Shortly after Evofem picked up FDA approval for its contraceptive gel Phexxi back in 2020, the company touted the product as the “first contraceptive innovation in decades” and one that offered a new solution to a “significant unmet need.” But more than three years into the launch, the company has decided to sell itself for pennies on the dollar. Tuesday, Evofem agreed to sell itself to Richmond-based biotech Aditxt for around $100 million, the companies said in a joint release. San Diego-based Evofem markets Phexxi, a contraceptive gel that made its market debut in 2020. In the first nine months of the year, the company generated $13.4 million.
Read the full article: Troubled Evofem, Marketer of Contraceptive Gel Phexxi, Sells Itself to Aditxt in $100M Deal //
Source: https://www.fiercepharma.com/pharma/troubled-evofem-marketer-contraceptive-gel-phexxi-sells-itself-aditxt-100m-deal