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(RTTNews) - Evoke Pharma, Inc. (EVOK), a company focused on treatments for gastrointestinal diseases, announced on Friday that it has priced an underwritten public offering for up to $30 million of shares, which includes initial upfront funding of around $7.5 million.

The combined price per share, Series A Warrant, Series B Warrant, and Series C Warrant is $0.68, totaling $7.5 million in initial gross proceeds to the firm.

If all warrants are exercised in full then the total gross proceeds including the initial upfront funding are expected to be $30 million.

Evoke intends to use the net proceeds from the offering, expected to be closed on or about February 13, for working capital and general corporate purposes.

The company said that Nantahala Capital Management and other fundamental investors will lead the offering.

Craig-Hallum and Laidlaw & Co. (UK) Ltd. are serving as joint book-running managers for the offering.

EVOK was trading down by 20 percent at $0.52 per share in the pre-market trade on the Nasdaq.

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