Evofem Biosciences, Inc. (OTCQB:OTC:EVFM), a pharmaceutical company, announced amendments to the rights of its Series F-1 Convertible Preferred Stock holders through a unanimous written consent of the required holders. The approved changes, effective as of Wednesday, include the removal of certain adjustment provisions and the setting of a new conversion price.
The San Diego-based company, incorporated in Delaware, filed the amended and restated certificate of designation with the Delaware Secretary of State on June 20, 2024. This amendment eliminates the adjustment features detailed in Section 8(h) of the initial certificate and sets the conversion price at $0.0154, as per Section 4(b)(ii).
The modifications to the preferred stock terms were made without the need for a formal meeting or vote by the shareholders, as the required holders provided their unanimous consent in writing. This action demonstrates the company's ability to adapt its financial instruments in response to the evolving needs of its stakeholders.
The changes are detailed in the Amended Certificate, which is now part of the company's formal documentation. Evofem Biosciences, operating under the SIC code for pharmaceutical preparations, has not reported any other changes to its bylaws or fiscal year in conjunction with this update.
In other recent news, Evofem Biosciences is nearing the acquisition of its fifth US patent for Phexxi, a hormone-free contraceptive gel. The United States Patent and Trademark Office (USPTO) issued a Notice of Allowance, advancing Phexxi's potential inclusion in the FDA's Orange Book, which lists approved drug products with therapeutic equivalence evaluations.
In related developments, Evofem reported significant growth in net sales for Phexxi in 2023, reaching $18.2 million, up from the previous year's $16.8 million. This increase occurred alongside a 64% decrease in operating expenses, reflecting a strategic reduction in selling, marketing, and research and development costs.
Furthermore, the company announced an agreement to be acquired by Aditxt, Inc., a move aimed at accelerating Evofem's growth and expanding into a multi-product women's health franchise. This transaction is expected to conclude in the latter half of 2024. These recent developments underscore Evofem's ongoing efforts to enhance its product offerings and financial performance.
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