SAN DIEGO, Jan. 19, 2022
/PRNewswire/ -- Evofem Biosciences, Inc. (NASDAQ: EVFM) today
announced strong preliminary results for the fourth quarter of
2021, including record growth in net product sales of its
hormone-free prescription contraceptive gel, Phexxi®
(lactic acid, citric acid and potassium bitartrate).
- Achieved preliminary net product sales of $3.5 million in Q4, more than double Q3 net
product sales.
-
- 39,121 boxes of Phexxi were dispensed, up 81% from Q3.
- 32,386 Phexxi total prescriptions (TRx) were filled, up 69%
from Q3.
- 22,659 new patients started Phexxi, up 56% from Q3.
- Refill volumes continued to increase as a percentage of TRx,
reaching 37% in December 2021.
- Reduced net cash burn rate to approximately $17 million in the fourth quarter of 2021 versus
$32.0 million in Q3.
- Raised $5 million of non-dilutive
capital in January 2022 to continue
funding Evofem's pivotal Phase 3 trial in STI prevention, and other
ongoing initiatives.
"Strong demand for Phexxi and gross-to-net improvement in the
fourth quarter enabled us to deliver over $3.5 million in net sales – more than twice Q3
levels, and ahead of the current consensus estimate,"
said Saundra Pelletier, CEO of
Evofem Biosciences.
"More than 55,000 women made the Phexxi choice in 2021 and
our refill rate continues to rise, demonstrating high satisfaction
amongst Phexxi users," Pelletier added. "We believe these
numbers paint a clear picture: women want access to non-hormonal
contraception as a standard of care."
"In 2022, we expect to benefit from guidance issued last
week by the Health Resources and Services Administration and
the U.S. Department of Labor, which is an important step toward
securing access to Phexxi for all women at zero copay without
overly burdensome denials or being forced to try other
contraceptive products first. These guidelines should favorably
impact Phexxi access and our gross-to-net in 2022 and beyond,"
Pelletier concluded.
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.
Forward-looking statements are statements other than historical
facts and relate to future events or circumstances and the
Company's future performance. These statements include, without
limitation, estimates and expectations regarding prescription
growth, net sales growth, new patient and refill growth, the
results of gross-to-net improvements and cash burn reductions, and
statements, evaluations and judgments related to, among other
things, demand for Phexxi and the effect of the guidelines issued
by the Health and Human Services Administration and the U.S.
Department of Labor. These statements and estimates are based on
management's current assumptions, expectations and beliefs
concerning future developments and their potential effect on the
Company's business. 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. Various factors could
cause actual results to differ materially from these estimates and
those discussed or implied in the forward-looking statements,
including market and other conditions and the Company's ability to
obtain capital when and as needed to continue its ongoing
operations. Other 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
and its Quarterly Report on Form 10-Q for the quarter ended
September 30, 2021, filed with the
SEC on November 15, 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.