Evoke Pharma Secures $4.5 Million Loan Facility With Square 1 Bank
Evoke Pharma, Inc. EVOK, +0.00% a specialty pharmaceutical company focused on treatments for gastrointestinal (GI) diseases, today announced that it has secured a $4.5 million term loan agreement with Square 1 Bank SQBK, -1.12% In advance of this transaction, Evoke repaid the remaining balance of its loan with Silicon Valley Bank of $2.4 million. The facility will support general corporate and working capital purposes and capital expenditures.
“Evoke is pleased to have entered into this loan facility with Square 1 Bank as it provides access to additional capital as we advance our Phase 3 trial for EVK-001 for the relief of symptoms of diabetic gastroparesis in women,” said Matt D’Onofrio, Executive Vice President and Chief Business Officer of Evoke. “We continue to execute on our clinical plans, and while we maintain our expectation that the proceeds from our initial public offering will fund a substantial portion of our EVK-001 clinical development program, we also believe it is strategically important to have access to additional financing to strengthen our balance sheet.”