Evofem Biosciences (EVFM) Announces Proposed Stock Offering, Size not Disclosed

May 20, 2022 5:52 AM EDT

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Evofem Biosciences, Inc. (Nasdaq: EVFM) today announced that it intends to offer and sell shares of its common stock (or pre-funded warrants to purchase common stock in lieu of common stock to certain investors) and warrants to purchase shares of its common stock in an underwritten public offering. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the shares of common stock, pre-funded warrants and common warrants to be sold in the offering are to be offered by Evofem.

Evofem intends to use the net proceeds from the offering for the continuation of commercialization activities related to its commercial product, Phexxi® (lactic acid, citric acid, and potassium bitartrate) vaginal gel, the continuation of its registrational Phase 3 clinical trial "EVOGUARD", which is evaluating Phexxi for two potential new indications, the prevention of chlamydia and gonorrhea in women, and related development activities, and other general corporate purposes and other capital expenditures.

Piper Sandler & Co. is acting as sole book-running manager for the proposed offering.

The securities described above are being offered by Evofem pursuant to a shelf registration statement on Form S-3 (File No. 333-258321) that was previously filed with and subsequently declared effective by the Securities and Exchange Commission (SEC) on August 5, 2021. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the proposed offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus relating to the proposed offering, when available, may also be obtained by contacting Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus Department, or by telephone at (800) 747-3924, or by email at [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, 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.

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