SAN
DIEGO, Feb. 23, 2023 /PRNewswire/ -- Evofem
Biosciences, Inc. (OTCQB: EVFM), announced today that its Board of
Directors has unanimously approved a comprehensive strategic
process to explore and evaluate strategic alternatives to maximize
shareholder value.
Evofem is the provider of Phexxi, the first and only
FDA-approved hormone-free, woman-controlled contraceptive gel that
women use on demand. Because Phexxi is a non-hormonal birth
control method, it is not associated with common side effects like
depression, weight gain, headaches, mood swings, irritability, and
reduced libido. Taking hormones may not be right for some women,
especially those with certain medical conditions including clotting
disorders, cancer, a BMI over 30, and diabetes; women who are
breast feeding; and women who smoke. More than 23 million women in
the U.S. do not want to get pregnant and will not use hormonal
contraception, so the unmet need for an innovation like Phexxi is
significant.
Potential strategic alternatives to be explored or evaluated as
part of this process may include, but are not limited to, a merger,
reverse merger, other business combination, sales of assets,
licensing or other strategic transactions involving the Company.
Evofem does not expect to disclose developments with respect to
this process unless until the evaluation of strategic alternatives
has been completed or the Board of Directors has concluded
disclosure is appropriate or legally required.
Joseph Gunnar & Co., LLC has
been retained as the Company's exclusive financial advisor to
assist in this review process.
About Evofem
Evofem Biosciences, Inc., is developing
and commercializing innovative products to address unmet needs in
women's sexual and reproductive health. The Company's 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. Learn more
at phexxi.com and evofem.com.
Phexxi® is a registered trademark of Evofem
Biosciences, Inc.
Forward-Looking Statements
This press release
includes "forward-looking statements," within the meaning of the
safe harbor for forward-looking statements provided by Section 21E
of the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995 including, without
limitation, statements related to the process to explore and
evaluate strategic alternatives and potential outcomes thereof.
There can be no assurance of a successful outcome from these
efforts, or of the form or timing of any such outcome. You are
cautioned not to place undue reliance on these forward-looking
statements, which are current only as of the date of this press
release. Each of these forward-looking statements involves risks
and uncertainties. Important factors that could cause actual
results to differ materially from those discussed or implied in the
forward-looking statements are disclosed in the Company's SEC
filings, including its Annual Report on Form 10-K for the year
ended December 31, 2021, filed with the SEC on March 10,
2022, its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2022 filed with the SEC
on January 6, 2023 and any subsequent filings. All
forward-looking statements are expressly qualified in their
entirety by such factors. The Company does not undertake any duty
to update any forward-looking statement except as required by
law.
Contact
Amy Raskopf
SVP, Investor Relations, Evofem Biosciences, Inc.
araskopf@evofem.com
(917) 673-5775
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SOURCE Evofem Biosciences, Inc.
