Evofem, a biotechnology company focused on women’s reproductive health, has closed on a Series D round of preferred stock financing that will amount to $25 million from Woodford Investment Management.
The San Diego, CA based startup counts among its products Amphora and Nestorone/Ethinyl Estradiol Ring (NES/EE), which are both currently in development.
Amphora has completed a Phase III clinical trial as a contraceptive and Evofem has submitted an application to the FDA for Amphora as a non-hormonal vaginal gel to be used as a contraceptive. There is ongoing work to look into Amphora having microbicidal properties.
"We are pleased that Woodford Investment Management recognizes the potential of our contraceptive technology which offers a meaningful alternative to women who desire non-hormonal contraception," said Saundra Pelletier, Evofem CEO, in a statement.
She continued, "Empowering women with access to innovative contraceptive options is the core of our business. We understand that women have changing needs regarding their reproductive choices and we want to offer non-hormonal, woman-controlled solutions."
NES/EE has gone through clinical trials and has shown it can be successfully used as a long-acting method of contraception that can be fully controlled.
Evofem is also developing other reproductive health options for women which aim to be non-hormonal, woman-controlled, on-demand and rapidly-reversible.
- here's the press release
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