Large Commercial Payer Adds Phexxi® to Formulary for Standard Plans Nationwide

-- One of the Largest Commercial Payers in the U.S. Expands Access to Phexxi^® for Women Seeking FDA-Approved, Hormone-Free Contraception --

SAN DIEGO, Sept. 16, 2022 /PRNewswire/ -- Evofem Biosciences, Inc. (OTCPK: EVFM) today announced another new insurance win that gives millions of additional women access to Phexxi^® (lactic acid, citric acid, potassium bitartrate) for the prevention of pregnancy.

"Evofem's diligent efforts to expand access to Phexxi nationwide continue to pay off," said Saundra Pelletier, Chief Executive Officer of Evofem. "We are thrilled that another highly respected national-level payer is now covering Phexxi, allowing women to fill their prescriptions immediately. The Phexxi claim approval rate reached a new high for 2022 at more than 72% for the month of July, and we expect this will continue to increase with this and other recent payer wins."

This win, adding nearly four million covered lives, continues Evofem's strong success record with health insurers and pharmacy benefit managers (PBMs) to increase a woman's ability to obtain Phexxi. In 2022 alone, Evofem has opened avenues with the following payers to cover Phexxi:

• One of the largest PBMs in the U.S.
• One of the largest payers in California, with no copay for patients
• One of the largest payers in Utah, with no prior authorization
• One of the largest payers in Hawaii, with no copay for Phexxi patients

In July of this year, the Departments of Labor, Health and Human Services, and Treasury released guidance regarding birth control coverage clarifying that group health plans and insurers must cover contraceptives at no cost to individuals. Evofem consistently engages with these payers to ensure they comply with these guidelines in covering Phexxi.

Phexxi is an on-demand method of birth control used to prevent pregnancy. Phexxi is not effective when used after sex.  For more information about Phexxi, talk to your healthcare provider and see full Product Information at www.phexxi.com. 

• Rare cases (0.36%) of bladder and kidney infections have been reported. If you have a history of urinary tract problems that keep coming back, you should not use Phexxi.
• Contact your healthcare provider if you are experiencing genitourinary side effects such as vaginal burning, itching, discharge, genital discomfort (including in male partners), yeast infection, urinary tract infection, or bacterial vaginosis.
• Phexxi does not protect against sexually transmitted infections, including HIV.

Please report side effects by contacting Evofem Biosciences toll-free at 1-833-EVFMBIO or contact FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

Intended for United States residents only.

Evofem Biosciences, Inc. is developing and commercializing innovative products to address unmet needs in women's sexual and reproductive health, including hormone-free, woman-controlled contraception and protection from chlamydia and gonorrhea. The Company's first FDA-approved product, Phexxi® (lactic acid, citric acid and potassium bitartrate), is a hormone-free, on-demand prescription contraceptive vaginal gel. It comes in a box of 12 pre-filled applicators and is applied 0-60 minutes before each act of sex. The Company expects to report top-line data in October 2022 from its registrational Phase 3 EVOGUARD clinical trial evaluating Phexxi for two potential new indications – prevention of chlamydia and prevention of gonorrhea in women. Learn more at phexxi.com and evofem.com.

Phexxi® is a registered trademark of Evofem Biosciences, Inc.

This press release includes "forward-looking statements," within the meaning of the safe harbor for forward-looking statements provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 including, without limitation, statements related to the anticipated impact of the new payer win on Phexxi prescriptions and claim approval rate. Various factors could cause actual results to differ materially from those discussed or implied in the forward-looking statements, including market and other conditions, and you are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Important factors that could cause actual results to differ materially from those discussed or implied in the forward-looking statements, or that could impair the value of Evofem Biosciences' assets and business, are disclosed in the Company's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 10, 2022, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed with the SEC on August 12, 2022. and subsequent filings. All forward-looking statements are expressly qualified in their entirety by such factors. The Company does not undertake any duty to update any forward-looking statement except as required by law.

Contacts

Investors:
Amy Raskopf
SVP, Investor Relations
Evofem Biosciences, Inc.
[email protected]
(917) 673-5775

Media:
[email protected]

SOURCE Evofem Biosciences, Inc.