a price to the public of $2.90 per share.
The issuance of the additional shares closed on Friday, March 3, 2017, and all of the shares were sold by Evoke. The exercise
brings the total gross proceeds from the offering to approximately $8.0 million, before underwriting discounts and commissions and
estimated offering costs.
Evoke intends to use the net proceeds from the offering to fund
clinical development, pre-approval and pre-commercialization activities for Gimoti, including the planned comparative exposure
trial and planned NDA submission, and for working capital and general corporate purposes.
Laidlaw & Company (UK) Ltd. acted as sole book-running manager
for the offering.
The securities described above are being offered by Evoke
pursuant to a registration statement (File No. 333-200176) previously filed and declared effective by the Securities and Exchange
Commission (SEC). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there
be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any such state or jurisdiction. A final prospectus supplement and
the accompanying prospectus related to the offering have been filed with the SEC. Copies of the final prospectus supplement
and the accompanying prospectus may be obtained from Laidlaw & Company (UK) Ltd, Attention: Syndicate Department, 546 Fifth Avenue,
New York, NY 10036, by telephone at (212) 953-4900 or by email at syndicate@laidlawltd.com. Electronic copies of the final
prospectus supplement and accompanying prospectus are also available on the website of the SEC at www.sec.gov.
About Evoke Pharma, Inc.
Evoke is a specialty pharmaceutical company focused primarily
on the development of drugs to treat GI disorders and diseases. Evoke is developing Gimoti, a metoclopramide nasal spray for the
relief of symptoms associated with acute and recurrent gastroparesis in women with diabetes mellitus. Diabetic gastroparesis is a
GI disorder afflicting millions of sufferers worldwide, in which the stomach takes too long to empty its contents resulting in
serious digestive system symptoms. Metoclopramide is the only product currently approved in the United States to treat
gastroparesis, and is currently available only in oral and intravenous forms. Gimoti is a novel formulation of this drug, designed
to provide systemic delivery of metoclopramide through nasal administration. Visit www.EvokePharma.com for more information.
Forward Looking Statements
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 Evoke's current beliefs and expectations. These forward-looking statements
include statements regarding Evoke’s anticipated use of proceeds from the offering. 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 risks and uncertainties associated with market conditions and other risks and
uncertainties inherent in Evoke’s business, including those described in Evoke's periodic filings with the SEC and the prospectus
supplement and related prospectus for this offering filed with the SEC. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof, and Evoke undertakes no obligation to revise or update this
press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement. This caution is made under the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Investor Contact: The Ruth Group Tram Bui Tel: 646-536-7035 tbui@theruthgroup.com
