BRIEF—Evofem Biosciences closes $80 million financing with PDL BioPharma and others

USA-based biotech Evofem Biosciences and PDL BioPharma today announced the closing of the second tranche for $50 million of an aggregate $80 million strategic financing from PDL and existing Evofem investors, Invesco Asset Management, and Woodford Investment Management.

The initial $30 million investment from PDL closed in April 2019.

"This investment from PDL and the support from two long-time investors enables us to execute our commercialization strategy for Amphora [ethinyl estradiol ring] and to prepare for its anticipated launch as the first-in-class multipurpose vaginal pH regulator for hormone-free birth control in the second quarter of 2020, assuming FDA approval," said Saundra Pelletier, chief executive of Evofem Biosciences. "

The planned re-submission of the Amphora New Drug Application for prevention of pregnancy is expected in the fourth quarter of 2019, with potential Food and Drug Administration approval in the second quarter of 2020.

Evofem also remains on track to report top-line data this fall from an ongoing Phase 2b clinical trial of Amphora for the prevention of chlamydia and gonorrhea in women.