An Executive Informational Overview (EIO) is now available on Evofem Biosciences, Inc., a commercial-stage biopharmaceutical company focused on addressing unmet needs within the women’s sexual and reproductive healthcare markets. The 48-page report details the Company's business, its strategy, market opportunities, competition, risks, and more. It is available for download below.
Snapshot
Evofem Biosciences, Inc. (“Evofem” or “the Company”) is a commercial-stage biopharmaceutical company focused on addressing unmet needs within the women’s sexual and reproductive healthcare markets. The Company’s initial Food and Drug Administration (FDA)-approved product, Phexxi®, is a hormone-free, on-demand prescription contraceptive vaginal gel. Packaged in boxes containing twelve pre-filled applicators (like a tampon), Phexxi is inserted within one hour before intercourse and works to prevent pregnancy by maintaining the vaginal pH, which reduces sperm motility and lowers the chance of sperm reaching the egg. Evofem’s Phexxi has no systemic activity in the body, which is important to the 23 million women who are beyond using contraceptives containing hormones due to the pervasive side effects or risk of drug-drug interactions. These include women who may be breastfeeding or breast cancer patients/survivors, as well as those using GLP-1s for weight loss who need supplemental birth control because oral contraceptive pills are less effective at certain times of the GLP-1 dosing regimen. Evofem’s common stock trades on the OTCQB Venture Market under the ticker symbol “EVFM.”
Key Points of Evofem Biosciences, Inc.
- On December 11, 2023, Evofem and Aditxt, Inc. (ADTX-NASDAQ) entered into a Merger Agreement under which Aditxt intends to acquire Evofem. On May 2, 2024, the companies reinstated the Merger Agreement, as amended, and entered into the Fourth Amendment to the Agreement and Plan of Merger. The companies are working toward close in the second half of 2024.
- The women’s healthcare market is highly profitable, where small percentages of market share can deliver big results. Evofem’s wholesale acquisition cost (WAC) for a box of twelve prefilled Phexxi applicators is $348. Evofem is averaging $209/box, net. On average, a woman fills her prescription six times a year (with Evofem’s cost of goods per box of 12 at ~$35).
- As of January 1, 2023, most insurers and pharmacy benefit managers (PBMs) must cover FDA-approved contraceptives, such as Phexxi, with no out-of-pocket costs ($0 copay) when prescribed by a healthcare provider. In January 2024, the Biden administration announced new guidance to enable expanded access to all FDA-approved contraceptives without cost. Implementation could eliminate financial barriers for contraceptives like Phexxi for ~49 million women.
- Evofem has intellectual property protection into at least 2033, including four Orange Book listed U.S. patents and one newly allowed patent covering Phexxi and its labeled indication.
- The Company’s management team holds over 85 years of combined experience in the healthcare and pharma industry.
Evofem is working to expand Phexxi’s global presence through licenses outside the U.S. - The product is approved in Nigeria, with regulatory submissions in Ghana, Ethiopia, and Mexico.
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