Evofem Biosciences Inc. recently announced that it has entered into a private Securities Purchase Agreement with an unnamed U.S.-based, health-care-focused institutional investor for up to $25 million of convertible notes.

“Under the terms of the agreement, $15 million dollars was funded (initially); the remaining $10 million may be funded at the investor’s discretion at any time prior to the company meeting specific funding requirements defined in the agreement,” according to Evofem, a clinical-stage biopharmaceutical company.

“We are very pleased to have closed this strategic interim financing during an incredibly challenging time in the financial markets,” said Saundra Pelletier, chief executive officer of Evofem Biosciences. “With the support of this health-care-focused investor and our strengthened balance sheet, we are well positioned to execute on our commercialization plans for the anticipated U.S. approval and launch of Phexxi, our innovative hormone-free, contraceptive gel candidate. Pending FDA approval, we look forward to providing millions of women with the first new contraceptive innovation in decades and to delivering on the full market potential of Phexxi.”

“The company will seek stockholder approval to permit the full conversion of notes and exercise of the warrants under applicable NASDAQ rules,” Evofem said.

Piper Sandler acted as the company’s sole financial advisor in connection with this transaction, Evofem said.