Corporate Presentation
August 2024
NASDAQ: EVOK

©2023 EVOKE PHARMA®

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Disclaimers
Evoke cautions you that statements included in this presentation 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 the company’s current beliefs and expectations. These forward-looking statements include
statements regarding: the Company’s commercialization plans, including its plans to increase awareness and access to GIMOTI, and commercial activities to be conducted by EVERSANA; thepotential of GIMOTI to provide an important new alternative to current treatment options; the potential commercial opportunity for GIMOTI including the potential pricing and reimbursement
coverage; potential future prescribing trends for GIMOTI based on market surveys of healthcare providers or the Company’s marketing efforts; projected cash runway and expected intellectual
property protection and regulatory exclusivity for GIMOTI. 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 inherent in Evoke’s business, including, without limitation: Evoke’s and EVERSANA’s ability tosuccessfully drive market demand for GIMOTI; the results of market surveys may not predict prescribing trends by doctors or acceptance by patients, and are not intended to reflect or imply actual
prescriptions or sales to date; Evoke’s ability to obtain additional financing as needed to support its operations; Evoke is dependent on EVERSANA to commercialize GIMOTI and EVERSANA has
the right to terminate the commercialization agreement in certain circumstances, including a quarterly termination right because net profit has been negative for two consecutive quarters;
Evoke’s dependance on third parties for the manufacture of GIMOTI; Evoke is entirely dependent on the success of GIMOTI; inadequate efficacy or unexpected adverse side effects relating to
GIMOTI that could harm commercialization, or that could result in recalls or product liability claims; Evoke may use its capital resources sooner than expected; Evoke’s ability to obtain and maintainintellectual property protection and regulatory exclusivity for GIMOTI; and other risks detailed in Evoke’s periodic reports it files with the Securities and Exchange Commission (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 presentation toreflect 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 provisionsof the Private Securities Litigation Reform Act of 1995. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size andgrowth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition,
projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty
and risk. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

©2023 EVOKE PHARMA®

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2

Who We Are• Evoke Pharma is a commercial-stage gastroenterology company dedicated tofulfilling a significantly unmet health need for patients with gastroparesis• Our FDA-approved product, Gimoti® (metoclopramide HCl) nasal spray wasdeveloped to offer health care professionals and patients a direct and uniqueapproach to treat symptoms associated with gastroparesis• Exclusively focused on the commercial growth of Gimoti• Headquartered in San Diego, CA

Broaden The Belief That
Treating Gastroparesis With A
Different Route Of
Administration Will Improve
Outcomes©2023 EVOKE PHARMA®

Establish Evoke In The
Gastroparesis Market
by Growing Gimoti|

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3

Become a
Gastroparesis Market
LeaderGimoti is the first and only FDA-approved non-oral
outpatient treatment for gastroparesis
Nasal Route of Administration– Designed to:• Provide absorption regardless of gastric
emptying delays• Deliver symptom relief during flares (nausea
and vomiting)• Bypass the GI tract to directly enter the
bloodstream, unlike oral medications©2023 EVOKE PHARMA®

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Limitations of Current Oral Treatments
Vomiting and/or unpredictable gastric emptying can interfere with absorption of oral medications
for glycemic control, comorbidities and diabetic gastroparesis
Erratic absorption may lead to:• Too much drug - multi-dose dumping (collecting pills in stomach then absorbed atonce; includes metoclopramide and other drugs)• Too little drug - no absorption due to vomiting (pill ejection) or patient noncompliance due to nausea/vomiting

Current Treatments• Motility & Symptoms–

Oral metoclopramide (AGA recommended)–

Domperidone (not FDA approved)• Motility–

Erythromycin (used off-label)• Symptoms–

Odansetron (nausea/vomiting)–

PPI’s and Narcotics (abdominal pain)©2023 EVOKE PHARMA®

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Gimoti Fills the Treatment Gap for Patients
Gastroparesis Treatment Journey

Implanted gastricstimulator/ G-POEM• 1st line – medication & lifestyle– Diet modifications to smaller liquid meals– Oral or nasal (Gimoti)– For those initially on oral with continued
symptoms, move to the non-oral option: Gimoti(nasal metoclopramide)

Cost• 2nd line - medication

Generic symptom
specific treatments– Move to or add other oral treatments to address
individual symptoms• 3rd line - surgery

Generic oral
Metoclopramide– Gastric stimulator surgically implanted• Not been proven efficacious*

Diet• Costly (~$50 to $100K)– G-POEM (Gastric peroral endoscopic myotomy)

