Evofem Biosciences successfully extends the cumulative net sales commitment date until June 30, 2023
SAN DIEGO, 22 November 2021 / PRNewswire / – Evofem Biosciences, Inc., (NASDAQ: EVFM) today announced that it has successfully extended its cumulative net sales commitment schedule for its april 2020 Contract for the purchase of securities and June 30, 2023.
“We appreciate that these healthcare investors see the potential for long-term growth. June 30, 2023,” noted Saundra Pelletier, CEO of Evofem Biosciences.
Over 19,000 prescriptions for Phexxi® (lactic acid, citric acid and potassium bitartrate) were filled in the third quarter of 2021, an increase of 48% from the previous quarter.
With more than 10,000 Phexxi prescriptions in October 2021, up 30% from September 2021, Evofem is on track for another solid quarter of Phexxi prescription growth.
Phexxi’s ex-factory sales (shipments to wholesalers, on which gross revenue is based) increased 19% in October compared to September 2021.
“With the strong demand for Phexxi and the upcoming adjustments to our patient support program which will result in improvements in our gross / net and net revenues from December 2021, this is a achievable time frame,” Pelletier concluded.
About Evofem Biosciences
Evofem Biosciences, Inc. (NASDAQ: EVFM) develops and markets innovative products to address unmet sexual and reproductive health needs of women, 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.
This press release includes “forward-looking statements” within the meaning of the safe harbor 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 and judgments on the long-term value of Phexxi and demand for Phexxi, Evofem’s gross-to-net improvement efforts, Evofem’s ability to meet the cumulative net sales threshold on or before June 30, 2023, and the extension of the cumulative net sales covenant, which is conditional on the completion of financing by Evofem. Various factors could cause actual results to differ materially from those discussed or implied in the forward-looking statements, 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 involved in 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. For more complete information regarding the modification of the april 2020 Securities and Security Purchase Agreement, please refer to the company’s current report on Form 8-K filed with the SEC on 22 November 2021. The Company does not undertake any obligation to update forward-looking statements, except as required by law.
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Evofem Biosciences, Inc.
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SOURCE Evofem Biosciences, Inc.