Welcome to our dedicated page for Evofem Bioscienc news (Ticker: EVFM), a resource for investors and traders seeking the latest updates and insights on Evofem Bioscienc stock.
Evofem Biosciences commercializes FDA-approved sexual and reproductive health products for women’s health. Its product portfolio includes PHEXX® (lactic acid, citric acid and potassium bitartrate), a hormone-free contraceptive vaginal gel, and SOLOSEC® (secnidazole) 2g oral granules, an oral antibiotic for bacterial vaginosis and trichomoniasis.
Company news commonly covers product sales, operating results, commercialization partnerships, distribution agreements and international regulatory activity for PHEXX and SOLOSEC. Updates also include manufacturing and supply arrangements, stockholder votes, capital-market actions and education or advocacy initiatives tied to women’s health communication.
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Evofem Biosciences (OTCQB: EVFM) reported its financial results for the year ended December 31, 2022, highlighting significant growth and cost reduction efforts. Key points include:
1. Net product sales of Phexxi doubled to $16.8 million in 2022, a 104% increase from the previous year.
2. Total operating expenses were reduced by $74.1 million (42%) compared to 2021, exceeding the company's $50 million cost reduction goal.
3. Phexxi coverage expanded to over 22.1 million new lives since January 1, 2023, with more than 80% of claims now being approved.
4. The company is targeting EBITDA break-even by year-end 2023 through further cost-cutting measures implemented in March 2023.
5. Net loss improved to $(78.0) million, or $(1.34) per share, compared to $(206.2) million, or $(23.63) per share, in 2021.
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.