Evofem Biosciences to Explore Strategic Alternatives to Maximize Shareholder Value
SAN DIEGO, Feb. 23, 2023 /PRNewswire/ -- Evofem Biosciences Inc. (OTCQB: EVFM), announced today that its Board of Directors has unanimously approved a comprehensive strategic process to explore and evaluate strategic alternatives to maximize shareholder value.
Evofem is the provider of Phexxi, the first and only FDA-approved hormone-free, woman-controlled contraceptive gel that women use on demand. Because Phexxi is a non-hormonal birth control method, it is not associated with common side effects like depression, weight gain, headaches, mood swings, irritability, and reduced libido. Taking hormones may not be right for some women, especially those with certain medical conditions including clotting disorders, cancer, a BMI over 30, and diabetes; women who are breast feeding; and women who smoke. More than 23 million women in the U.S. do not want to get pregnant and will not use hormonal contraception, so the unmet need for an innovation like Phexxi is significant.
Potential strategic alternatives to be explored or evaluated as part of this process may include, but are not limited to, a merger, reverse merger, other business combination, sales of assets, licensing or other strategic transactions involving the Company. Evofem does not expect to disclose developments with respect to this process unless until the evaluation of strategic alternatives has been completed or the Board of Directors has concluded disclosure is appropriate or legally required.
Joseph Gunnar & Co., LLC has been retained as the Company's exclusive financial advisor to assist in this review process.
Phexxi® is a registered trademark of Evofem Biosciences, Inc.
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SOURCE Evofem Biosciences, Inc.
Company Codes: NASDAQ-NMS:EVFM, OTC-BB:EVFM, OTC-QB:EVFM