SAN DIEGO, Dec. 9, 2021
/PRNewswire/ -- Evofem Biosciences, Inc. (NASDAQ: EVFM) today
announced bullish expectations for prescription and net revenue
growth in the fourth quarter of 2021.
- Total monthly prescriptions (TRx) of Phexxi® (lactic acid,
citric acid and potassium bitartrate) are on track to surpass
30,000 in the fourth quarter of 2021, representing approximately
70% growth from third quarter TRx levels.
- The Company expects that more than 57,000 women will have made
the Phexxi choice from launch through year-end 2021, with almost
24,000 in the fourth quarter alone.
"Gross revenues are on track to increase more than 50% from the
third quarter," said Saundra
Pelletier, CEO of Evofem Biosciences. "We believe this is
proof that women are seeking non-hormonal birth control as standard
of care. Our team's continued execution to build upon the strong
foundation of Phexxi users and prescribers will enable a strong
finish to 2021."
"Shareholders should expect to see continued improvement in
gross-to-net. Based on the increasing demand for Phexxi, we expect
to meet or exceed the current analyst consensus estimate of
net revenue in the fourth quarter," said Pelletier. "We are also diligently reducing our quarterly net
cash burn rate and expect it will decrease by at least $10 million from Q3 levels starting in the fourth
quarter of 2021."
Phexxi is a hormone-free, on-demand prescription
contraceptive vaginal gel. Evofem launched its celebrity "House
Rules" DTC campaign, featuring actress Annie Murphy, in September 2021 to increase in awareness of Phexxi
among its target audience and drive prescription growth.
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, revenue
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 ongoing and future
impact of the "House Rules" campaign. 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.