Evofem raises $20mm through private placement concurrent with Neothetics merger

Concurrent with its merger with Neothetics Inc., Evofem Biosciences Inc. (the surviving company) brought in $20mm through a private placement of 9.7mm Neothetics common shares to Invesco Asset Management, which also received purchase warrants for 159mm Evofem common shares. In a separate transaction, the two firms announced they'd combine in a reverse stock swap to create a women's health-focused company. Proceeds from this financing will help support development of Evofem's lead candidate, the Phase III Amphora (L-lactic acid, citric acid, and potassium bitartrate), hormone-free, on-demand vaginal contraceptive gel.