Evofem Biosciences Announces $ 10 Million Registered Direct Offer of Series B Preferred Shares | national news

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SAN DIEGO, 12 October 2021 / PRNewswire / – Evofem Biosciences, Inc. (NASDAQ: EVFM) today announced that it has entered into a definitive agreement with Keystone Capital Partners (“Keystone Capital”) providing for the issuance and sale of a total of 10,000 shares Series B Convertible shares in a registered direct offer for a purchase price of $ 1,000.00 per share. The total gross proceeds of this offering are expected to total approximately $ 10.0 million, before deduction of the estimated offering costs payable by Evofem, and will close in two equal installments, the second closing having to occur on or around the 10e trading day following the initial closing.

“This funding provides us with a lead into the first quarter of 2022 as we accelerate Phexxi’s growth trajectory and work to deliver long-term value to shareholders and women,” said Saundra Pelletier, CEO of Evofem.

Evofem intends to use the net proceeds of the offering for the continuation of the marketing activities related to Phexxi® (lactic acid, citric acid and potassium bitartrate), the continuation of its pivotal phase 3 clinical trial ‘EVOGUARD ‘evaluating EVO100 for the prevention of chlamydia and gonorrhea in women and related development activities, and general business objectives and other capital expenditures.

The securities described above are offered and sold only by means of a written prospectus and a related prospectus supplement forming part of Evofem’s pre-registration statement on Form S-3 (File No. 333- 258321) which was previously filed with the Securities and Exchange Commission. (SEC) on July 30, 2021, and subsequently declared in effect by the SEC on August 5, 2021. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. A more complete description of the rights of the Series B Convertible Preferred Shares will also be contained in a current report on Form 8-K to be filed in connection with the Offer. The final prospectus supplement, accompanying prospectus, and current report on Form 8-K will be available on the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, and there will be no sale of securities in any state or other jurisdiction in which such an offer, solicitation or sale would be. illegal before registration. or qualification under the securities laws of any such state or other jurisdiction.

About Evofem Biosciences

Evofem Biosciences, Inc., (NASDAQ: EVFM) develops and markets innovative products and product candidates to address unmet women’s sexual and reproductive health needs, including female-controlled hormone-free contraception and protection against certain sexually transmitted infections (chlamydia and gonorrhea). The company’s first FDA-approved product, Phexxi® (lactic acid, citric acid and potassium bitartrate), is a hormone-free prescription contraceptive vaginal gel. It comes in a box of 12 pre-filled applicators and is applied 0 to 60 minutes before each intercourse. 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 haven for forward-looking statements under Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, without limitation, statements relating to the intended use of the proceeds of the offering, estimates regarding the cash flow path and all statements relating to the completion of the recorded direct offer and the satisfaction of customary closing conditions related to the direct offer recorded. Various factors could cause actual results to differ materially from those discussed or implied in forward-looking statements, including market conditions and others, and you are urged not to place undue reliance on such forward-looking statements, which are only current as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Important factors which could cause actual results to differ materially from those discussed or suggested in the forward-looking statements, or which could adversely affect the value of Evofem Biosciences assets and businesses, are disclosed in the documents filed by the company. with the SEC, 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 obligation to update any forward-looking statement, except as required by law.

Investor contact

Amy raskopf

Evofem Biosciences, Inc.

[email protected]

Mobile: (917) 673-5775

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SOURCE Evofem Biosciences, Inc.


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