Evofem down on preferred shares offering

Evofem Biosciences

12/10/2021 12:44

** Shares of women's reproductive health co Evofem
Biosciences  EVFM.O  down 4.39% at $0.73 premarket 
    ** Co announced agreement with Keystone Capital for issuance
and sale of 10,000 Series B preferred shares for a purchase
price of $1000 per share
    ** Aggregate gross proceeds expected to be ~$10 mln before
expenses  urn:newsml:reuters.com:*:nFWN2R80GQ
    ** Intend to use net proceeds to commercialize contraceptive
gel Phexxi and continue late-stage clinical trial for drug
EVO100 for the prevention of STDs such as chlamydia and
gonorrhea in women - co
    ** Co has 155.21 mln shares outstanding for a market cap of
$118.50 mln based on the last closing price, per Refinitiv data
    ** 3 of 4 brokerages rate the stock "buy" or higher and 1
"hold"; their median PT is $4 
    ** Up to Monday's close, stock had fallen 68.3% this year

 (Reporting by Bansari Mayur Kamdar)
 ((BansariMayur.Kamdar@thomsonreuters.com;))