SAN DIEGO, March 24, 2021 /PRNewswire/ -- Evofem
Biosciences, Inc. (NASDAQ: EVFM) today announced the pricing of an
underwritten public offering of 17,142,857 shares of its
common stock at a price to the public of $1.75 per share.
The gross proceeds from the offering to Evofem, before deducting
the underwriting discounts and commissions and other offering
expenses, are expected to be approximately $30.0 million. The offering is expected to
close on or about March 29, 2021, subject to satisfaction of
customary closing conditions. In addition, Evofem has granted the
underwriters a 30-day option to purchase up to an
additional 2,571,428 shares of its common stock at the
public offering price, less the underwriting discounts and
commissions. All of the shares of common stock in the offering
are to be sold by Evofem.
Morgan Stanley and Stifel are acting 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 shares described above are being offered by Evofem pursuant
to a shelf registration statement on Form S-3 that was previously
filed with and subsequently declared effective by the Securities
and Exchange Commission (SEC) on March
11, 2021. The shares may be offered only by means of a
prospectus. A preliminary prospectus supplement and accompanying
prospectus relating to the offering were filed with the SEC, and a
final prospectus supplement and accompanying prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC's website at www.sec.gov. Copies of the final
prospectus supplement and the accompanying prospectus relating to
the offering, when available, 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 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®
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 completion and timing of the
public offering, and the anticipated amount and 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
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SOURCE Evofem Biosciences, Inc.