Evofem Biosciences Inc (NASDAQ:EVFM) widened its net loss to $52.7 million in Q2 2020 compared to $35.5 million in Q1 2020. The company reduced spending on R&D to $2.6 million in Q2 2020 from $5.2 million in Q1 2020. Its operating expenses, general and administrative, and marketing expenses increased in Q2 2020. The spending of Evofem expects to reach $38 million in Q3 2020.
Evofem achieved success in all business areas in Q2 2020. The company netted over $130 million from two financial transactions following the approval of Phexxi in hand by the US FDA and strengthened its balance sheet. CEO of Evofex, Saundra Pelletier said the company now focuses on commercializing Phexxi in September 2020. Its other activities for the success of Phexxi are recruiting sales force, payer coverage, ensuring production timelines, and developing Phexxi Concierge Experience, the telemedicine platform in Q3 2020.
Evofem received FDA nod for Phexxi, which is a blend of potassium bitartrate, citric acid, and lactic acid. OD (On-demand), non-hormonal prescription contraceptive gel, Phexxi is used to prevent pregnancy in females. It received a new classification from the major drug information compendiums – First Databank and Medi-Span as a vaginal pH modulator.
Evofem is at the forefront of developing and introducing new products for women to control reproductive and sexual health. Its management team comprises 60% in the director board and 50% in the executive cadre.
The team at Evofem put in significant efforts to advance the clinical trials and get the nod of the US FDA for Phexxi, the first contraceptive gel in decades. It offers an effective and safe option for women to prevent pregnancy.
Evofem also focused on developing medicine to prevent gonorrhea and urogenital Chlamydia in females. According to the estimates, over 2.1 million females in the US are getting impacted by dangerous sexually transmitted diseases – gonorrhea and urogenital Chlamydia.
Evofem is in discussions with the FDA for a regulatory and clinical path to advance EVO100, which will be used to prevent the acquisition of gonorrhea and urogenital Chlamydia in women. It expects to forward this advance treatment into the Phase 3 clinical trial. Evofem strengthened its board by adding Lisa Rarick.