San Diego biopharmaceutical company Evofem Biosciences is exploring a merger or acquisition to raise funds and get back on the national stock exchange.
Saundra Pelletier, CEO of Evofem Biosciences, said the move is an effort to get funding for Evofem and bolster a return to the public market. Evofem was delisted from the Nasdaq in October and currently trades on an over-the-counter exchange, the OTCQB Venture Market.Evofem was founded in 2009 and it became a public company through a reverse merger with Neothetics in 2018.
“Being on the OTCQB has been challenging because there’s a lot of investors that cannot invest on that platform,” Pelletier said in a phone interview. “And we know that if we are nationally listed again, either on Nasdaq or New York Stock Exchange, that there are a group of investors that love the product. They have seen that there’s a real market for it with the 23 million women that won’t use hormones.