SAN
DIEGO, May 20, 2022 /PRNewswire/ -- Evofem
Biosciences, Inc. (Nasdaq: EVFM) (Evofem) today announced the
pricing of its previously announced underwritten public offering of
22,665,000 shares of its common stock, 12,835,000 pre-funded
warrants to purchase common stock in lieu of common stock to
certain investors and warrants to purchase up to 71,000,000 shares
of its common stock. Each share of common stock and accompanying
common warrant are being offered at a combined public offering
price of $0.75, less underwriting
discounts and commissions, and each pre-funded warrant and
accompanying common warrant are being offered at a combined public
offering price of $0.749, less
underwriting discounts and commissions. The pre-funded warrants
have an exercise price of $0.001 per
share. The common warrants have an exercise price of $0.75 per share, are exercisable immediately, and
will expire five years following the date of issuance. All of the
shares of common stock, pre-funded warrants and accompanying
warrants being offered in the offering are being sold by Evofem.
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, are expected to be approximately $26.6 million. The offering is expected to
close on or about May 24, 2022,
subject to satisfaction of customary closing conditions.
Evofem intends to use the net proceeds from the offering for the
continuation of commercialization activities related to its
commercial product, Phexxi® (lactic acid, citric acid,
and potassium bitartrate) vaginal gel, the continuation of its
registrational Phase 3 clinical trial "EVOGUARD", which is
evaluating Phexxi for two potential new indications, the prevention
of chlamydia and gonorrhea in women, and related development
activities, and other general corporate purposes and other capital
expenditures.
Piper Sandler & Co. is acting
as sole book-running manager for the offering.
The securities described above are being offered by Evofem
pursuant to a shelf registration statement on Form S-3 (File No.
333-258321) that was previously filed with and subsequently
declared effective by the Securities and Exchange Commission (SEC)
on August 5, 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
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
Evofem Biosciences, Inc. (Nasdaq: EVFM) is 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 chlamydia and
gonorrhea. Evofem'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. Top-line data is expected in the second half of
2022 from the registrational Phase 3 EVOGUARD trial
evaluating Phexxi for the prevention of chlamydia and gonorrhea in
women, two potential new indications.
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 offering of
securities by Evofem such as, statements related to the
consummation of the offering, the exercise of the warrants to be
issued in the offering, the intended use of proceeds, the potential
terms of the offering, and the timing of the registrational Phase 3
EVOGUARD trial. 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 offering, the future cash
exercise of the warrants, 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, 2021,
filed with the SEC on March 10, 2022
and its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2022, filed with the SEC on
May 10, 2022. 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.