PMCB - Femasys Inc. Secures Additional Financing with Strategic Investment from Investors led by PharmaCyte Biotech | Benzinga
- $6.85 million upfront investment provides $23 million total cash runway into second half 2025 -
- Financing allows for focused commercial team to bring Femasys' infertility-related products to women in the U.S. -
- Additional financing supports the advancement of Femasys' lead product candidate, FemBloc® for permanent birth control, to initial clinical data readout -
ATLANTA, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Femasys Inc. (NASDAQ:FEMY), a biomedical company focused on meeting significant unmet needs for women worldwide with a broad portfolio of in-office, accessible solutions, including a lead, late-clinical stage product candidate and innovative therapeutic and diagnostic products, today announced a strategic upfront investment of $6.85 million by public biotech company, PharmaCyte Biotech, Inc. (NASDAQ:PMCB) and other healthcare investors.
Femasys is creating accessible innovative options for women, as exemplified by its lead product candidate, FemBloc, in late-stage clinical development for permanent birth control and FDA-cleared product, FemaSeed® for infertility treatment (also approved in Canada). The Company is commercializing complementary diagnostic products that were internally developed through its in-house manufacturing capabilities, with regulatory approvals in the U.S., Canada, and other ex-U.S. territories.
"We are thrilled to announce this strategic investment, which coupled with other recent financing activities, will allow Femasys to commercialize our infertility-related products, FemaSeed® and FemVue®. This financing will enable us to implement a targeted commercial team to increase our revenue potential, while delivering on our mission to bring safe, accessible, and novel options to women," said Kathy Lee-Sepsick, founder, president and chief executive officer of Femasys. "In addition, this financing supports Femasys' continued progress of our FemBloc pivotal clinical trial as we advance this important non-surgical solution for permanent birth control."
The strategic investment in Femasys is in the form of $6.85 million aggregate principal amount of a senior unsecured convertible note which matures November 2025 and is convertible at $1.18. Under the terms of the investment, the investors were also issued two series of warrants: warrants to purchase approximately 5.8 million shares of common stock at an exercise price of $1.18 per share ...