Evofem Biosciences, Inc. announced that it has received $3.504807 million in funding
September 26, 2023
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Evofem Biosciences, Inc. announced that it has entered into a securities purchase agreement with certain investors to issue senior subordinate convertible notes due in the aggregate original principal amount of $2,884,615, Series A warrants to purchase an aggregate of 22,189,349 shares of common stock the Company, par value $0.0001 and Series B warrants to purchase an aggregate of 4,807,692 shares of Common Stock for the gross proceeds of $3,548,070 on September 27, 2023. Each Investor is paid approximately $650 for each $1,000 of the principal amount of notes and warrants. The net amount of proceeds after the offering costs to the company from the offering was approximately $1.5 million. The Series A Warrants are exercisable into shares of Common Stock at an exercise price of $0.13 per share and allow for cashless exercise. Investors with Series B Warrants prepaid $0.129 per share, which have a nominal subsequent exercise price of $0.001. The Notes will be the senior subordinate obligations of the company and not the financial obligations of our subsidiaries. The principal amount of the Notes accrue interest at a rate of 8% per annum, which will adjust to 12% upon an Event of Default. The Notes are convertible at a conversion price of $0.13 per share, subject to adjustment as described therein. Unless earlier converted or redeemed, the Notes will mature on September 27, 2026.
The company has received $2,884,615 from 14 investors pursuant to Regulation D.
Evofem Biosciences, Inc. is a commercial-stage biopharmaceutical company. The Company is commercializing advanced products to address unmet needs in womenâs sexual and reproductive health. The Companyâs first FDA-approved product, Phexxi (lactic acid, citric acid, and potassium bitartrate), is a hormone-free, on-demand prescription contraceptive vaginal gel. It comes in a box of 12 pre-filled applicators and is applied 0-60 minutes before each act of sex. Phexxi is an advanced gel that works to prevent pregnancy without the use of hormones. Phexxi prevents pregnancy by reducing sperm motility, inhibiting sperm from reaching the ovum to form a zygote. Phexxi is designed to address underserved and unmet needs in the birth control market. Additionally, the Company offers women direct access to Phexxi through its telehealth partner. Using this platform, women can have a telehealth visit with a health care provider (HCP) to determine their eligibility for a Phexxi prescription.