Evofem Biosciences Inc (OTCMKTS:EVFM) Stock On Radar After Approval of Phexxi in Nigeria

Evofem Biosciences Inc (OTCMKTS:EVFM) on October 6, 2022, announced that the hormone-free contraceptive vaginal gel was approved by Nigerian Regulatory Agency NAFDAC (National Agency for Food and Drug Administration and Control).

Trading Data

On Thursday, EVFM stock ended flat at $0.1701 with more than 1.32 million shares, compared to its average volume of 10.72 million shares. The stock moved within a range of $0.1690 – 0.1800 after opening trade at $0.1750.

Evofem Biosciences Announces Approval of Phexxi in Nigeria

This will be the firm’s first approval outside the US. Regulatory dossiers have been submitted in Mexico, Ghana, Ethiopia, and Mexico. The product will be marketed under the brand name Femidence. The most populous country in Africa, Nigeria is also the seventh largest country globally. It has 45 million women of reproductive age and about half of the population is under 18 years.

In October 2020, Adjuvant Capital made a $25 million strategic investment for expanding global market access for Phexxi vaginal contraceptive gel. It also gave support for EVOGUARD, Evofem’s registrational Phase 3 clinical trial assessing Phexxi for the prevention of gonorrhea and chlamydia in women.

The company is on track for reporting top-line data from the landmark trial in mid-October 2022. It is said that positive outcomes will enable regulatory submissions as well as potential U.S. approval for the prevention of sexually transmitted infections in 2023.

Jenny Yip, Managing Partner at Adjuvant Capital and a Director of Evofem Biosciences said that the company expects Nigeria to be an important commercial market globally. Yip added that Evofem can generate shareholder returns and favorably impact the lives of women. The Director also said that women are demanding

contraceptive choices for suiting needs and specifically wanting non-hormonal options, which are free from side effects like depression and mood swings.

Key Quote

“We expect Nigeria will be one of many commercial markets around the world in which Evofem can generate shareholder returns while favorably impacting the lives of women,” said Jenny Yip, Managing Partner at Adjuvant Capital and a Director of Evofem Biosciences. “Women everywhere are demanding more contraceptive choices to suit their needs, and they specifically want non-hormonal options, like Phexxi, that are free from common side effects like depression, mood swings and irritability.”

Technical Data EVFM stock is trading below the 20-Day and 50-Day Moving averages of $0.23 and $0.49 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.90.