Business
Femasys Inc. Announces Financial Results for the First Quarter Ended March 31, 2023
-Received regulatory approval for both FemaSeed® and FemCerv® products from Health Canada- ATLANTA, May 11, 2023 (GLOBE NEWSWIRE) -- Femasys Inc. (NASDAQ:
About this update from Femasys Inc.
[{"type":"text","content":"-Received regulatory approval for both FemaSeed® and FemCerv® products from Health Canada- ATLANTA, May 11, 2023 (GLOBE NEWSWIRE) -- Femasys Inc. (NASDAQ: FEMY), a biomedical company aiming to meet women's needs worldwide by developing a suite of product candidates that include minimally invasive, in-office technologies for reproductive health, today announced financial results for the first quarter ended March 31, 2023 and provided a corporate update. “We continue to expand our commercial portfolio with Health Canada’s recent approval of both FemaSeed® and FemCerv® to improve the continuum of healthcare options for women,” said Kathy Lee-Sepsick, founder, president and chief executive officer of Femasys. “These two product approvals broaden our commercial offerings for women, with FemaSeed complementing FemVue®, our device that enables an in-office ultrasound assessment of the fallopian tubes as part of an infertility diagnosis prior to FemaSeed. Our goal is to further grow this synergistic product portfolio by exploring commercialization opportunities. These product offerings, along with our lead product candidate, FemBloc® permanent birth control, have the potential to address substantial, multi-billion-dollar global market segments by bringing safe, accessible options to women.” First Quarter 2023 and Recent Corporate Highlights: Recently, in April and May, Femasys received two product approvals, for both FemaSeed and FemCerv, from Health Canada, the Public Health Agency of Canada. FemaSeed is the first-ever infertility solution designed to deliver sperm directly to where conception occurs. FemaSeed is a localized artificial insemination option designed to be less invasive and more affordable than assisted reproduction.FemCerv is the first endocervical tissue sampler designed to collect and contain a tissue sample in a relatively pain-free manner to detect the presence of cancerous cells in a woman’s cervix. FemCerv is now commercially available the U.S. and Canada. In April, Femasys raised $3.9 million in a registered direct offering priced at-the-market under Nasdaq rules. The offering closed on April 20, 2023. The proceeds from this offering will be used for working capital and general corporate purposes and is expected to extend Femasys’ cash runway into the second quarter of 2024.In March, Femasys founder, president and...