Erratic gastric emptying and altered absorption• Limited efficacy data*” Humanitarian Device: The Enterra Therapy system for gastric electrical stimulation is authorized by Federal law for use in treatment of chronic intractable (drugrefractory) nausea a n d vomiting secondary to gastroparesis of diabetic or idiopathic etiology. The effectiveness of this device for this use has not b e e n demonstrated.”©2023 EVOKE PHARMA®

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FDA Review of Patient Experience Data for Gimoti
A Need for Effective, Alternative Routes of Administration• “Together, the results from the interview of the patients
who participated in the Gimoti phase 2b trial and thepatient discussion forums supports that patients withgastroparesis may, in general, benefit from alternatives
to oral solid dosage forms, including but not limited tometoclopramide.”1• “Patients with diabetic gastroparesis may experience
further derangement of glucose control because of
unpredictable gastric emptying and altered absorptionof orally administered hypoglycemic drugs”2References: 1. Gimoti NDA Multidisciplinary Review FDA 6/18/2020 2. Gastroparesis: Clinical Evaluation of Drugs for Treatment Draft FDA Guidance for Industry. Aug. 2019.

©2023 EVOKE PHARMA®

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Gastroparesis: The Market Opportunity~12-16 million in the US with symptoms of gastroparesis• Under-diagnosed in part due to lack of awareness• Diabetes is the number one known cause• Increasing reports of GLP-1 agonist related gastroparesis~2-3 million patients currently receive treatment• Prevalence increasing due to growing diabetes population• 80% are women

Estimated $3-4 billion prescription market• Hospitalizations extended and costly–$3.5 billion in additional hospitalizations costs in a single year–~$35,000 in mean costs per hospitalization per patient

Only one product commercially marketed - Gimoti
•
•
•
•
•
•

Wang, Parkman. “Gastroparesis Related Hospitalizations in the United States: Trends, Characteristics and Outcomes 1995-2004” AM J Gastroenterol 2008; 103:313-322
Samsom M, Roelofs J. “Prevalence of Delayed Gastric Emptying in Diabetic Patients and Relationship to Dyspeptic Symptoms.” Diabetes Care, Vol. 26, No. 11, Nov. 2003, 3116-3122
Hasler WL. Current Gastro Reports 2007; 9: 261-2692007; 9: 270-279
Intagliato NI, Koch KL. Current Gastro Reports
Soykan I, Sivri B, Sarosiek I, Kiernan B, McCallum RW. Demography, clinical characteristics, psychological and abuse profiles, treatment, and long-term follow-up of patients with gastroparesis. Dig Dis Sci 1998;43:2398-404
World Journal Of Gastroenterology, vol 23, no. 24, 2017, p. 4428.

©2023 EVOKE PHARMA®

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GLP-1’s May Expand the Diabetic Gastroparesis Market
Diabetes and Delayed Gastric Emptying is the key patient typeThe market for GLP-1 agonists is growing withdisease expansion• Diabetes–

54.9 million US population with diabetes by 2030–

80% of adults with type-2 in the US meet the criteria for GLP-1 receptor agonists or
SGLT2 inhibitors–

Only about one in 10 used either medication from 2017 to 2020

• Obesity

Glucagon-like peptide (GLP-1) based therapies
affect glucose control through several mechanisms• Enhancement of glucose-dependent insulin secretion• Reduction of postprandial glucagon and food intake• Slowed gastric emptying
https://jamanetwork.com/journals/jama/article-abstract/2810542
https://www.uptodate.com/contents/glucagon-like-peptide-1-based-therapies-for-the-treatment-of-type-2-diabetes-mellitus
https://www.healio.com/news/primary-care/20230227/most-adults-with-diabetes-eligible-for-glp1-ras-sglt2-inhibitors-but-few-receive-themhttps://www.ncbi.nlm.nih.gov/pmc/articles/PMC5278808/
https://www.cnbc.com/2023/10/23/wall-street-hikes-forecasts-for-anti-obesity-drug-sales-to-100-billion.html©2023 EVOKE PHARMA®

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9–

Estimate ~13% US penetration (15 million adults) by 2030–

Excludes diabetes usage

Gimoti Performance
Update©2023 EVOKE PHARMA®

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Current Focus
Grow Gimoti and Generate Positive Cash Flow

Broaden The Belief That
Treating Gastroparesis With A
Different Route Of
Administration Will Improve
Outcomes©2023 EVOKE PHARMA®

Establish Evoke In The
Gastroparesis Market
by Growing Gimoti|

ALL RIGHTS RESERVED

11

Become a
Gastroparesis
Market Leader

New Prescribers Continue to Trial Gimoti
3000

1000

500

Cumulative Prescribers©2023 EVOKE PHARMA®

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Expon. (Cumulative Prescribers)

