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Evofem Biosciences, Inc. strengthens Phexxi's intellectual property with a new composition of matter patent from the USPTO. The patent covers methods of contraception with Phexxi vaginal gel, making it the company's fifth patent in the United States. Phexxi is the first FDA-approved locally-acting contraceptive gel that works without hormones. The product has shown increased net sales since its launch in 2020, with key growth drivers for 2024 including expanded use in women taking oral contraceptives in conjunction with certain drugs.
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Evofem Biosciences, Inc. (EVFM) reports third consecutive year of Phexxi net sales growth, with $18.2 million in 2023. Total operating expenses reduced by 64% from 2022 levels. Sales and marketing expense as a percentage of net sales was 54% in Q4 2023, marking significant improvement. The company entered into an agreement to be acquired by Aditxt, Inc. for accelerated growth.
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Evofem Biosciences successfully renegotiates Phexxi rebate with Medi-Cal, improving by 7.4% and providing price protection against future increases. The renegotiated rebate will take effect on July 1, 2024, benefiting over 15.4 million beneficiaries in California.
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The use of GLP-1 receptor agonists like Ozempic, Wegovy, and Zepbound is increasing rapidly in the US, with over nine million prescriptions written in the last quarter of 2022. These drugs may reduce the effectiveness of oral birth control pills, increasing the risk of unintended pregnancies. Evofem Biosciences, Inc. (EVFM) has recently agreed to be acquired by Aditxt, Inc. (ADTX), aiming to expand its women's health product portfolio.
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News
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Evofem Biosciences, Inc. (EVFM) reported strong preliminary unaudited results for fiscal 2023, with record net sales of Phexxi, its hormone-free contraceptive gel, and the lowest total operating expenses since becoming a commercial stage company in 2020. The company achieved net product sales in the range of $18.1 to $18.3 million, an impressive increase compared to 2022, despite a 73% reduction in field force and absence of growth capital. Total operating expenses were reduced by more than 60% from 2022 levels, and the loss from operations improved by more than 75% versus 2022 levels. The CEO attributed the revenue growth to strong consumer demand for Phexxi and the expansion of coverage and reimbursement. Additionally, Evofem entered into a definitive agreement to be acquired by Aditxt, Inc., which is expected to accelerate its growth trajectory into a multi-product women's health franchise.
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Evofem Biosciences, Inc. (EVFMD) celebrates the removal of Prior Authorization for Phexxi contraceptive, expanding coverage for 1.8 million Washingtonians across all Medicaid plans. The move coincides with the surge in testosterone levels for fans of the victorious Washington Huskies, following their Sugar Bowl win, and the upcoming 2024 College Football National Championship. Phexxi, the FDA-approved hormone-free contraceptive gel, is now more accessible to women under the Washington State HCA's Managed Medicaid and Fee for Service Medicaid plans, marking a significant milestone for Evofem Biosciences.
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Evofem Biosciences, Inc. (EVFM) and Aditxt, Inc. (ADTX) have announced a definitive agreement for Aditxt to acquire Evofem in a transaction valued at approximately $100 million. Evofem, the creator of the FDA-approved hormone-free contraceptive gel, Phexxi®, has posted $13.4 million in net sales for the first nine months of 2023. Aditxt aims to accelerate Evofem into the global non-hormonal birth control market, projected to grow from $27.7 billion in 2022 to $52.2 billion by 2031.
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Evofem Biosciences, Inc. (OTCQB: EVFM) announced a 20% decrease in net product sales for the third quarter of 2023, reporting $5.1 million. The company highlighted a 75% reduction in selling and marketing expenses, leading to an 81% decrease in loss from operations compared to Q3 2022. Notably, Evofem's Phexxi patents extend until 2033, and a generic drug maker will no longer seek FDA approval to market a generic version of Phexxi.
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Evofem Biosciences announces preliminary results for Q3 2023, with sequential growth in net product sales of Phexxi contraceptive gel. Selling and marketing expenses significantly reduced, leading to a decrease in operating loss. Notable developments include successful negotiation of a fourth amendment to Securities Purchase and Security Agreement and withdrawal of generic drug maker's application for FDA approval. Evofem on track for third consecutive year of net product sales growth.
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Evofem Biosciences to participate in Virtual Investor Ask the CEO Conference
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EVOFEM BIOSCIENCE INC
OTC:EVFM
EVFM Rankings
EVFM Stock Data
689.09k
45.94M
0%
0.22%
10.98%
Pharmaceutical Preparation Manufacturing
Manufacturing
United States of America
San Diego
About EVFM
evofem is a biotechnology company focusing on developing innovative reproductive health products for women in every global market. evofem develops and markets products that are woman-controlled, non-invasive and rapidly reversible. women need access to effective products that are well suited to their lifestyle and consistent with their core values. products include: amphora™ - a non-hormonal vaginal gel being investigated for contraceptive and microbicidal properties.