EVOFEM a La Jolla, Calif.-based maker of feminine hygiene products, has raised $25 million from an undisclosed European private equity firm.
EVOFEM, Inc. (formerly Instead Healthcare), a women’s healthcare company located in La Jolla, California, has received a $25 million investment from a private equity firm in Europe. EVOFEM currently markets an innovative feminine hygiene product, Instead Softcup, an alternative to pads and tampons, available in pharmacies and retail stores across the United States and abroad. Additionally, the company has been active in developing technologies in the field of women’s reproductive health. EVOFEM’s lead drug candidate, Amphora, is currently being evaluated as one of the most promising microbicides in development to protect women from pregnancy and a variety of sexually transmitted diseases including the AIDS virus.
Tommy Thompson, former Secretary of Health and Human Services, is the Chairman of EVOFEM. He believes that a woman-controlled product such as Amphora can significantly reduce infection rates of sexually transmitted diseases among women, especially in the developing world. “In many countries,” Thompson states, “women can’t negotiate the use of condoms with their partners. To the extent we can bring to market a product that can protect women from disease, and can be used without their partner’s acquiescence, or even knowledge, we have the ability to save millions of lives every year.”
While EVOFEM’s technologies have benefited from hundreds of millions of dollars in grant funding during the clinical development phases, this recent $25 million investment will allow EVOFEM to accelerate the commercialization of Amphora. “This investment is a significant step in EVOFEM’s growth. We will now be able to proceed with a program we have been developing with Doctors without Borders (Médecins Sans Frontières) to get Amphora into the hands of women who need it in Africa,” states EVOFEM CEO, Joe Pike. “We are excited about our momentum and the potential impact our technology will have on the AIDS pandemic worldwide.”
EVOFEM also announces the addition of Dr. Kenneth Herbst, former Deputy Surgeon General of the Army for Reserve Affairs and a professor of medicine at UCSD, to the company’s medical advisory board. Dr. Herbst will also be assisting in some of EVOFEM’s clinical work in China. While the specific details of the investment are not being disclosed, the transaction places a value on EVOFEM in the hundreds of millions of dollars.
About EVOFEM, Inc.
EVOFEM, Inc. (formerly Instead Healthcare) provides women with new and different choices for greater freedom and control of their reproductive and sexual health. The San Diego-based company is dedicated to offering women better options in health care segments where their needs are underserved with products that are thoroughly tested for safety and efficacy. EVOFEM has focused research and development efforts on menstrual protection and feminine hygiene, contraception, prevention of sexually transmitted infections including HIV/AIDS, and other conditions where vaginal therapy can be an effective preventative or treatment. More information about EVOFEM and its products are online at www.softcup.com or www.amphoragel.com.