Evofem up on bullish $80M capital raise

Thinly traded micro cap Evofem Biosciences (EVFM +13.2%) is up on modestly higher volume, albeit on turnover of only 25K shares, in apparent response to its $80M capital raise that it will use to push birth control gel Amphora over the finish line and prepare for commercial launch.

PDL Biopharma (PDLI) will lead the private round, buying $60M of newly issued EVFM common shares at $4.50, a 20% premium over the current price of $3.75.

EVFM stockholders Woodford Investment Management and Invesco Asset Management have the option to invest up to $10M each at the same price.

https://seekingalpha.com/news/3450009-evofem-13-percent-bullish-80m-capital-raise