June-24May-24

April-24

March-24

February-24

January-24

December-23

October-23

November-23

September-23

August-23

July-23

June-23

May-23

April-23

March-23

February-23

January-23

December-22

November-22

October-22

September-22

August-22

July-22

June-22May-220
April-22• Individual markets remain mostly
untapped with significant upside
as awareness begins to take hold

1500

March-22• Approximately 26% of target calllist has prescribed2000

February-22• 16% average Q/Q growth sincelaunch2500

January-22• Continuous additions of newprescribers each quarter

Gimoti Demand Momentum: Business Plan Performance
Prescriptions and Dispenses by Quarter

↑ 21%
↑ 34%

NRx / TRx

↑ 24%
↑25%
↑ 2%

Q1 2022

Q2 2022

↑35%
↑ 57%

Q3 2022

↑ 10%
↑ 7%

Q4 2022

NRx©2023 EVOKE PHARMA®

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↑ 3%

↑ 3%

↑ 2%

↑ 18%
↑ 7%

↑ 11%

Q1 2023

TRx

↑ 2%
↑ 21%

↑ 32%

Q2 2023

Linear (NRx)

ALL RIGHTS RESERVED

Q3 2023

Q4 2023

Q1 2024

Linear (TRx)13

Q2 2024

Net Revenue Growing Faster Than OPEXNet Revenue

OPEX$3,000,000$4,000,000

2,560,000$2,500,000$3,500,000$3,000,000$2,000,000$1,563,000 1,700,000$2,500,000

1,735,000$1,500,000$2,000,000$1,131,000$1,000,000$500,000$0$1,500,000$832,000 $796,000 $810,000$1,000,000$418,000 $462,000Q1 2022

Q2 2022$500,000

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Revenue©2023 EVOKE PHARMA®

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OPEX

Q3 2023

Q4 2023

Q1 2024

Q2 2024$0Performance Goals
The combination of new
programs and distribution
gives us the confidence tocontinue to:Achieve
Profitability

Be a capital efficient business
Increase prescriptions, fills, and revenue
Gain new prescribers©2023 EVOKE PHARMA®

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Historical P&L and Balance Sheet/Capitalization
2023 / 2024
USD in thousands

2022

Revenue

2,509

Cost of goods

Gross Profit

Q1
810

Q2

Q3

Q4

YTD

1,131

1,563

1,700

3,504

Cash & Cash Equiv.

$9.2 million

Debt$6.9 million

Common Stock

734K
shares out.

Dilutive Securities

3.3 million
shares(as of 6/30/2024)

Q1’24

Q2’24

1,735

2,551

370

51

57

35

58

201

93

41

2,139

759

1,074

1,528

1,642

5,003

1,642

2,510

(as of 6/30/2024)(as of 6/30/2024)

Research & development
General & administration
Sales & Marketing

301
9,624
-

67
2,848
-

92
2,766
-

3,131
-

3,500

Total operating expenses

9,925

2,915

2,858

3,131

(7,786)(2,156)(1,784)

(438)

(88)

(8,224)(2,244)

Operating income (loss) (“EBIT”)
Other income (expense)

Net loss

159
12,227
-

4
3,139

3,600

12,600

3,143

3,733

(1,603)(3,600)(7,430)(1,501)(1,223)

(83)

(90)

(100)

(361)

(79)

(44)

(1,867)(1,693)(1,988)(5,804)(1,580)(1,267)©2023 EVOKE PHARMA®

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3,733

733

(as of 6/30/2024)

Eversana Credit Agreement (Notes)• Agreement provides for a $5m facility
secured by all assets• Interest: 10.0% paid at maturity• Maturity: 12/31/2026

Gimoti Business Plan
Potential For Further Upside©2023 EVOKE PHARMA®

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ALL RIGHTS RESERVEDThe Most Impactful Issues Facing GIMOTI
Each issue is actively being met with strategic initiatives

Low Payer Coverage/ Prior
Authorization Challenges

Out of Network Prescriptions

Patient Non-Response /Abandonment

GIMOTI Retail Leakage

No Perceived Difference
Between Oral and Nasal

Concerns About Potential
TD Risk©2023 EVOKE PHARMA®

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Building Evidence to Support Further Access to Gimoti
Retrospective Claims Analysis• Patients prescribed Gimoti to evaluate
Health Care Resource Utilization• Costs analysis of HCRU for nasal(Gimoti) vs. oral
• Tardive dyskinesia incidence ingastroparesis patients based on DDW“Poster of Distinction”

