San Diego biotech Evofem Biosciences, which focuses on women’s sexual and reproductive health, announced a public stock offering on May 22.
Evofem anticipates proceeds of $39.9 million. Funds will go toward a Phase 3 trial of Amphora, a vaginal gel for the prevention of pregnancy, expected to report topline results in the first quarter of 2019.
Proceeds will also be used for the ongoing Phase 2b clinical trial of Amphora, intended to prevent the transmission of chlamydia and gonorrhea in women.
The public offering includes up to 8.5 million shares of common stock or, in lieu of shares of common stock, pre-funded warrants. The shares and pre-funded warrants are being sold at $4.69 per share and $4.68 per pre-funded warrant, respectively.
RBC Capital Markets LLC and Cantor Fitzgerald & Co. are acting as joint book-running managers. Oppenheimer & Co. Inc. is acting as lead manager, and Roth Capital Partners is acting as co-manager.
In January, Evofem and Neothetics closed a merger.