Evofem Biosciences (EVFM) Announces $10M Registered Direct Preferred Stock Offering

Evofem Biosciences, Inc. (NASDAQ: EVFM) today announced that it has entered into a definitive agreement with Keystone Capital Partners ("Keystone Capital") providing for the issuance and sale of an aggregate of 10,000 shares of Series B Convertible Stock in a registered direct offering for a purchase price of $1,000.00 per share. The aggregate gross proceeds from this offering are expected to be an aggregate of approximately $10.0 million, before deducting estimated offering expenses payable by Evofem, and will close in two equal tranches with the second closing to occur on or about the 10th trading day following the initial closing.

"This financing provides us with a runway into the first quarter of 2022 as we accelerate Phexxi's growth trajectory and work to deliver long-term value for shareholders and women," said Saundra Pelletier, Evofem's Chief Executive Officer.

Evofem intends to use the net proceeds from the offering for the continuation of commercialization activities related to Phexxi® (lactic acid, citric acid and potassium bitartrate), the continuation of its pivotal Phase 3 clinical trial 'EVOGUARD' evaluating EVO100 for the prevention of chlamydia and gonorrhea in women and related development activities, and general corporate purposes and other capital expenditures.

The securities described above are being offered and sold 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. 333-258321) that was previously filed with the Securities and Exchange Commission (SEC) on July 30, 2021, and subsequently declared effective by the SEC on August 5, 2021. The final prospectus supplement and the accompanying prospectus relating to the offering will be filed with the SEC. A more complete description of the rights of the Series B Convertible Preferred Stock will also be contained in a Current Report on Form 8-K to be filed in connection with the offering. The final prospectus supplement, accompanying prospectus and Current Report on Form 8-K and will be available on the SEC's website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of 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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