SAN DIEGO, April 27, 2020 /PRNewswire/ -- Evofem
Biosciences, Inc. (NASDAQ: EVFM), a clinical-stage
biopharmaceutical company, today announced that it has entered into
a private Securities Purchase Agreement with a U.S.-based,
healthcare-focused institutional investor (the "Investor") for up
to $25 million of convertible
notes.
Under the terms of the agreement, $15
million dollars was funded today; the remaining $10 million may be funded at the Investor's
discretion at any time prior to the Company meeting specific
funding requirements defined in the Agreement.
"We are very pleased to have closed this strategic interim
financing during an incredibly challenging time in the financial
markets," said Saundra Pelletier,
Chief Executive Officer of Evofem Biosciences. "With the support of
this healthcare-focused investor and our strengthened balance
sheet, we are well positioned to execute on our commercialization
plans for the anticipated U.S. approval and launch of Phexxi, our
innovative hormone-free, contraceptive gel candidate. Pending FDA
approval, we look forward to providing millions of women with the
first new contraceptive innovation in decades and to delivering on
the full market potential of Phexxi."
Certain terms of the Securities Purchase Agreement, related
notes, and warrants issued in connection with the agreement are set
forth in the Form 8-K filed with the U.S. Securities Exchange
Commission ("SEC") on April 27, 2020
(the "Form 8-K"), along with other relevant exhibits.
The Company will seek stockholder approval to permit the full
conversion of notes and exercise of the warrants under applicable
NASDAQ rules. The Company plans to file with the SEC and mail
to its stockholders a related proxy statement, which will contain
important information about the Company, the transaction and
related matters. Copies of the proxy statement and other documents
filed with the SEC can be obtained by visiting the SEC website
(www.sec.gov) or by contacting the Company directly at: Corporate
Secretary, C/O Evofem Biosciences, Inc., 12400 High Bluff Drive,
Suite 600, San Diego, CA
92130.
Piper Sandler acted as the
Company's sole financial advisor in connection with this
transaction.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Phexxi™
Phexxi (L-lactic acid, citric acid,
potassium bitartrate) Vaginal Gel 1.8%/1%/0.4% is an
investigational Multipurpose Vaginal pH Regulator (MVP-R™) designed
to regulate vaginal pH within the normal range of 3.5 to 4.5, even
in the presence of semen, which normally raises the vaginal pH to
7.0 to 8.0. This maintains an acidic environment that is
inhospitable to sperm, as well as certain viral and bacterial
pathogens associated with sexually transmitted infections, but is
integral to the survival of healthy bacteria in the vagina.
About Evofem Biosciences, Inc.
Evofem Biosciences,
Inc., (NASDAQ: EVFM) is a clinical-stage biopharmaceutical company
committed to developing and commercializing innovative products to
address unmet needs in women's sexual and reproductive health.
Evofem Biosciences aims to advance the lives of women by developing
innovative solutions, such as woman-controlled contraception and
potential protection from certain sexually transmitted infections
(STIs). The Company's lead product candidate, Phexxi™, is currently
being reviewed by the U.S. Food and Drug Administration for
prevention of pregnancy. The investigational candidate EVO100
is being evaluated for prevention of urogenital transmission of
both Chlamydia trachomatis infection (chlamydia)
and Neisseria gonorrhoeae infection (gonorrhea) in
women. For more information regarding Evofem, please
visit www.evofem.com.
Phexxi™ and Multipurpose Vaginal pH Regulator (MVP-R™) are
trademarks of Evofem Biosciences, Inc.
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including statements related to the potential FDA approval of
Phexxi and the anticipated commercial launch of Phexxi. Each
of these forward-looking statements involves risks and
uncertainties. Actual results may differ materially from those,
express or implied, in these forward-looking statements. Important
factors that could cause actual results to differ materially from
those indicated by such forward-looking statements include the
Company's ability to obtain stockholder approval with respect to
the issuance of common stock upon conversion of the notes and
exercise of the warrants along with others disclosed in the
risk factors contained in the Company's Annual Report on Form 10-K
filed with the Securities and Exchange Commission and
subsequent filings. All forward-looking statements are expressly
qualified in their entirety by such factors. Evofem Biosciences
does not undertake any duty to update any forward-looking statement
except as required by law.
Investor Contact
Amy
Raskopf
Evofem Biosciences, Inc.
araskopf@evofem.com
M: (917) 673-5775
Media Contact
Cara
Miller
Evofem Biosciences, Inc.
cmiller@evofem.com
O: (858) 550-1900 x272
View original content to download
multimedia:http://www.prnewswire.com/news-releases/evofem-biosciences-secures-up-to-25-million-in-convertible-note-financing-301047322.html
SOURCE Evofem Biosciences, Inc.