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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 1, 2024
EVOFEM
BIOSCIENCES, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-36754 |
|
20-8527075 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
7770
Regents Road, Suite 113-618
San
Diego, CA 92122
(Address
of Principal Executive Offices)
(858)
550-1900
(Registrant’s
telephone number, including area code)
Not
applicable.
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.0001 per share |
|
EVFM |
|
OTCQB |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
On
February 1, 2024, Evofem
Biosciences, Inc. issued a press release announcing its preliminary financial results for the year ended December 31, 2023. A copy of
the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The
information set forth under this Item 2.02 and in Exhibit 99.1 is not being filed for purposes of Section 18 of the Securities Exchange
Act of 1934 and is not to be incorporated by reference into any filing of the registrant under the Securities Act of 1933 or the Securities
Exchange Act of 1934, whether made before or after the date hereof, regardless of any general incorporation language in any such filing,
except as shall be expressly set forth by specific reference in such a filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
EVOFEM
BIOSCIENCES, INC. |
|
|
|
Date:
February 1, 2024 |
By: |
/s/
Ivy Zhang |
|
|
Ivy
Zhang |
|
|
Chief
Financial Officer |
Exhibit 99.1
Evofem Biosciences Announces Strong Preliminary
Results, Record Phexxi Net Sales for Fiscal 2023
Evofem Delivers Third Consecutive Year of Phexxi
Net Sales Growth
Total Operating Expense Reduced More Than 60%
from 2022 Levels
SAN DIEGO, CA, February 1, 2024 —Evofem Biosciences,
Inc. (OTCQB: EVFM) today announced strong preliminary, unaudited results for fiscal 2023, including record net sales of Phexxi®
(lactic acid, citric acid, and potassium bitartrate), its hormone-free contraceptive gel, and the Company’s lowest total
operating expenses since becoming a commercial stage company in 2020.
● | Achieved preliminary net product sales in the range of $18.1 to $18.3 million in 2023, an impressive increase
compared to 2022 given the 73% reduction in field force and absence of growth capital in 2023. |
| |
● | Company reached a key milestone with net product sales higher than sales and marketing expense for 2023. |
| |
● | Reduced total operating expense by more than 60% from 2022 levels. |
| |
● | Improved loss from operations by more than 75% versus 2022 levels. |
“Strong consumer demand for Phexxi and the expansion
of coverage and reimbursement enabled us to achieve our third consecutive year of revenue growth,” said Saundra Pelletier, CEO of
Evofem Biosciences. “We delivered more than $18 million in net sales for 2023 despite ongoing austerity measures that whittled our
sales force down to just 16 and permitted no investment in growing the brand. Our growth testifies to the strength and persistence of
Evofem’s current team as well as the loyal users and prescribers of Phexxi nationwide.”
In December 2023, Evofem, a commercial stage women’s
health innovator, entered into a definitive agreement to be acquired by Aditxt, Inc. (Nasdaq: ADTX), which Evofem believes is a compelling
opportunity to accelerate its growth trajectory, as a subsidiary of Aditxt, into a multi-product women’s health franchise. The companies
are working toward a mid-2024 close.
Evofem expects to report full results for the three-
and twelve-month periods ended December 31, 2023, in mid-March 2024.
About Evofem Biosciences
Evofem Biosciences, Inc., (OTCQB: EVFM) is 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, to Evofem’s expected
financial results for 2023 including net sales growth, the result of gross-to-net improvements, and operating expenses; statements, evaluations
and judgments related to, among other things, demand for Phexxi; and closing of the contemplated Aditxt transaction and timing thereof.
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, 2022 filed with the SEC on April 27, 2023, Quarterly Report on
Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 14, 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.
Investor Contact
Amy Raskopf
Evofem Biosciences, Inc.
araskopf@evofem.com
Mobile: (917) 673-5775
###
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Evofem Biosciences (QB) (USOTC:EVFM)
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De Sep 2024 a Oct 2024
Evofem Biosciences (QB) (USOTC:EVFM)
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De Oct 2023 a Oct 2024