Evofem Biosciences extends sales target of funding pact

Evofem Biosciences

22/11/2021 15:49

** Women's contraceptive maker Evofem Biosciences Inc's
shares  EVFM.O  up 1.2% at ~47 cents
    ** Amends April 2020 securities purchase agreement with
extended timeline to meet sales target  urn:newsml:reuters.com:*:nPn7HJ3Jxa
    ** EVFM secured up to $25 million in convertible note
financing in April last year, subject to meeting certain sales
target (https://bit.ly/3xc030L)
    ** Under amended agreement, EVFM now required to achieve
cumulative net sales of at least $100 mln by June 30, 2023, as
per co's SEC filing (https://bit.ly/3DGP3ex)
    ** In April 2020 agreement, EVFM was required to achieve
$100 mln in cumulative sales of contraceptive vaginal gel Phexxi
by June 30, 2022
    ** EVFM garnered $1.7 mln in Phexxi sales in Q3, but is also
conducting late-stage trial of EVO100, a vaginal gel aimed at
preventing urogenital chlamydia and gonorrhea infections in
women  urn:newsml:reuters.com:*:nPn7HJ3Jxa
    ** Three of four brokerages rate the stock "buy" or higher,
while one has "sell"; their median PT is $2
    ** Including session's gain, EVFM stock down 79% YTD

 (Reporting by Leroy Leo)
 ((Leroy.Dsouza@thomsonreuters.com))