EVFM - Evofem stock slumps 46% on planned public offering

Evofem Biosciences (NASDAQ:EVFM) stock slumped ~ 46% premarket May 20 after the company said on Thursday that it was planning to sell shares and warrants in a public offering. EVFM -45.59% to $0.60 premarket May 20. The San Diego-based biopharma company plans to use the funds for commercialization activities for its birth control vaginal gel Phexxi, and for its phase 3 trial called Evoguard — which is evaluating Phexxi to prevent chlamydia and gonorrhea in women — for other development activities and general corporate purposes.

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Evofem stock slumps 46% on planned public offering