SAN DIEGO, May 17, 2021 /PRNewswire/ -- Evofem Biosciences,
Inc. (NASDAQ: EVFM) today announced the pricing of its previously
announced underwritten public offering of 50,000,000 shares of its
common stock and accompanying short-term warrants to purchase up to
an aggregate of 50,000,000 shares of common stock. Each share of
common stock is being sold together with one short-term warrant to
purchase one share of common stock at a combined public offering
price of $1.00 per share of common
stock and accompanying common warrant, less underwriting discounts
and commissions. The short-term warrants have an exercise price of
$1.00 per share, are exercisable
immediately, and will expire two years following the date of
issuance.
The gross proceeds from the offering to Evofem, before deducting
underwriting discounts and commissions and other offering expenses
and excluding any proceeds that may be received upon exercise of
the common warrants to purchase common stock, are expected to be
$50 million. Full exercise of the warrants would generate
additional gross proceeds of $50
million to Evofem, less underwriting discounts and
commissions.
In addition, Evofem has granted the underwriter a 30-day option
to purchase up to an additional 7,500,000 shares of its
common stock and/or warrants to purchase up to an
additional 7,500,000 shares of its common stock at the
public offering price, less underwriting discounts and
commissions.
All of the shares of common stock and accompanying warrants to
purchase common stock being offered in the offering are being sold
by Evofem. The offering is expected to close on or about May
20, 2021, subject to satisfaction of customary closing
conditions.
H.C. Wainwright is acting as the sole book-running manager 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) , 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 chlamydia and
gonorrhea in women and related development activities; and general
corporate purposes and other capital expenditures.
The securities described above are being offered by Evofem
pursuant to a 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 securities may
be offered only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration
statement. A preliminary prospectus supplement and
accompanying prospectus relating to the offering have been filed
with the SEC and are available on the SEC's website at www.sec.gov.
Electronic copies of the final prospectus supplement and the
accompanying prospectus relating to the offering will be filed with
the SEC and, when available, will be available on the SEC's website
at www.sec.gov and may also be obtained by contacting H.C.
Wainwright & Co., LLC, at 430 Park Ave., New York, New York 10022, by telephone at
(212) 856-5711, or by email at placements@hcwco.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
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®, 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 completion of the public
offering, the exercise of the common warrants to be issued in the
offering, and the 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, including
satisfaction of customary closing conditions related to the public
offering and market and other conditions and the future cash
exercise of the common warrants, 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.