Evofem Biosciences Strengthens Board of Directors
SAN DIEGO, Aug. 3, 2022 /PRNewswire/ -- Evofem Biosciences, Inc., (Nasdaq: EVFM) today announced the appointment of Jenny Yip, a Managing Partner at life sciences investment fund Adjuvant Capital, to its Board of Directors. The appointment of Ms. Yip as a director expands the Board from five to six independent directors.
"Now more than ever, this is the time to align and support organizations like Evofem with a sustainable future, which are dedicated to improving the lives of women. Evofem invested in a large, undervalued market opportunity with the first innovation in contraception in decades," said Jenny Yip. "I look forward to working with Evofem's Board and leadership team to deliver on the vast potential of Phexxi's current and potential new indications, with a focus on increasing access for all women worldwide and protecting and building shareholder value."
In October 2020, Adjuvant Capital made a $25 million strategic investment to fund Evofem's registrational Phase 3 clinical trial EVOGUARD evaluating Phexxi® (lactic acid, citric acid and potassium bitartrate) for two potential new indications - the prevention of chlamydia and gonorrhea in women. Top-line study results are expected this fall. The Adjuvant investment also provided funding to expand global market access for Phexxi and thus far, regulatory dossiers have been submitted in Ghana, Ethiopia, Mexico and Nigeria. This marks the largest single investment Adjuvant has made to date and cornerstones their investment in women's health.
"Jenny Yip is a savvy investor and an advocate for women's health across the world's socio-economic spectrum. She understands the extraordinary untapped potential that exists for a hormone free birth control option, especially as many women begin to have their choices stripped from them," said Saundra Pelletier, Chief Executive Officer of Evofem Biosciences. "Women WILL do whatever it takes to protect themselves and, in times of crisis, we gravitate towards safe, effective options, like Phexxi. Even the naysayers cannot deny the safety profile of a product that has no systemic activity in the body and does not alter the natural function of the ovaries."
Ms. Yip has twenty years' experience in venture capital and finance. In her role at Adjuvant Capital, she oversees several of the firm's investments with a significant focus on women's health. Previously, Ms. Yip was a Partner at the Bill and Melinda Gates Foundation Strategic Investment Fund. At the Gates Foundation, Ms. Yip led a number of investments and worked with a wide range of stakeholders across health and education to forward the Gates Foundation's strategic priorities. Ms. Yip graduated magna cum laude from Harvard University with an AB in History of Science and resides in San Francisco, California with her husband and two young children.
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