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Evofem Biosciences to raise $39.9M in common stock, warrants offering

Evofem Biosciences Inc. is looking to raise $39.9 million via a common stock and warrants offering.

The San Diego-based company is offering up to 8.5 million common shares at $4.69 per share and pre-funded warrants at $4.68 apiece.

Each bundle of common stock and pre-funded warrant comes with a common warrant to buy one-fifth of a common share. Each whole warrant is exercisable at $7.50 apiece.

Evofem granted the underwriters an option to buy up to an additional 1,275,000 common shares or warrants to buy up to a total of 255,000 common shares.

The company will use the net proceeds to fund the ongoing phase 3 clinical study of Amphora, a contraceptive gel, as well as an ongoing phase 2b trial of the drug to prevent urogenital transmission of chlamydia and gonorrhea in women.

A portion of the proceeds is allotted for general corporate purposes, funding working capital needs and other necessary capital expenditures.

RBC Capital Markets LLC and Cantor Fitzgerald & Co. are acting as joint book-running managers for the offering, with Oppenheimer & Co. Inc. as lead manager and Roth Capital Partners as co-manager.

Evofem Biosciences is a clinical-stage biopharmaceutical company that develops therapies for women's sexual and reproductive health needs.