Evofem Biosciences (NASDAQ: EVFM) stock rose slightly in recent two weeks. Although the company offered 50 million shares of its common stock in the middle of last month, which caused its stock price to briefly fall, the net proceeds from the offering will be used for the continuation of full commercialization activities related to Phexxi.
Phexxi is the first and only hormone-free, prescription contraceptive vaginal gel, and it is the company's first FDA-approved product, which launched by the company in September 2020. The company is launching direct-to-consumer advertising activities for the drug to attract more consumers.
In addition, the company initiated a pivotal Phase 3 clinical trial to evaluate the safety and efficacy of EVO100 in October 2020. EVO100, the company's lead product candidate for the prevention of urogenital Chlamydia trachomatis and Neisseria gonorrhoeae infection in women, and its top-line results are expected in 2022.
EVO100 has been granted Fast Track Designation for the prevention of chlamydia in women and is designated a Qualified Infectious Disease Product for the prevention of gonorrhea in women by the U.S. FDA.
In total, EVFM stock is worth watching in a long-term period, especially regarding the commercialization progress of its Phexxi in the coming few months.
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