SAN DIEGO, May 21, 2021 /PRNewswire/ -- Evofem
Biosciences, Inc. (NASDAQ: EVFM) today announced the closing of its
previously announced underwritten public offering of 50 million
shares of its common stock and accompanying two-year warrants to
purchase an aggregate of up to 50 million shares of common stock.
In addition, Evofem granted the underwriter a 30-day option to
purchase up to an additional 7.5 million shares of its common stock
and/or accompanying warrants to purchase an aggregate of up to 7.5
million shares of its common stock, which the underwriter has
partially exercised for warrants to purchase an aggregate of up to
7.5 million shares of common stock. At closing, Evofem received net
proceeds from the offering of approximately $46.6 million,
after deducting underwriting discounts and commissions and
estimated offering expenses. All of the securities in the offering
were sold by Evofem.
Evofem intends to use the net proceeds from this 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.
H.C. Wainwright acted as the sole book-running manager for the
offering.
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 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 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 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 market and other conditions, 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.