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Evoke Pharma Announces $10 Million Registered Direct Offering Priced At-The-Market

SOLANA BEACH, Calif., July 29, 2016 (GLOBE NEWSWIRE) -- Evoke Pharma, Inc. (EVOK) ("Evoke Pharma" or "the Company"), today announced that it has entered into definitive agreements with institutional investors for an offering of shares of common stock with gross proceeds of approximately $10 million in a registered direct offering priced at the market price. The closing of the offering is expected to take place on or about August 3, 2016, subject to the satisfaction of customary closing conditions.

In connection with the offering, the Company will issue approximately $10 million of registered shares of common stock at a purchase price of $3.0825 per share. Concurrently in a private placement, for each share of common stock purchased by an investor, such investor will receive from the Company an unregistered warrant to purchase 0.50 shares of common stock. The warrants have an exercise price of $3.03 per share, will be exercisable immediately and will expire 5.5 years from the initial exercise date.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as the exclusive placement agent in connection with this offering.

The Company intends to use the net proceeds from the offering to conduct further analyses of the Phase 3 trial data of its product candidate, EVK-001, and assess continued development opportunities for this product candidate, to prepare for a potential FDA meeting, for other working capital and general corporate purposes, and for the potential repayment of outstanding indebtedness under its loan and security agreement.

The shares of common stock described above (but not the warrants or the shares of common stock underlying the warrants) are being offered pursuant to a shelf registration statement (File No. 333-200176). Such shares of common stock may be offered only by means of a prospectus...