Research & Development
Evofem Biosciences concludes USD80m financing transaction with investors
11 June 2019 -

Biopharmaceutical company Evofem Biosciences Inc (NASDAQ:EVFM) reported on Monday the completion of the second tranche of USD50m under an aggregate USD80m strategic financing with PDL BioPharma Inc (Nasdaq:PDLI) and existing investors Invesco Asset Management LTD and Woodford Investment Management.

The company added that this USD50m 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 USD30m investment.

Under the terms of the transaction, Dominique Monnet, the president and CEO of PDL, has been elected to the Evofem's board of directors.

According to Evofem, the funds will be used for the planned re-submission of the Amphora New Drug Application for pregnancy prevention in the Q4 2019, with potential US FDA approval in the Q2 2020, as well as report top-line data this fall from an ongoing Phase 2b clinical trial of Amphora for treating chlamydia and gonorrhoea in women.