Evofem Biosciences Inc (OTCMKTS: EVFM) is making a powerful run northbound on heavy volume after the Company reported it has implemented measures to lower its operating expenses, with the goal of reaching cash flow break even by year-end 2023. The Company expects this reduction in force to be substantially completed in the first quarter of 2023. These measures also include a 39% reduction of payroll expenses. According to the Company’s CEO S Pelletier: This decision is critical to our long-term success and our ability to align resources to enable us to continue providing Phexxi to women seeking hormone-free prescription contraception.”
There are a lot of reasons investors are so excited about EVFM; first it’s an ex big board and we know how these love to run once trading on the bulletin board. EVFM is also an SEC filer and fully reporting QB and used to be a Nasdaq highflyer. The Company’s first commercial product, Phexxi, was approved by the FDA on May 22, 2020, and is the first and only FDA-approved, hormone-free, woman-controlled, on-demand prescription contraceptive gel for women. Sales have been significant; for the 9 months ended September 30, 2022, EVFM reported $16.6 million in revenues up from $4 million in revenues for the same period last year. We will be updating on EVFM when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Evofem Biosciences Inc (OTCMKTS: EVFM) is a San Diego-based commercial-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women’s sexual and reproductive health, including hormone-free, woman-controlled contraception and protection from certain sexually transmitted infections (STIs). The Company’s first commercial product, Phexxi, was approved by the FDA on May 22, 2020, and is the first and only FDA-approved, hormone-free, woman-controlled, on-demand prescription contraceptive gel for women. Evofem commercially launched Phexxi in September 2020 in the United States and intends to commercialize Phexxi in all other global markets through partnerships or licensing agreements. Evofem Biosciences is revolutionizing women’s sexual and reproductive healthcare with a first-in-class innovative hormone-free contraceptive. Evofem’s mission is to empower women by providing products that give women the control and flexibility they desire.
Phexxi is the first and only FDA-approved hormone-free, woman-controlled contraceptive gel that women use on demand. Because Phexxi is a non-hormonal birth control method, it is not associated with common side effects like depression, weight gain, headaches, mood swings, irritability, and reduced libido. Taking hormones may not be right for some women, especially those with certain medical conditions including clotting disorders, cancer, a BMI over 30, and diabetes; women who are breast feeding; and women who smoke. More than 23 million women in the U.S. do not want to get pregnant and will not use hormonal contraception, so the unmet need for an innovation like Phexxi is significant.
Evofem recently expanded its commercial coverage for Phexxi with wins including a marquis university health plan in Pennsylvania and the largest commercial payer in Michigan (effective January 1, 2023). These payers serve over 2.25 million lives in aggregate. Both payers have removed the PA and moved Phexxi to Preferred formulary status; Phexxi’s new position is $0 Preferred with no restrictions.
EVFM also recently expanded access to Phexxi for millions of women across the country with 3 recent Medicaid wins that move Phexxi to a Preferred formulary position with no restrictions, improving Phexxi coverage for more than 3.7 million lives in 11 states. A leading Managed Medicaid provider removed the Prior Authorization (PA) and moved Phexxi from Non-Preferred to Preferred for 14 of its Managed Medicaid plans effective November 2, 2022. This change improved Phexxi coverage for approximately 3 million lives in nine states: Georgia, New York, New Jersey, Virginia, Maryland, Indiana, Nevada, Nebraska and Florida. in Mississippi, Medicaid removed the PA and moved Phexxi from Non-preferred to Preferred Agent effective January 1, 2023 and in Indiana Phexxi was added to the State Medicaid Preferred Drug List with no PA effective January 1, 2023.
Evofem Announces Cost Reduction Measures – Company cuts management pay and lowers headcount to decrease operating costs – Reductions align with corporate goal to reach cash flow break even by year-end 2023 $EVFM pic.twitter.com/seSFyLPzQj
— Evofem Biosciences (@Evofem) March 21, 2023
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The Company has been busy; in February EVFM reported that reproductive telehealth leader SimpleHealth now offers Phexxi® the first and only hormone-free vaginal gel approved by the FDA for contraception. The SimpleHealth offering includes contraceptive counseling, resources, and education about women’s health as well as online prescriptions, automatic refills and free home delivery of more than 120 brand name and generic products including hormonal birth control – pill, patch or ring – and now hormone-free Phexxi contraceptive vaginal gel.
Also, in February EVFM appointed Albert Altro as Interim Chief Financial Officer of the Company. He replaces Jay File, who is leaving the Company to explore other opportunities. Mr. Altro brings over 25 years of financial and operational experience including corporate restructuring, public accounting and executive management, and consulting, primarily in a leadership role. His experience spans a variety of industries and organizations, servicing primarily middle market privately held corporations, as well as debtors-in-possession, secured and unsecured creditors, private equity groups and strategic buyers.
On March 21 EVFM announced it has implemented measures to lower its operating expenses, with the goal of reaching cash flow break even by year-end 2023. The Company expects this reduction in force to be substantially completed in the first quarter of 2023. These measures include a 39% reduction of payroll expenses through a combination of:
- – Salary cuts for certain employees, including a 40% reduction in Chief Executive Officer compensation and a 20% reduction in pay for other continuing members of the executive team vs. prior year levels;
- – Consolidation of three sales territories;
- – Elimination of eight office and management positions, including the Chief Commercial Officer role, effective March 17, 2023.
Saundra Pelletier, Evofem’s Chief Executive Officer stated: “It was a difficult decision to restructure our already very small workforce and ask the remaining team members to work harder for less pay. The team members who stay with the organization are united behind our common goals and worthy mission, and have the heart, head, and backbone to change women’s health forever. This decision is critical to our long-term success and our ability to align resources to enable us to continue providing Phexxi to women seeking hormone-free prescription contraception.”
$EVFM 100% intraday mover so far.#OTC Is alive & well 🔥 pic.twitter.com/jE19PpPHOH
— PikachOTC (@PikachOTC) March 21, 2023
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Currently trading at a $5.2 million market valuation EVFM os is 189,961,346 with 81,062,148 shares in the public float. Fully reporting OTCQB EVFM is ex Nasdaq and was a high-flying biotech startup at one point. The Company still operates its books like a big board and has $42 million in assets and did $16.6 million in revenues for the 9 months ended September 30, 2022 up from just $4 million for the same period in 2021. We stated EVFM has significant investors following as well as built in liquidity and will find a lot of buyers once it reverses in February when it was just a little over $0.01 and we were right about that. EVFM is moving after the Company reported it has implemented measures to lower its operating expenses, with the goal of reaching cash flow break even by year-end 2023.We will be updating on EVFM when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Disclosure: we hold no position in EVFM either long or short and we have not been compensated for this article.