HCRU Data

ClinicalExperience

Patient
Experience

Evidence©2023 EVOKE PHARMA®

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Nasal MCP showed a significant reduction in the rate of HCRU compared to a matched
control* of oral metoclopramide patients
36% reduction in inpatient hospitalizations and 61% reduction in emergency department visits in the 6 months following initiation of treatment

Nasal MCP vs Matched Oral MCP
Nausea and Vomiting or DGP-Related only
Healthcare Resource Utilization**

P=0.022

N=257

1.5

3.0

P<0.001

Mean Number of Visits
per Patient in Six Months

Mean Number of Visits
per Patient in Six Months

Nasal MCP vs Matched Oral MCP
All-Cause
Healthcare Resource Utilization

1.1

1.0
0.68

P=0.0010.5

0.5

P=0.002

P=0.465

0.05 0.04

0.0

Office Visits

Outpatient Visits

0.19

0.21

0.06

Inpatient
Hospitalization

2.5

Matched Oral MCP

2.3

2.0
P<0.001

1.5

1.1

1.0

P=0.031

0.37

0.5
0.0

Emergency
Department

N=257

2.8

Office Visits

0.15

Outpatient Visits

P=0.1150.4

0.26

Inpatient
Hospitalization

0.42

Emergency
Department

Nasal MCP

In 257 patients, there were at total of 167 fewer emergency department visits in the nasal MCP cohort compared tothe matched oral MCP cohort over the six-month period.
DGP = Diabetic Gastroparesis; MCP = metoclopramide* 257 patients in the nasal MCP cohort were matched to 257 patients on oral MCP based on demographics** Nausea, vomiting, and gastroparesis related HCRU were assessed by examining only insurance claims with ICD-10 diagnosis codes specific to each condition
Source: Kunkel et al. DDW 2023 (to be presented in May 2023)©2023 EVOKE PHARMA®

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Patients Treated with Gimoti Had Significantly Lower All-Cause
Healthcare Costs Compared to Oral Metoclopramide Patients
Mean Healthcare Cost per Patient in DGP Patients

Mean Cost per Patient in the
6 Months Post-Index Period$30,000

p=0.005$27,309

P<0.001$21,325$20,000
p=0.01

p=0.276$10,136$10,000

p=0.004$0$115
Inpatient$1,203$277
ED$2,074Outpatient
Hospital$7,564p=0.274$5,320P<0.001$3,693p=0.014$366$973$4,518$5,984$1,686

Lab/Home/
Telehealth

NMCP (n=45)$12,082

Office/Clinic

Total
MedicalPharmacy

Total
Healthcare

OMCP (n=180)

Lower healthcare costs in NMCP versus Oral MCP patients are driven by lower costs for Inpatient, ED and Outpatient Hospital
visits. NMCP pharmacy cost was higher than generic OMCP, but not statistically significant.
† Includes Laboratory, Ambulatory, Image, Home, Telehealth and Other†† Office is a location, other than a hospital, skilled nursing facility, State/local public health clinic, where the health professional routinely provides health examinations, diagnosis, and treatment of illness or injury on an ambulatory basis.
Clinic includes walk-in health clinic, independent clinic and public/rural health clinic, that is not part of a hospital and that is organized and operated to provide preventive, diagnostic, therapeutic, rehabilitative, or palliative services to outpatients only.

©2023 EVOKE PHARMA®

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Digestive Disease Week Poster of Distinction
Incidence of Tardive Dyskinesia Approximately 0.1%
Subhead of section• Second level– Third level• Fourth level– Fifth level

References/Footnotes
22©2023 EVOKE PHARMA®

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We are generating evidence to strengthen the value
proposition of GIMOTI
Phase 3 Study

Healthcare Cost Reduction

Tardive Dyskinesia Study

Potentially in print by year end

Manuscript in draft

Working on Submission

A retrospective medical chart review will potentially add additional clinical support(e.g., A1c control, weight, symptoms, concomitant medications, dosing)©2023 EVOKE PHARMA®

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We partnered with ASPN Pharmacies November 2023 toaccelerate a collection of distribution initiatives• A specialty pharmacy network with strong payer
connections• Increased automation from receipt of Rx to patientcommunication to processing prior authorizations
electronically• Network of 34,000 pharmacies across specialty, healthsystems and retail.
• Ability to route Rx to pharmacy with coverage andthen fill (e.g. out of network prescriptions)

ASPN provides us a key opportunity to convert current business and grow into the future.

