SAN DIEGO - Evofem Biosciences, Inc. (OTCQB: OTC:EVFM) today announced the issuance of U.S. Patent No. 11,992,472 by the United States Patent and Trademark Office (USPTO). This latest patent covers the composition and methods related to the contraceptive Phexxi® (lactic acid, citric acid, and potassium bitartrate) vaginal gel, marking the fifth U.S. patent for the product.
Phexxi is recognized as the first and only FDA-approved, hormone-free contraceptive gel that functions by maintaining the natural pH of the vagina. It is designed to be used immediately before intercourse to create an environment inhospitable to sperm, as well as certain bacterial and viral pathogens.
Saundra Pelletier, CEO of Evofem, expressed satisfaction with the growth of the Phexxi patent portfolio, highlighting the product's contribution to innovation in contraception. The new patent is eligible for listing in the FDA's Orange Book, which is a directory of approved pharmaceutical drug products.
Since its commercial launch in the United States in 2020, Phexxi has experienced increasing net sales each year. The product's growth in 2024 has been attributed to its use as supplemental contraception by women who are on oral birth control pills and GLP-1 agonists such as Mounjaro and Zepbound. These GLP-1 agonists may reduce the effectiveness of oral contraceptives during certain periods, prompting the need for non-oral or supplemental contraceptive methods.
Evofem Biosciences specializes in developing products for unmet needs in women's sexual and reproductive health. Besides Phexxi, the company is currently in the process of merging with Aditxt, Inc. (Nasdaq: ADTX), with the transaction expected to close in the second half of 2024.
In other recent news, Aditxt, Inc., a biotech company, has secured $986,379.68 through the issuance of senior notes to accredited investors. In a separate transaction, the company also raised approximately $4.2 million in a private placement. Both financial maneuvers are part of Aditxt's broader effort to secure the capital necessary for its ongoing projects and to fulfill its financial obligations.
Additionally, Aditxt has announced a definitive agreement to acquire Appili Therapeutics Inc., a developer of treatments for infectious diseases. This acquisition is expected to create synergies with Aditxt's existing programs, particularly in precision diagnostics.
However, the company has also been in default for failing to pay over $40,000 in rent and additional charges, as per a notice received from its landlord, 532 Realty Associates, LLC. Aditxt has acknowledged the situation and is in discussions with the landlord to resolve the matter.
InvestingPro Insights
In light of Evofem Biosciences' announcement and its impending merger with Aditxt, Inc., a closer look at Aditxt's financial health through InvestingPro data reveals significant challenges. Aditxt is grappling with a substantial debt load, as indicated by its negative Price to Earnings (P/E) Ratios, both on a standard and adjusted basis for the last twelve months as of Q1 2024, at -0.03 and -0.09 respectively. This metric often suggests that investors are wary of the company's profitability in the near future. Furthermore, the company's Gross Profit Margin for the same period stands at a concerning -27.23%, underscoring issues with profitability and cost management.
Aditxt's market capitalization sits at a modest 3.81 million USD, which may reflect investor sentiment about the company's prospects. Additionally, revenue has seen a sharp decline of 46.23% over the last twelve months as of Q1 2024, signaling potential headwinds in sales performance. These figures are particularly relevant considering the InvestingPro Tips, which highlight that analysts do not expect the company to be profitable this year, and the stock has experienced significant price declines over various time frames, including a 92.04% drop in the 1-year price total return as of a recent 2024 date.
For investors and stakeholders considering the future of Evofem Biosciences in the context of its merger with Aditxt, these data points and InvestingPro Tips are crucial. While analysts anticipate sales growth for Aditxt in the current year, its financial challenges cannot be overlooked. There are 15 additional InvestingPro Tips available, providing a more comprehensive analysis of Aditxt's financial position. These insights could be particularly valuable for those looking to make informed decisions regarding the merger's potential impact. Interested readers can access these additional tips and delve deeper into Aditxt's financials at https://www.investing.com/pro/ADTX, and don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.