SAN DIEGO, Jan. 17, 2018 /PRNewswire/ -- Evofem Biosciences,
Inc. (NASDAQ: EVFM), today announced the closing of the previously
announced merger with Neothetics, Inc. (NASDAQ: NEOT). The
merged company will operate as Evofem Biosciences, Inc. and will
focus on the continued development and commercialization of women's
healthcare products. The company will be led by the current
Evofem management team under the leadership of Saundra Pelletier, Chief Executive
Officer. The stock will trade on the Nasdaq Capital Market
beginning on Thursday, January 18,
2018 under the ticker symbol "EVFM" and was assigned a new
CUSIP number 30048L 104.
"The closing of this merger marks a significant milestone for
Evofem, an achievement made possible only through the dedication
and commitment of our management team and unwavering support of our
investors," said Saundra Pelletier,
CEO of Evofem Biosciences. "We are at a critical stage in our
growth, making this a perfect time in our development as an
organization to transition to the public markets, providing access
to the resources necessary to move forward toward completion of our
Phase 3 AMPOWER trial and prepare for the eventual
commercialization of Amphora."
Immediately following the completion of the merger, an existing
investor of Evofem, Invesco Asset Management Limited, as agent for
and on behalf of its discretionary managed clients, purchased
shares of common stock in the merged company for an aggregate
purchase price of $20 million.
The total cash balance available to the merged company upon closing
of these transactions is approximately $18
million, net of transaction related fees and expenses.
As a result of the closing of the merger and the financing, the
former Evofem stockholders own approximately 87 percent of the
outstanding common stock of the merged company and the former
Neothetics stockholders own approximately 13 percent of the
outstanding common stock of the merged company. In addition,
immediately prior to the merger on January
17, 2018, the company effected a 6:1 reverse stock split of
shares of its common stock. Shares of the company's common stock
will also begin trading on a post-split basis on the Nasdaq Capital
Market beginning on Thursday, January 18,
2018. Following the completion of the merger, the
$20 million financing and the reverse
stock split, there were 17,757,165 issued and outstanding shares of
the company's common stock.
"The completion of the merger and financing provide a strong
foundation for Evofem's growth initiatives and the advancement of
Amphora, a much-needed new offering in women's healthcare," said
Thomas Lynch, Evofem Bioscience's
Chairman. "We are now better positioned to capture this growing
market opportunity and create value for patients and shareholders
with a truly differentiated product."
The AMPOWER trial is a single-arm, Phase 3, open-label,
multicenter, study in women aged 18-35 years of the contraceptive
efficacy and safety of Amphora® contraceptive vaginal
gel. The trial is expected to enroll approximately 1,350
women at risk of pregnancy at over 100 centers in the United States. The primary endpoint is the
contraceptive efficacy of Amphora over seven cycles of
use.
Amphora is an on-demand non-hormonal, woman controlled,
surfactant-free investigational new drug being studied as a vaginal
contraceptive and for the prevention of certain sexually
transmitted infections. Amphora is also designated as a Qualified
Infectious Disease Product (QIDP) by the U.S. Food & Drug
Administration for two separate indications: the prevention of
urogenital gonorrhea infection in women, and for the reduction of
reoccurrence of bacterial vaginosis. These two QIDP designations
are a significant advancement in Evofem Bioscience's efforts to
make this drug available to women at risk of infection.
About Evofem Biosciences, Inc.
Evofem Biosciences develops and anticipates commercializing
innovative products that support and promote women as the primary
healthcare consumer. Evofem is currently identifying and developing
new and novel products to specifically address unmet needs in the
areas of women's sexual and reproductive health, the prevention of
acquisition of sexually transmitted infections and products that
address or promote general health and wellbeing. For more
information regarding Evofem, visit www.evofem.com.
Forward-Looking Statements
Statements in this press release about Evofem's future
expectations, plans and prospects, as well as any other statements
regarding matters that are not historical facts, may constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements about the results of the AMPOWER
study and any expected completion date for the AMPOWER study.
Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors, including whether Evofem will be able to raise the
additional funds necessary to complete its clinical trials,
including the AMPOWER study; whether Evofem's product candidates
will advance through the clinical trial process on a timely basis,
or at all; whether Evofem's product candidates will receive
approval from regulatory agencies on a timely basis or at all;
whether, if product candidates obtain approval, they will be
successfully distributed and marketed and other factors discussed
in the "Risk Factors-Risks Related to Evofem" section of a
registration statement on Form S-4 initially filed with the
Securities and Exchange Commission (the SEC) by Neothetics, Inc. on
November 15, 2017. In addition, the
forward-looking statements included in this press release represent
Evofem's views as of the date hereof. Evofem anticipates that
subsequent events and developments will cause its views to change.
However, while Evofem may elect to update these forward-looking
statements at some point in the future, it specifically disclaims
any obligation to do so. These forward-looking statements should
not be relied upon as representing Evofem's views as of any date
subsequent to the date hereof.
Evofem Biosciences Contact:
Marcy Graham
Investor Relations
858-550-1900 ext. 167
mgraham@evofem.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/evofem-announces-closing-of-merger-with-neothetics-300584196.html
SOURCE Evofem Biosciences, Inc.
