Business
Aditxt, Inc. Enters into Definitive Agreement to Acquire Evofem Biosciences, Inc., Creator of Phexxi®, the First and Only FDA-Approved Hormone-Free Contraceptive Gel, to Address Diverse Reproductive Health Needs of Women Globally
Evofem posted $13.4 million in net sales of Phexxi for the first nine months of 2023; Aditxt looks to accelerate Evofem into the global non-hormonal birth
About this update from Aditxt, Inc.
[{"type":"text","content":"\nEvofem posted $13.4 million in net sales of Phexxi for the first nine months of 2023;\n\n\nAditxt looks to accelerate Evofem into the global non-hormonal birth control market valued at $27.7 billion in 2022 and is projected to grow to $52.2 billion by 2031\n\n\n RICHMOND, Va. & SAN DIEGO--(BUSINESS WIRE)--\nAditxt, Inc. (“Aditxt” or the “Company”) (NASDAQ: ADTX), a company dedicated to discovering, developing, and deploying promising health innovations, and Evofem Biosciences, Inc. (“Evofem”) (OTCQB: EVFM), a pioneer in women’s health, today announced the signing of a definitive agreement (the “Agreement”) under which Aditxt is to acquire Evofem in consideration of the issuance of a combination of common stock and preferred stock, and the assumption of certain senior indebtedness, having an aggregate amount of approximately $100 million (the “Transaction”). Pending a successful Transaction, it will also mark the establishment of a women's health mission within Aditxt's platform, aligning with global healthcare needs.\n\n\nRevolutionizing Women’s Reproductive Health with Phexxi®\n\n\nEvofem is a commercial-stage women's health company with a strong focus on innovation. Evofem is the creator of the first and only FDA-approved hormone-free contraceptive gel, Phexxi® (lactic acid, citric acid, and potassium bitartrate). Phexxi® empowers women with a convenient, discreet, and flexible contraception method, putting control in their hands. By allowing on-demand usage within one hour before intercourse, Phexxi® addresses a critical need in the United States and global contraception market, offering women greater autonomy over their reproductive health decisions.\n\n\nPhexxi® represents a groundbreaking shift in women's healthcare, offering a non-daily, hormone-free contraceptive choice for the 23 million women who need alternatives to traditional methods in the United States alone. Like male contraception, female contraception should be adaptable to personal needs – not a daily burden, irrespective of actual necessity. This innovation not only challenges the decades-long norm of daily hormonal contraception but empowers women with more personalized healthcare choices. Phexxi® is a testament to the urgent need for more focused innovation in women's health, ensuring choices are made for their benefit, not by chance or default.\n\n\nAdit...