Evofem Bioscienc Stock Price, News & Analysis

Evofem Biosciences, Inc. (OTCQB: EVFM) announced the appointment of Ivy Zhang as Chief Financial Officer (CFO) and Secretary, effective April 13, 2023. Ms. Zhang will oversee financial planning, accounting, and treasury functions while reporting to CEO Saundra Pelletier. With over 14 years of financial experience, including previous roles at Ernst & Young and SeaSpine Holdings, Ms. Zhang aims to drive financial operations as the company seeks to achieve EBITDA breakeven on a quarterly basis by year-end 2023. This transition follows the interim tenure of Albert Altro. Ms. Zhang expressed enthusiasm about joining a dedicated leadership team amid restructuring efforts to bolster Phexxi®, the company's contraceptive product.

Evofem Biosciences has secured improved coverage for its hormone-free contraceptive Phexxi in New York, benefiting over 5.8 million lives. This update follows the state's transition to a single Preferred Drug List as of April 1, 2023, which eliminates the need for Prior Authorization. Year-to-date, Evofem has successfully gained coverage for a total of 22.1 million lives nationally. In Q1 2023, enhancements included coverage from Mississippi Medicaid, Indiana State Medicaid, and notable Blue Cross Blue Shield plans, among others. Phexxi serves as an innovative solution in women's reproductive health, applied just before sexual activity.

Evofem Biosciences (OTC-PINK:EVFM) announced significant cost reduction measures to achieve cash flow break-even by year-end 2023. These measures include a 39% reduction in payroll expenses, with a 40% cut in CEO salary and 20% for other executives. The company will consolidate three sales territories and eliminate eight positions, including the Chief Commercial Officer, effective March 17, 2023. Despite the difficult nature of these cuts, CEO Saundra Pelletier emphasized their necessity for long-term success and continued support for their hormone-free contraceptive product, Phexxi.

Evofem Biosciences (OTC-PINK: EVFM) announced the appointment of Albert Altro as Interim Chief Financial Officer, succeeding Jay File, who is leaving for other opportunities. Mr. Altro brings over 25 years of experience in financial management and corporate restructuring. His expertise is expected to guide the company’s fiscal strategy, aiming to enhance shareholder value.

CEO Saundra Pelletier expressed confidence in Mr. Altro's ability to lead the company’s financial direction. Evofem focuses on women's sexual and reproductive health, with its flagship product being Phexxi, a hormone-free contraceptive.

Evofem Biosciences (OTCQB: EVFM) announced a partnership with SimpleHealth, which will now offer Phexxi®, the first hormone-free vaginal gel approved by the FDA for contraception. This collaboration aims to enhance awareness and accessibility of Phexxi, catering to women seeking non-hormonal birth control options. SimpleHealth delivers a comprehensive service, including contraceptive counseling and online prescriptions, now expanded to include Phexxi. Saundra Pelletier, CEO of Evofem, emphasized the partnership as a strategy to meet women's needs effectively. Phexxi provides a safe, on-demand contraceptive method that can empower women in their reproductive health decisions.

Evofem Biosciences (OTCQB: EVFM) announced the addition of two new patents for Phexxi®, its contraceptive product, to the FDA Orange Book. The newly awarded patents, covering the formulation and its method of use, extend the company's patent portfolio until March 2033. The '989 patent', issued on May 24, 2022, and the '610 patent', issued on September 13, 2022, further strengthen the intellectual property protection for Phexxi. CEO Saundra Pelletier emphasized the importance of expanding their patent estate for future growth opportunities in both U.S. and global markets.

Evofem Biosciences (OTCQB: EVFM) announced a strategic process on Feb. 23, 2023, to evaluate alternatives aimed at maximizing shareholder value. Potential options include mergers, sales of assets, or licensing agreements. The Board of Directors is collaborating with Joseph Gunnar & Co., LLC as their exclusive financial advisor. The company is known for Phexxi, the first FDA-approved hormone-free contraceptive gel targeted at women who prefer non-hormonal birth control due to associated health risks. Evofem highlights a significant market need, noting over 23 million U.S. women do not wish to use hormonal contraception.

Evofem Biosciences announced that Favor, a female telehealth provider, has added its hormone-free contraceptive gel, Phexxi, to its product offerings. Favor aims to provide patients with a non-hormonal option alongside over 120 hormonal contraceptives. The collaboration is expected to enhance retail channel growth in 2023. Favor has prescribed contraception to over three million patients since 2016, addressing the increasing demand for non-hormonal birth control methods. This partnership reflects Evofem's commitment to innovative solutions in women's reproductive health.

Evofem Biosciences, Inc. (EVFM) announced key insurance victories expanding access to its hormone-free contraceptive, Phexxi, for millions. Medicaid coverage improved for over 3.7 million lives across 11 states, with significant changes including:

• Phexxi moved to Preferred status with no restrictions in nine states, benefiting 3 million lives.
• In Mississippi and Indiana, coverage expanded with no prior authorization for over 600,000 and 1.4 million lives, respectively.

Additionally, commercial coverage was enhanced under major payers in Michigan and Pennsylvania, affecting 2.25 million lives.