SAN DIEGO, Oct. 12, 2021 /PRNewswire/ -- Evofem
Biosciences, Inc. (NASDAQ: EVFM) today announced that it has
entered into a definitive agreement with Keystone Capital Partners
("Keystone Capital") providing for the issuance and sale of an
aggregate of 10,000 shares of Series B Convertible Stock in a
registered direct offering for a purchase price of $1,000.00 per share. The aggregate gross proceeds
from this offering are expected to be an aggregate of approximately
$10.0 million, before deducting
estimated offering expenses payable by Evofem, and will close in
two equal tranches with the second closing to occur on or about the
10th trading day following the initial closing.
"This financing provides us with a runway into the first quarter
of 2022 as we accelerate Phexxi's growth trajectory and work to
deliver long-term value for shareholders and women," said
Saundra Pelletier, Evofem's Chief
Executive Officer.
Evofem intends to use the net proceeds from the offering for the
continuation of commercialization activities related to
Phexxi® (lactic acid, citric acid and potassium bitartrate),
the continuation of its pivotal Phase 3 clinical trial 'EVOGUARD'
evaluating EVO100 for the prevention of chlamydia and gonorrhea in
women and related development activities, and general corporate
purposes and other capital expenditures.
The securities described above are being offered and sold only
by means of a written prospectus and related prospectus supplement
forming part of Evofem's shelf registration statement on Form S-3
(File No. 333-258321) that was previously filed with the Securities
and Exchange Commission (SEC) on July 30,
2021, and subsequently declared effective by the SEC on
August 5, 2021. The final prospectus
supplement and the accompanying prospectus relating to the offering
will be filed with the SEC. A more complete description of
the rights of the Series B Convertible Preferred Stock will also be
contained in a Current Report on Form 8-K to be filed in connection
with the offering. The final prospectus supplement, accompanying
prospectus and Current Report on Form 8-K and will be available on
the SEC's website at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Evofem Biosciences
Evofem Biosciences, Inc., (NASDAQ: EVFM) is developing and
commercializing innovative products and product candidates to
address unmet needs in women's sexual and reproductive health,
including hormone-free, woman-controlled contraception and
protection from certain sexually transmitted infections (chlamydia
and gonorrhea). The Company's first FDA-approved product, Phexxi®
(lactic acid, citric acid and potassium bitartrate), is
a hormone-free, on-demand prescription contraceptive vaginal
gel. It comes in a box of 12 pre-filled applicators and is applied
0-60 minutes before each act of sex. Learn more at phexxi.com
and evofem.com.
Phexxi® is a registered trademark of Evofem Biosciences,
Inc.
Forward-Looking Statements
This press release includes "forward-looking statements," within
the meaning of the safe harbor for forward-looking statements
provided by Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995
including, without limitation, statements related to the
anticipated use of proceeds from the offering, estimates regarding
cash runway, and all statements related to the completion of the
registered direct offering and the satisfaction of customary
closing conditions related to the registered direct offering.
Various factors could cause actual results to differ materially
from those discussed or implied in the forward-looking statements,
including market and other conditions, and you are cautioned not to
place undue reliance on these forward-looking statements, which are
current only as of the date of this press release. Each of these
forward-looking statements involves risks and uncertainties.
Important factors that could cause actual results to differ
materially from those discussed or implied in the forward-looking
statements, or that could impair the value of Evofem Biosciences'
assets and business, are disclosed in the Company's SEC filings,
including its Annual Report on Form 10-K for the year ended
December 31, 2020, filed with the SEC
on March 4, 2021. All forward-looking
statements are expressly qualified in their entirety by such
factors. The Company 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
Mobile: (917) 673-5775
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SOURCE Evofem Biosciences, Inc.