- Agreement Significantly Expands Access to Phexxi® for Millions
of Women Seeking an FDA-Approved, Hormone-Free, On-Demand Option to
Prevent Pregnancy
- Long-term Contract Adds to Growing List of Agreements with
Payers Opening New and Significant Access to Phexxi
- Evofem Expects Increases in Phexxi Prescriptions and
Significant Cost-Savings from Agreements
SAN
DIEGO, June 28, 2022 /PRNewswire/ -- Evofem
Biosciences, Inc., (Nasdaq: EVFM) today
announced it has reached an agreement with one of the nation's
largest pharmacy benefit managers (PBMs) to ensure most women
covered by this plan can fill their Phexxi® (lactic
acid, citric acid, potassium bitartrate) prescriptions for
pregnancy prevention, without restrictions such as prior
authorization or step therapy.
"This new agreement removes existing barriers, allowing women in
the U.S. covered by this plan to fill their Phexxi prescriptions
immediately," said Saundra
Pelletier, Chief Executive Officer of Evofem. "We have
already seen a significant increase in the profitability of each
Phexxi prescription this year, and we look forward to further
prescription growth while providing millions of more women with
barrier-free access to Phexxi."
With the removal of the prior authorization process for this
PBM, starting on July 1, 2022, Evofem
anticipates saving approximately $400,000 through the end of 2022 and close to
$1 million on an annualized
basis.
The agreement comes as Evofem continues building upon earlier
successes and lining up further access through other health
insurers and PBMs to increase a woman's ability to obtain Phexxi.
This year alone, Evofem has opened avenues to, and continues to
finalize access opportunities with the following payers to cover
Phexxi:
- One of the largest payers in California, with no copay for patients
- One of the largest payers in Utah, with no prior authorization
- One of the largest payers in Hawaii, with no copay for Phexxi patients
- A regional payer in the Pacific Northwest
- Numerous state Medicaid systems providing coverage for more
than 12 million lives with no prior authorization
In January of this year, the Health Resources and Services
Administration and the U.S. Department of Labor updated their
guidance regarding access to contraception in the U.S. The updates
specify that most insurers and PBMs provide coverage, with no
out-of-pocket costs to women, for FDA-approved contraceptive
products, like Phexxi, prescribed by healthcare providers.
Recently, members of the U.S. Senate sent letters to certain
health insurers and PBM requesting information regarding their lack
of coverage for FDA-approved contraception as outlined in the
federal guidelines. Evofem continues to support these steps aimed
at protecting women's access to Phexxi.
"Evofem's sales force continues updating doctors and their
offices about these new agreements, paving the way for easier
access to Phexxi," said Katherine
Atkinson, Chief Commercial Officer of Evofem. "We are proud
to work with payers that understand the need to provide access to
non-hormonal contraception for women, and we anticipate the number
of women filling their Phexxi prescriptions will continue to
notably rise for the remainder of this year and beyond, as it has
since the start of 2022."
About Phexxi
Phexxi is an on-demand method of birth control used to prevent
pregnancy. Phexxi is not effective when used after sex.
For more information about Phexxi, talk to your healthcare
provider and see full Product Information
at www.phexxi.com.
Important Safety
Information
- Rare cases (0.36%) of bladder and kidney infections have been
reported. If you have a history of urinary tract problems that keep
coming back, you should not use Phexxi.
- Contact your healthcare provider if you are experiencing
genitourinary side effects such as vaginal burning, itching,
discharge, genital discomfort (including in male partners), yeast
infection, urinary tract infection, or bacterial vaginosis.
- Phexxi does not protect against sexually transmitted
infections, including HIV.
For more information about Phexxi, talk to your healthcare
provider and see full Product Information
at www.phexxi.com.
Please report side effects by contacting Evofem Biosciences
toll-free at 1-833-EVFMBIO or contact FDA at 1-800-FDA-1088
or www.fda.gov/medwatch.
Intended for United States residents only.
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. The Company'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. Learn more
at phexxi.com and evofem.com.
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 impact of the new pharmacy benefit manager agreement on
Phexxi prescriptions and insurance coverage. 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, 2021, filed with the SEC on
March 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.
Evofem Biosciences Contacts:
Media
Jack Hirschfield
Evofem Biosciences, Inc.
jhirschfield@evofem.com
(512) 674-5163
Investor Relations
Amy Raskopf
Evofem Biosciences, Inc.
araskopf@evofem.com
(917) 673-5775
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SOURCE Evofem Biosciences, Inc.