Evofem, a women’s healthcare company located in La Jolla, California, has received a USD25m investment from a private equity firm in Europe.
Evofem (formerly Instead Healthcare) currently markets a feminine hygiene product, Instead Softcup, an alternative to pads and tampons, available in pharmacies and retail stores across the US 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 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 reduce infection rates of sexually transmitted diseases among women, especially in the developing world.
“In many countries 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,” says Thompson.
The USD25m investment will allow Evofem to accelerate the commercialisation of Amphora.
“This investment is a significant step in Evofem’s growth. We will now be able to proceed with a programme we have been developing with Doctors without Borders (Médecins Sans Frontières) to get Amphora into the hands of women who need it in Africa,” says Evofem chief executive Joe Pike. “We are excited about our momentum and the potential impact our technology will have on the AIDS pandemic worldwide.”
Evofem has added 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. He will also assist in some of Evofem’s clinical work in China.
