Welcome to our dedicated page for EVOFEM BIOSCIENCE news (Ticker: EVFM), a resource for investors and traders seeking the latest updates and insights on EVOFEM BIOSCIENCE stock.
Evofem Biosciences, Inc. (OTCQB: EVFM) is a pioneering biotechnology company dedicated to enhancing women's reproductive health across the globe. The company's flagship product, Phexxi® (lactic acid, citric acid, and potassium bitartrate), is an FDA-approved, hormone-free contraceptive gel. Applied 0-60 minutes before sex, Phexxi maintains the vagina's natural pH, creating an environment unsuitable for sperm. This innovative product has seen increased sales and usage each year since its launch in 2020.
Evofem is committed to providing woman-controlled, non-invasive, and reversible reproductive health solutions. The company's recent strategic initiatives include securing expanded Medicaid coverage in Washington State and renegotiating rebates with Medi-Cal in California. These moves have made Phexxi more accessible to millions of women on state healthcare plans.
In December 2023, Evofem entered a definitive agreement to be acquired by Aditxt, Inc. (Nasdaq: ADTX). This acquisition is expected to accelerate Evofem's growth and expand its product portfolio. The company anticipates this merger will close in the second half of 2024.
Financially, Evofem continues to show resilience and growth. In 2023, the company reported $18.2 million in net sales and a significant reduction in operating expenses. Despite challenges like a cyberattack and ongoing austerity measures, Evofem expects its fourth consecutive year of sales growth in 2024.
Looking forward, Evofem is poised to benefit from the burgeoning use of GLP-1 receptor agonists, which can reduce the effectiveness of oral contraceptives. As a non-hormonal contraceptive, Phexxi offers a critical alternative for women using these medications. Evofem's innovations and strategic partnerships underscore its commitment to addressing unmet needs in women's health.
Evofem Biosciences (NASDAQ: EVFM) announced its participation in the H.C. Wainwright BioConnect Virtual Conference from January 10–13, 2022. CEO Saundra Pelletier will present updates on the company's hormone-free contraceptive Phexxi® and its pipeline, including an ongoing Phase 3 clinical trial for EVO100 targeting chlamydia and gonorrhea, as well as a new Multipurpose Prevention Technology candidate for HIV. The presentation will be available on-demand starting 7:00 AM ET on January 10.
Evofem Biosciences (NASDAQ: EVFM) and Orion Biotechnology have announced a collaboration to evaluate the compatibility of Orion's CCR5 antagonist, OB-002, with Evofem's Phexxi vaginal gel. This partnership aims to develop a Multipurpose Prevention Technology (MPT) product for HIV prevention in women. The collaboration seeks results by Q3 2022 and will pursue funding for clinical trials if successful. WHO reports show a significant global need for effective HIV prevention methods. Phexxi, launched in September 2020, is a hormone-free contraceptive gel with ongoing trials for STI prevention.
Evofem Biosciences (NASDAQ: EVFM) announced optimistic projections for Q4 2021, expecting prescription growth for Phexxi to exceed 30,000 monthly, marking a 70% increase from Q3. The company anticipates that over 57,000 women will have chosen Phexxi by year-end 2021, with almost 24,000 in Q4 alone. Gross revenues are projected to rise by more than 50% from Q3. CEO Saundra Pelletier also noted a significant reduction in quarterly net cash burn by at least $10 million, highlighting a strong demand for non-hormonal birth control options.
Evofem Biosciences (NASDAQ: EVFM) announced the adjournment of its 2021 Special Meeting of stockholders, originally scheduled for December 8, 2021, to December 15, 2021. The meeting will be held at the company's corporate offices in San Diego, California. Stockholders of record as of November 5, 2021, are eligible to vote. There are no changes to the proposal previously outlined in the proxy statement filed with the SEC on November 9, 2021. The company continues to solicit proxies, and previously submitted proxies will be honored at the adjourned meeting.
Evofem Biosciences (NASDAQ: EVFM) announced a successful Type C meeting with the FDA regarding its product candidate, EVO100, aimed at preventing urogenital chlamydia and gonorrhea in women. These STIs currently lack FDA-approved preventive treatments. The pivotal Phase 3 trial, EVOGUARD, is enrolling 1,730 women across the U.S. Positive Phase 2B/3 AMPREVENCE trial results support EVO100's potential. The FDA has granted Fast Track designation and Qualified Infectious Disease Product status. Top-line data is expected in H2 2022, with potential FDA submission in Q1 2023.
Evofem Biosciences (NASDAQ: EVFM) has successfully extended the cumulative net sales covenant from its April 2020 Securities Purchase Agreement to June 30, 2023. This decision reflects investor confidence in the company's growth potential. Notably, Phexxi® prescriptions surged by 48% in Q3 2021 and saw a 30% rise in October 2021. The company anticipates improved gross-to-net revenue starting December 2021. The report emphasizes Evofem's focus on addressing unmet needs in women's health through innovative products.
Evofem Biosciences (NASDAQ: EVFM) announced that CEO Saundra Pelletier will participate in a fireside chat and hold one-on-one meetings at the Piper Sandler 33rd Annual Virtual Healthcare Conference from November 29 to December 2, 2021. The pre-recorded chat will be available on demand starting at 10:00 AM ET on November 22, 2021, for 90 days. Evofem focuses on innovative products for women's sexual and reproductive health, highlighted by their FDA-approved product, Phexxi®, a hormone-free contraceptive gel. For more details, visit evofem.investorroom.com/Piper2021.
Evofem Biosciences (NASDAQ: EVFM) reported its Q3 2021 financial results, highlighting a net product sales of $1.7 million and a notable 94% increase in new prescriptions for its hormone-free contraceptive, Phexxi, driven by the 'House Rules' DTC campaign featuring Annie Murphy. Total operating expenses rose by 5% to $45.1 million. The company expects to reduce operating expenses by $50 million in 2022. Despite a net loss of $74.1 million for the quarter, cash reserves were reported at $14.9 million.
Evofem Biosciences (NASDAQ: EVFM) announced the submission of its hormone-free contraceptive vaginal gel to the Mexican Regulatory Agency COFEPRIS on November 10, 2021. This submission marks a critical step in expanding access to Femidence™ for women in Mexico and aligns with Evofem's 2020 Global Health Agreement with Adjuvant Capital. If approved, Femidence™ could be available in early 2023. The company aims to provide effective reproductive health solutions for low and middle-income countries.
Evofem Biosciences (NASDAQ: EVFM) announced that CEO Saundra Pelletier will participate in the Stifel 2021 Virtual Healthcare Conference on November 16, 2021, at 1:20 p.m. ET. The event will feature a fireside chat format in Track 2. Interested parties can access a live and archived webcast on the company’s website. Evofem is focused on women's reproductive health, with its FDA-approved product, Phexxi®, being a hormone-free contraceptive. One-on-one meetings can be arranged through Stifel for attendees.
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