©2023 EVOKE PHARMA®

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Commercial Collaboration with EVERSANAManufacturing

Distribution & TradeIntellectual Property•

Continuing to build
portfolio

Intellectual
Property

Distribution &
Trade

–
–

Maintain appropriate
reporting requirements

Sales &
Marketing

Regulatory

Manufacturing•

Financing|

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Strategic marketing plans
Sales hiring, training, fleet,infrastructure

Financing–

Maintain supplies and
CDMO relationship©2023 EVOKE PHARMA®

–

3PL shipping to pharmacy
networkPharmacy HUB

Commercial

Regulatory filings•––

Cash delivery to Evoke torecord revenue
Investing time & materials
with payment terms via net
product profit only

Strategically Targeted Gimoti Sales Team

Regional Concentration• Gastroenterology focus• High metoclopramide utilization (~50% of
metoclopramide total prescriptions within
the planned alignment)• High diabetic population areas• Expansion into additional geographies
suitable based upon opportunity• Evoke (Eversana) Pharma reps 100%
dedicated to Gimoti promotion©2023 EVOKE PHARMA®

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26

Complete Commercialization Partnership
A First of its kind that EVERSANA has continued to utilize
Financials• Evoke– Receives all revenue from product sales and reports each quarter– Received $5M loan from Eversana• Eversana– Provides agreed upon yearly commercial budget• Personnel and other internal infrastructure• External commercial costs– Receives from Evoke portion of monthly net product profit

Term• Both parties have right to terminate ongoing partnership under certain terms––––

If Evoke terminates, it owes some/all of previously incurred commercial costs by EVERSANA
If EVERSANA terminates for reasons other than breach, prior commercial unreimbursed fees are forfeited
Evoke maintains rights to hire certain personnel from EVERSANA dedicated to GIMOTI
Partnership agreement expires December 31, 2026

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27

Limited Current Competitive Landscape
Product

Class

Route

Company

Development Status
Phase 3 (Failed to meet primary endpoint)

Tradipitant

NK-1 antagonist

Oral

Vanda

CIN-102

D2/D3 antagonist

Oral

CinRx

Phase 2a (n=60) Completed; Phase 2b recently started
No results reported

PCS12852

5-HT4 receptor agonist

Oral

Processa

Phase 2a (n=25) Completed
Not powered to show a statistically significant difference from the placebo

Collected non-animal preclinical toxicology data instead of 9-month dog study
NDA submitted to FDA December 2023; PDUFA date September 18, 2024

Few products in development and years away from commercialization©2023 EVOKE PHARMA®

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28

Long-Term IP Protection
Gimoti is protected by robust, granted,
Orange Book listed patents that provide
protection of:• Delivering metoclopramide into the nose to treat
symptoms associated with gastroparesis using aspectrum of stable liquid formulations
containing metoclopramide

Additional granted gender specificpatents in the European Union, Japan,
and Mexico that expire in 2032

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U.S. Granted Patents
Patent #Title

Expires

8,334,281

Nasal formulations of metoc l op r ami de

2030

11,020,361

Nasal formulations of metoc l op r ami de2029

11,628,150

Nasal formulations of metoc l op r ami de2029

11,813,231

Nasal formulations of metoc l op r ami de

2029

11,517,545

Treatment of mo d e r a t e a n d severe
gastroparesis

2037

U.S. Pending Applications
Title

Expires

16/016,246

Treatment of symptoms associated withfema l e gastroparesis2029

16/646,527

Methods of intranasal metoclopramide
dosing2030

Application #29

Gimoti® (metoclopramide) nasal spray
Gimoti® (metoclopramide) nasal spray is indicated for the relief ofsymptoms in adults with acute and recurrent diabetic
gastroparesis.
Limitations of Use:
GIMOTI is not recommended for use in pediatric patients, in patients withmoderate or severe hepatic impairment, in patients with moderate orsevere renal impairment, or in patients concurrently using strong
CYP2D6 inhibitors.
BOXED WARNING: T A R DIVEDYSKINESIA•
M etocl opramide c a n cause tardive dyskinesia (TD), a serious
m ovem ent disorder that is often irreversible. The risk of devel oping TD
increases with duration of treatment a n d total cumulative dosage.
••

Discontinue GIMOTI in patients w ho devel op signs or symptoms of TD. In
some patients, symptoms m ay lessen or resolve after m e to c lo p ram id e issto p p ed.
Avoid treatment with m etocl opram ide (all dosage forms a n d routesof administration) for longer than 12 weeks because of the increased risko f d e velo p ing TD w ith lo ng er-term use.

Please see Important Safety Information, including Boxed Warning.
For complete prescribing information, g o to www.gimotirx.com.
©2023 EVOKE PHARMA®

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