Evofem Biosciences, Inc. (NASDAQ: EVFM) (Evofem), a clinical-stage biopharmaceutical company, and PDL BioPharma, Inc. (Nasdaq: PDLI) (PDL) today announced the closing of the second tranche for $50 million of an aggregate $80 million strategic financing from PDL and existing Evofem investors, Invesco Asset Management, LTD. (Invesco) and Woodford Investment Management (WIM).
SAN DIEGO and INCLINE VILLAGE, Nev., June 10, 2019 /PRNewswire/ -- Evofem Biosciences, Inc. (NASDAQ: EVFM) (Evofem), a clinical-stage biopharmaceutical company, and PDL BioPharma, Inc. (Nasdaq: PDLI) (PDL) today announced the closing of the second tranche for $50 million of an aggregate $80 million strategic financing from PDL and existing Evofem investors, Invesco Asset Management, LTD. (Invesco) and Woodford Investment Management (WIM). The initial $30 million investment from PDL closed in April 2019. “This investment from PDL and the support from two long-time investors enables us to execute our commercialization strategy for Amphora® and to prepare for its anticipated launch as the first-in-class Multipurpose Vaginal pH Regulator for hormone-free birth control in the second quarter of 2020, assuming FDA approval,” said Saundra Pelletier, CEO of Evofem Biosciences. “Amphora could positively impact the lives of the 16 million women of reproductive age in the U.S. who do not want to conceive but are doing nothing to prevent pregnancy and also be an enticing alternative for the additional 28 million women who may have concerns about hormone exposure.” Dominique Monnet, President and CEO of PDL, commented, “We at PDL are excited to support the anticipated launch of Amphora and the growth of Evofem into a leading women’s health company. This important transaction exemplifies our mission to create value for both patients and our shareholders by enabling our partner companies to maximize the potential of novel therapeutics that address underserved medical needs.” In conjunction with this transaction, Mr. Monnet has been appointed to the Evofem Board of Directors. The planned re-submission of the Amphora New Drug Application for prevention of pregnancy is expected in the fourth quarter of 2019, with potential FDA approval in the second quarter of 2020. Evofem also remains on track to report top-line data this fall from an ongoing Phase 2b clinical trial of Amphora for the prevention of chlamydia and gonorrhea in women. This $50 million investment is the second and final tranche associated with the securities purchase agreement executed in April 2019 and was made on the same terms as the initial $30 million investment. PDL, Invesco and WIM invested approximately $30 million, $10 million and $10 million, respectively, to acquire 6,666,667, 2,222,222 and 2,222,222 shares, respectively, at a price of $4.50 per share, which represented a 26% premium to the per share market price at the time the securities purchase agreement was signed. Associated with this second tranche, the Company issued warrants to PDL, Invesco and WIM to purchase up to 1,666,667, 555,556 and 555,556 shares of Evofem common stock, respectively, which are exercisable for seven years beginning six months after the issuance date at an exercise price of $6.38. The warrant terms are identical to those issued in connection with the previous April 2019 financing. Wells Fargo Securities acted as exclusive placement agent in this transaction. Piper Jaffray acted as advisor to Evofem’s Board of Directors.
About Evofem Biosciences NOTE: Amphora® is a registered trademark and MVP-R™ is a trademark of Evofem Biosciences, Inc. About PDL BioPharma NOTE: PDL, PDL BioPharma, the PDL logo and associated logos and the PDL BioPharma logo are trademarks or registered trademarks of, and are proprietary to, PDL BioPharma, Inc. which reserves all rights therein. Forward-Looking Statements Contacts
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Company Codes: NASDAQ-NMS:EVFM, NASDAQ-NMS:PDLI |