Tuesday, May 18, 2021

Evofem Prices $50M Offering

San Diego-based Evofem Biosciences, which is developing biopharmaceuticals for women's contraception and related areas, says it has priced a $50M, public offering, and also will receive up to an additoinal $50M upon exercise of accompanying short-term warrant. The publicly held company, which trades on the NASDAQ as EVFM, says it intends to use the net proceeds from the offering for the continuation of full commercialization activities related to its lead produt, Phexxi, including continued direct-to-consumer advertising activities across television, streaming and digital channels; the continuation of its ongoing EVOGUARD Phase 3 clinical trial evaluating EVO100 for the prevention of chlamydia and gonorrhea in women and related development activities; and general corporate purposes and other capital expenditures.

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