EVOK - Evoke stock rises on filing of dismissal in nasal spray Gimoti's patent infringement case

Evoke Pharma ( NASDAQ: EVOK ) stock rose ~4% on Monday after the company said that a joint stipulation of dismissal was filed in the Gimoti's patent infringement case in the U.S. District Court for the District of New Jersey.

The filing of the stipulation arises from Teva Pharmaceuticals' ( NYSE: TEVA ) conversion from a Paragraph IV certification to a Paragraph III certification, the company noted.

Evoke added that a paragraph III Abbreviated New Drug Application (ANDA) was not eligible for approval until the last expiration date of patents for the reference listed drug in conjunction with appropriate FDA review.

An ANDA is undertaken by companies seeking to make and sell a generic version of an approved drug.

Evoke said that no future ANDA filer will be eligible to receive 180-day generic exclusivity for an ANDA that references Gimoti.

"This case has now ended, and we believe the remarkably favorable outcome reflects the strength of the GIMOTI intellectual property and acknowledges the validity of the GIMOTI patents," said Evoke CEO Dave Gonyer.

Gimoti is a nasal spray formulation of metoclopramide for relief of symptoms linked with acute and recurrent diabetic gastroparesis, a condition in which stomach takes too long to empty, as per the company.

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