SAN DIEGO, March 29, 2021 /PRNewswire/ -- Evofem
Biosciences, Inc. (NASDAQ: EVFM) today announced the closing of its
previously announced underwritten public offering of 17,142,857
shares of its common stock at $1.75
per share. Evofem's aggregate gross proceeds from the
offering, before deducting underwriting discounts and commissions
and other offering expenses, were $30.0
million. All of the shares of common stock to be sold
in the offering were sold by Evofem.
Morgan Stanley and Stifel acted as joint book-running managers
for the offering.
Evofem intends to use the net proceeds from the offering for the
continuation of full commercialization activities related to
Phexxi® (lactic acid, citric acid and
potassium bitartrate) contraceptive vaginal gel in the United States, including continued
direct-to-consumer advertising activities across television,
streaming and digital channels, the continuation of its ongoing
EVOGUARD Phase 3 clinical trial evaluating EVO100 for the
prevention of certain sexually transmitted infections and related
development activities, and general corporate purposes and other
capital expenditures.
The offering was made 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. 333-253881) that was
previously filed with and subsequently declared effective by the
Securities and Exchange Commission (SEC) on March 11, 2021. The final prospectus
supplement and accompanying prospectus are available on the SEC's
website at www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to the offering
may also be obtained by contacting Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor,
New York, NY 10014, or Stifel,
Nicolaus & Company, Incorporated, One
Montgomery Street, Suite 3700, San
Francisco, CA 94104, by telephone at (415) 364-2720, or by
email at syndprospectus@stifel.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy these securities, 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
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,
including hormone-free, woman-controlled contraception and
protection from certain sexually transmitted infections (STIs). The
Company launched its first FDA-approved commercial product,
Phexxi® contraceptive vaginal gel, in the United States in September 2020. The Company's lead product
candidate, EVO100, is being evaluated for the prevention of
urogenital Chlamydia trachomatis and Neisseria gonorrhoeae
infection in women in the ongoing Phase 3 clinical trial,
'EVOGUARD.'
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. 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.
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
###
View original content to download
multimedia:http://www.prnewswire.com/news-releases/evofem-biosciences-announces-closing-of-public-offering-of-common-stock-301257792.html
SOURCE Evofem Biosciences, Inc.