Evofem Biosciences, Inc. (NASDAQ:EVFM) Q2 2020 Earnings Conference Call - Final Transcript
Aug 04, 2020 • 11:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to the Evofem Biosciences Second Quarter 2020 Financial Results Conference Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Ms. Amy Raskopf, Evofem Biosciences' Head of Investor Relations. Ma'am, please go ahead.
Thank you and good morning everyone. Welcome to the Evofem Biosciences' Q2 conference call. If you haven't done so already, I encourage you to access the Q2 2020 presentation and the press release we issued earlier today, both of which are at evofem.com under the Investors tab.
Before we begin, I would like to remind you that remarks on this call will contain forward-looking statements, which are made only as of today, August 4, 2020. For a more detailed description of important risk factors that could cause our actual results to differ materially, please refer to our Annual Report on Form 10-K, our most recently filed 10-Q and our current report on Form 8-K filed with the SEC on June 2, 2020.
With that, I'll turn the call over to Saundra Pelletier, Evofem's CEO.
Thank you, Amy. Hello and thank you all for joining us today. The second quarter marked yet another period of relentless execution. We have checked every box. We delivered on every single milestone that we promised that we would achieve. We said we would secure capital to get us through our PDUFA date and we did. Despite the significant fundraising challenges posed by COVID, we secured $25 million from a private placement of convertible notes and warrants.
We said Phexxi was an approvable asset based on our successful Phase 3 results, and we were right. The FDA approved Phexxi on May 22 ahead of the PDUFA date. We were candid with our expense and cash burn guidance and transparent that we needed to raise a $100 million to support the successful launch of Phexxi, and initiate the Phase 3 STI trial. Once again we exceeded expectations with an oversubscribed underwritten public offering of common stock that brought in approximately $111 million, including the green shoe.
As you might imagine, I am thrilled with the dedication and the effort of this team and our singular focus on execution. Our ability to secure an FDA approval and critical capital in the middle of the COVID pandemic testifies to the experience, strength, discipline and focus of the entire Evofem team. During the time when many companies where unfortunately not able to weather the pandemic, we have executed and we have excelled.
Let me put an even finer point on these accomplishments. Number one, less than 14% of products receive FDA approval. I want to say that again, 14%. So think about all of the time, all of the effort, all of be energy, all of the money, and only 14% of products are actually approved.
Number two, the $136 million we raised this quarter was made even more difficult by a changing investor landscape, because on May 21, the day before