EVOFEM BIOSCIENCE INC - EVFM STOCK NEWS

Evofem Biosciences, Inc. (OTCQB: EVFM) announced a 20% decrease in net product sales for the third quarter of 2023, reporting $5.1 million. The company highlighted a 75% reduction in selling and marketing expenses, leading to an 81% decrease in loss from operations compared to Q3 2022. Notably, Evofem's Phexxi patents extend until 2033, and a generic drug maker will no longer seek FDA approval to market a generic version of Phexxi.

Evofem Biosciences announces preliminary results for Q3 2023, with sequential growth in net product sales of Phexxi contraceptive gel. Selling and marketing expenses significantly reduced, leading to a decrease in operating loss. Notable developments include successful negotiation of a fourth amendment to Securities Purchase and Security Agreement and withdrawal of generic drug maker's application for FDA approval. Evofem on track for third consecutive year of net product sales growth.

Evofem Biosciences to participate in Virtual Investor Ask the CEO Conference

Padagis withdraws challenge to Phexxi patents and requests FDA to wait until patents expire for ANDA approval.

Evofem Biosciences successfully negotiates amendment to its Securities Purchase and Security Agreement, removing potential dilution and reducing repayment amount for convertible senior secured promissory notes. Positive impact to capital structure.

Evofem Biosciences (OTCQB: EVFM) reported its financial results for the year ended December 31, 2022, highlighting significant growth and cost reduction efforts. Key points include:

1. Net product sales of Phexxi doubled to $16.8 million in 2022, a 104% increase from the previous year.

2. Total operating expenses were reduced by $74.1 million (42%) compared to 2021, exceeding the company's $50 million cost reduction goal.

3. Phexxi coverage expanded to over 22.1 million new lives since January 1, 2023, with more than 80% of claims now being approved.

4. The company is targeting EBITDA break-even by year-end 2023 through further cost-cutting measures implemented in March 2023.

5. Net loss improved to $(78.0) million, or $(1.34) per share, compared to $(206.2) million, or $(23.63) per share, in 2021.

Evofem Biosciences, Inc. (OTCQB: EVFM) announced the appointment of Ivy Zhang as Chief Financial Officer (CFO) and Secretary, effective April 13, 2023. Ms. Zhang will oversee financial planning, accounting, and treasury functions while reporting to CEO Saundra Pelletier. With over 14 years of financial experience, including previous roles at Ernst & Young and SeaSpine Holdings, Ms. Zhang aims to drive financial operations as the company seeks to achieve EBITDA breakeven on a quarterly basis by year-end 2023. This transition follows the interim tenure of Albert Altro. Ms. Zhang expressed enthusiasm about joining a dedicated leadership team amid restructuring efforts to bolster Phexxi®, the company's contraceptive product.

Evofem Biosciences has secured improved coverage for its hormone-free contraceptive Phexxi in New York, benefiting over 5.8 million lives. This update follows the state's transition to a single Preferred Drug List as of April 1, 2023, which eliminates the need for Prior Authorization. Year-to-date, Evofem has successfully gained coverage for a total of 22.1 million lives nationally. In Q1 2023, enhancements included coverage from Mississippi Medicaid, Indiana State Medicaid, and notable Blue Cross Blue Shield plans, among others. Phexxi serves as an innovative solution in women's reproductive health, applied just before sexual activity.