Evofem Biosciences Secures Up to $80 Million Financing to Advance Commercialization of Amphora

VCBeat (WeChat Official Account: vcbeat) has learned that on April 11, local time, Evofem Biosciences (“Evofem”), headquartered in California, USA, announced a new investment agreement with PDL BioPharma (“PDL”), Woodford Investment Management, and Invesco Asset Management. Through this agreement, Evofem can raise up to $80 million to advance the commercialization of its products.

Since its establishment in 2009, Evofem has raised a cumulative total of over $112.8 million, with investors including private equity firms such as Rusnano and Woodford Investment Management. This round of financing was structured in two tranches. The first tranche closed on April 10, raising $30 million. In exchange, Evofem issued approximately 6.66 million shares of common stock to PDL at a price of $4.50 per share, representing a 26.4% premium over the closing price on that day. Evofem also issued warrants to PDL, exercisable for up to approximately 1.66 million shares of common stock at $6.38 per share. These warrants have a seven-year term and become exercisable six months from the date of issuance. The second tranche runs from the present until June 10, 2019. During this period, PDL, Woodford Investment Management, and Invesco Asset Management have the right to purchase Evofem’s common stock at $4.50 per share. PDL’s investment cap is $30 million, while the investment caps for Woodford Investment Management and Invesco Asset Management are each $10 million.

Evofem is a clinical-stage biopharmaceutical company dedicated to developing novel therapeutics that address women’s health issues. Evofem aims to improve women’s lives by creating innovative solutions, such as providing contraception and potential protection against certain sexually transmitted infections (STIs). Leveraging its proprietary Multi-purpose Vaginal pH Regulator (MVP-R) platform, the company has developed Amphora, a new drug designed for pregnancy prevention and the prophylaxis of urogenital infections in women.

Amphora is designed to regulate vaginal pH within the normal range of 3.5 to 4.5, thereby maintaining an acidic vaginal environment. This environment is inhospitable to sperm and certain sexually transmitted viruses and bacteria, while promoting the survival of beneficial vaginal flora.

Amphora is hormone-free, making it suitable for individuals with contraindications to or sensitivity toward hormones. Amphora empowers women to take control of their contraception, eliminating the need for daily oral contraceptive pills or implanted devices; it is used just one hour before sexual intercourse. Amphora is easy to use: users simply load the medication into a dedicated applicator for administration.

“The investment in Evofem aligns with our company’s investment strategy,” said Dominique Monnet, CEO of PDL. “We are pleased to work with the experienced Evofem team, leveraging our capital and expertise to help them successfully launch Amphora, their new drug.”

“PDL brings significant expertise in the development and commercialization of biopharmaceutical products, which will help us bring Amphora to market,” said Saundra Pelletier, CEO of Evofem. “This financing not only provides capital but also strengthens our confidence in successfully launching Amphora.”

PDL BioPharma was founded in 1986 and is headquartered in Nevada, USA. PDL pioneered the development of humanized monoclonal antibodies, thereby discovering a new generation of targeted therapies for cancer and immune diseases. Currently, PDL focuses on investing in pharmaceutical companies that have entered clinical trial stages.

Reference Link:

https://www.evofem.com/products/

http://investor.pdl.com/

https://www.prnewswire.com/news-releases/evofem-biosciences-enters-into-financing-agreement-for-up-to-80-million-closes-first-tranche-of-strategic-investment-from-pdl-biopharma-300830767.html

(Compiled by Liu Na)