Evofem Biosciences, Inc. (NASDAQ: EVFM)today announced the closing of its previously announced underwritten public offering of 50 million shares of its common stock and accompanying two-year warrants to purchase an aggregate of up to 50 million shares of common stock. In addition, Evofem granted the underwriter a 30-day option to purchase up to an additional 7.5 million shares of its common stock and/or accompanying warrants to purchase an aggregate of up to 7.5 million shares of its common stock, which the underwriter has partially exercised for warrants to purchase an aggregate of up to 7.5 million shares of common stock. At closing, Evofem received net proceeds from the offering of approximately $46.6 million, after deducting underwriting discounts and commissions and estimated offering expenses. All of the securities in the offering were sold by Evofem.
Evofem intends to use the net proceeds from this offering for the continuation of full commercialization activities related to Phexxi® (lactic acid, citric acid and potassium bitartrate), 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 chlamydia and gonorrhea in women and related development activities; and general corporate purposes and other capital expenditures.
H.C. Wainwright acted as the sole book-running manager for the offering.
The offering was made only by means of a written prospectus and related prospectus supplement forming part of Evofem’s shelf registration statement on Form S-3 (File No. 333-253881) that was previously filed with and subsequently declared effective by the Securities and Exchange Commission (SEC) on March 11, 2021. The final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting H.C. Wainwright & Co., LLC, at 430 Park Ave., New York, New York 10022, by telephone at (212) 856-5711, or by email at placements@hcwco.com.
