Evofem Biosciences Inc - EVFM stock
About[edit]
Evofem Biosciences, Inc. is a biopharmaceutical company based in San Diego, California, focused on developing and commercializing products to meet unmet needs in women's sexual and reproductive health, including Phexxi, a vaginal gel for pregnancy prevention, EVO100 for preventing chlamydia and gonorrhea, and EVO200 for recurrent bacterial vaginosis prevention.[1]
Acquisition by Aditxt[edit]
Aditxt is set to purchase Evofem in a deal valued at around $100 million, and both companies' boards have given their unanimous approval for this agreement. The transaction is anticipated to be finalized in the first half of 2024. Under the terms of the acquisition, Aditxt will take on Evofem's senior secured debt and provide $18 million to Evofem's senior debtholder. Common stockholders of Evofem will exchange their shares for a total of 610,000 shares of Aditxt's common stock. Additionally, 89,126 shares of Aditxt preferred stock will be issued to Evofem investors who have outstanding loans and debts. Following the acquisition, Evofem will become a fully-owned subsidiary of Aditxt, and Saundra Pelletier will continue to serve as its CEO.[2]
History[edit]
Evofem Biosciences, Inc. has its origins in a merger between two biopharmaceutical companies: Neothetics, Inc. and Evofem, Inc. The merger took place in June 2018, resulting in the formation of the new entity, Evofem Biosciences, Inc.[3]
Neothetics, Inc. was originally founded in 2007 in San Diego, California, with a focus on developing non-surgical aesthetic products for the treatment of localized fat deposits. The company's research efforts centered on developing injectable drugs to reduce subcutaneous fat, but their lead product candidate, LIPO-202, did not meet its primary endpoints in clinical trials, leading to a shift in the company's focus.
Evofem, Inc., on the other hand, was founded in 2007 under the name Instead Technologies, LLC, with the goal of developing and commercializing products in women's health.[4] The company changed its name to Evofem Biosciences, Inc. in 2015. Evofem Biosciences focused on developing products to address unmet needs in women's sexual and reproductive health, including innovative contraceptive and prevention options.[5]
The decision to merge Neothetics and Evofem, Inc. was aimed at leveraging their respective expertise and resources to create a stronger and more diversified biopharmaceutical company. The newly formed Evofem Biosciences, Inc. combined Neothetics' corporate structure and listing on the Nasdaq stock exchange with Evofem, Inc.'s portfolio of women's health products and research.[3]
Following the merger, Evofem Biosciences continued to advance its product candidates, with a particular focus on Phexxi, a non-hormonal vaginal gel for pregnancy prevention, which received approval from the U.S. Food and Drug Administration (FDA) in May 2020.
- ↑ Yahoo Finance. EVFM Stock Profile. Retrieved on 10/11/2023.
- ↑ Pharmaceutical Technology. Aditxt acquires Phexxi contraceptive gel-maker Evofem for $100m. December 13, 2023.
- ↑ 3.0 3.1 GlobeNewswire. Neothetics, Inc. and Evofem Biosciences, Inc. Announce Merger Agreement to Create Women’s Health Company. October 17, 2017.
- ↑ Golden.com. Evofem Biosciences. Retrieved on 10/11/2023.
- ↑ SEC.gov. EVOFEM BIOSCIENCES, INC. Form S-1 REGISTRATION STATEMENT. April 6, 2018.
