SAN DIEGO, June 2, 2020 /PRNewswire/ -- Evofem
Biosciences, Inc. (NASDAQ: EVFM), a commercial-stage
biopharmaceutical company committed to developing and
commercializing innovative products to address unmet needs in
women's sexual and reproductive health, today announced the pricing
of an underwritten public offering of 28,500,000 shares
of its common stock at a price to the public of $3.50 per share. The gross proceeds from the
offering to Evofem, before deducting the underwriting discounts and
commissions and other offering expenses, are expected to be
approximately $100 million. The offering is expected to close
on or about June 5, 2020, subject to
satisfaction of customary closing conditions. In addition, Evofem
has granted the underwriters a 30-day option to purchase up to an
additional 4,275,000 shares of its common stock at the
public offering price, less the underwriting discounts and
commissions. All of the shares of common stock in the offering are
to be sold by Evofem.
Morgan Stanley and Piper Sandler
are acting as joint book-running managers, Oppenheimer & Co.
Inc. is acting as lead manager and H.C. Wainwright & Co. is
acting as lead co-manager for the offering.
The shares described above are being offered by Evofem pursuant
to a shelf registration statement on Form S-3 that was previously
filed with and subsequently declared effective by the Securities
and Exchange Commission (SEC) on December 2,
2019. The shares may be offered only by means of a
prospectus. A preliminary prospectus supplement and accompanying
prospectus relating to the offering was filed with the SEC and a
final prospectus supplement and accompanying prospectus relating to
the offering will be filed with the SEC. Copies of the final
prospectus supplement and the accompanying prospectus relating to
the offering, when available, may also be obtained by contacting:
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180
Varick Street, 2nd Floor, New York,
NY 10014; or Piper Sandler
& Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus
Department, or by telephone at (800) 747-3924, or by email at
prospectus@psc.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in this offering,
nor shall there be any sale of these 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, Inc.
Evofem Biosciences, Inc., (NASDAQ: EVFM) is a commercial-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 quality of life for women by developing innovative
solutions, such as hormone-free, woman-controlled contraception and
protection from certain sexually transmitted infections (STIs). The
Company's first commercial product, Phexxi™ (lactic acid, citric
acid and potassium bitartrate), is approved in the United States for the prevention of
pregnancy. The Company is advancing EVO100 for the prevention of
urogenital transmission of both Chlamydia
trachomatis infection (chlamydia) and Neisseria
gonorrhoeae infection (gonorrhea) in women.
Forward-Looking Statements
This press release includes forward-looking statements, including
statements related to the public offering of securities by Evofem
such as statements about the completion and timing of the public
offering, and the anticipated gross proceeds from the offering. For
these statements, Evofem claims the protection 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. Various factors could
cause actual results to differ materially from those discussed or
implied in the forward-looking statements, 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, including risks and uncertainties related to
completion of the public offering on the anticipated terms or at
all, market conditions, and the satisfaction of customary closing
conditions related to the public offering. Actual results may
differ materially from those, express or implied, in these
forward-looking statements. Important factors that could
impair the value of Evofem Biosciences' assets and business are
disclosed in Evofem's SEC filings, including its Annual Report on
Form 10-K for the year ended December 31,
2019 filed with the SEC on March 12,
2020, its Quarterly Report on Form 10-Q for the quarter
ended March 31, 2020 filed with the
SEC on May 6, 2020 and its Current
Report on Form 8-K filed with the SEC on June 2, 2020. All forward-looking statements are
expressly qualified in their entirety by such factors. Evofem does
not undertake any duty to update any forward-looking statement
except as required by law.
Contact
Investor Relations
Amy Raskopf
Evofem Biosciences
araskopf@evofem.com
O: (858) 550-1900 x167
M: (917) 673-5775
Media
Cara Miller
Evofem Biosciences
cmiller@evofem.com
O: (858) 550-1900 x272
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SOURCE Evofem Biosciences, Inc.