Evofem Biosciences, Inc. (EVFM) is an innovative leading biopharmaceutical company developing novel product candidates for women’s sexual and reproductive disorders. The main product candidate of the company which is FDA approved is lactic acid, citric acid, and potassium bitartrate contraceptive vaginal gel known as Phexxi. The company is also in the process of formulation of EV100 for the prevention of infectious Chlamydia and gonorrhoeae.
The price of EVFM stock during the regular trading of December 20, 2021, was $0.37 with a slight decline of 2.37%. At last check in the aftermarket, the stock was significantly up by 10.6%.
Events and Happenings
On December 16, 2021, EVFM and Orion Biotechnology reported about their entry into a partnership. The purpose of the partnership was to assess the stability and compatibility of Orion’s innovative CCR5 rival, OB-002, in EVFM’s Phexxi with the aim to develop a formulation to prevent HIV in women.
On December 9, 2021, EVFM reported that it expected a positive behavior for prescription and net revenue generation in Q4 2021. The company management expected that the gross revenue was likely to incline more than 50% as compared to Q3. On December 8, EVFM informed about its plan to postpone the meeting of stockholders 2021 going to be held on the same day, and resumed on December 15, to vote on the proposal defined in the proxy statement filed with the SEC on November 9.
On November 30, 2021, EVFM announced an effective Type C meeting with FDA. The process was finalized for the initial submission approach for EVO100 for indication of the prevention of chlamydia and gonorrhea. On November 22, 2021, EVFM informed that it effectively prolonged the collective net sales of the company’s April 2020 Securities Purchase and Security Contract to June 30, 2023. On November 19, 2021, EVFM reported that the company management participated in the Piper Sandler 33rd Annual Healthcare Conference being held virtually from November 29–December 2, 2021.
On November 15, 2021, EVFM announced financial results for the third quarter ended September 30, 2021. Some highlights are as follows
Net Loss per Share
Basic and diluted net loss per share was $74.1 million, or $(0.48) per share, for the Q3 2021 as compared to the same period prior year when it was $29.8 million or $0.37.
Net Product Sales
Net product sales for Q3 2020 were $0.27 million as compared to net product sales for Q3 2021 when it was $1.7 million.
EVFM stock is 22% down from the last month. But the after-market showed a significant improvement in the company’s stock mainly due to ambiguous market environment. The investors are positive about the company’s stock in terms of the gain in momentum in the future.