Evofem Biosciences Announces Closing of Public Offering of Common Stock
SAN DIEGO, March 29, 2021 /PRNewswire/ -- Evofem Biosciences, Inc. (NASDAQ: EVFM) today announced the closing of its previously announced underwritten public offering of 17,142,857 shares of its common stock at $1.75 per share. Evofem's aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, were $30.0 million. All of the shares of common stock to be sold in the offering were sold by Evofem.
Morgan Stanley and Stifel acted as joint book-running managers for the offering.
Evofem intends to use the net proceeds from the offering for the continuation of full commercialization activities related to Phexxi® (lactic acid, citric acid and potassium bitartrate) contraceptive vaginal gel in the United States, 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 certain sexually transmitted infections and related development activities, and general corporate purposes and other capital expenditures.
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 are available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720, or by email at firstname.lastname@example.org.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Evofem Biosciences
Phexxi® is a registered trademark of Evofem Biosciences, Inc.
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SOURCE Evofem Biosciences, Inc.
Company Codes: NASDAQ-NMS:EVFM