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Evofem Biosciences to Decrease Cost of Goods 45 Percent Through New Partnership with Bora Pharmaceutical Services for the Commercial Manufacturing of Phexxi®

Source: Evofem Biosciences

Evofem Biosciences, Inc., (Nasdaq: EVFM) today announced it has selected Bora Pharmaceuticals Services Inc. (Bora) Canada as Evofem's new contract manufacturing organization (CMO). Bora will eventually manufacture Phexxi® (lactic acid, citric acid, and potassium bitartrate) for markets worldwide.

"With this arrangement, Evofem expects to realize a 45 percent reduction in the cost of goods related to the manufacturing, packaging, and testing of Phexxi as part of the company's overall efforts to reduce spend and continue to improve gross margin," said Saundra Pelletier, Chief Executive Officer, Evofem. "We conducted a comprehensive evaluation of CMOs worldwide for the best manufacturing fit for Evofem and Phexxi. Bora has proven expertise in GMP manufacturing of drug products, allowing them to supply a safe, steady, and reliable supply of Phexxi for patients seeking a non-hormonal innovation."

Demand for Phexxi, the hormone-free, on-demand contraceptive, which was FDA-approved in May 2020, continues to grow in the U.S. Evofem recently reported its third consecutive quarter of revenue growth. Evofem has initiated technical transfer activities, and Bora is expected to begin manufacturing Phexxi in the fourth quarter of 2022.

Initially, Bora will manufacture Phexxi for nations currently considering formal regulatory approval of Phexxi for the prevention of pregnancy, including Mexico and Nigeria.

"Bora is thrilled to join our new partners at Evofem as we provide women the first and only hormone-free, on-demand contraception," said Bobby Sheng, CEO, Bora Pharmaceuticals. "We are already ramping up and undertaking the due diligence to deliver the quality, reliability, and efficiency Bora is known for."

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