SAN DIEGO, April 10, 2020 /PRNewswire/ -- Evofem
Biosciences, Inc. (NASDAQ: EVFM), a clinical-stage
biopharmaceutical company, today announced that on April 9, 2020, the Compensation Committee of the
Company's Board of Directors approved the grant to 20 new employees
of (i) non-qualified stock option awards to purchase an aggregate
of 357,000 shares of common stock, and (ii) 20,000 restricted
shares of common stock awards in aggregate.
The stock option awards have an exercise price of $5.21, equal to the closing price of the
Company's common stock on the date of grant. Each option has a
10-year term and vests over 4 years, with 25% of the shares vesting
one year after the relevant employee's date of hire, and the
balance of the shares vesting thereafter in a series of 36
successive equal monthly installments, subject to the relevant
employee's continued service with the Company through the
applicable vesting dates. Each restricted stock award granted will
vest in 3 equal annual installments, with the first installment
vesting on the first anniversary of the relevant employee's date of
hire, subject to their continued service with the
Company.
These awards are subject to the terms and conditions of Evofem
Biosciences' 2018 Inducement Equity Incentive Plan (as amended),
and the terms and conditions of non-qualifed stock option awards
and restricted stock award agreements. The Inducement Plan is used
exclusively for the grant of equity awards to individuals who were
not previously employed by Evofem (or following a bona fide period
of non-employment), as an inducement material to the employees'
acceptance of employment with the Company, pursuant
to NASDAQ Listing Rule 5635(c)(4).
About Evofem Biosciences,
Inc.
Evofem
Biosciences, Inc., (NASDAQ: EVFM) is a clinical-stage
biopharmaceutical company committed to developing and
commercializing innovative products to address unmet needs in
women's sexual and reproductive health. Evofem Biosciences aims to
advance the lives of women by developing innovative solutions, such
as woman-controlled contraception and potential protection from
certain sexually transmitted infections (STIs). The Company's lead
product candidate, Phexxi™, is currently being reviewed by the U.S.
Food and Drug Administration for prevention of pregnancy. The
investigational candidate EVO100 is being evaluated for prevention
of urogenital transmission of both Chlamydia
trachomatis infection (chlamydia) and Neisseria
gonorrhoeae infection (gonorrhea) in women. For more
information regarding Evofem, please visit www.evofem.com.
Phexxi™ and Multipurpose Vaginal pH Regulator (MVP-R™) are
trademarks of Evofem Biosciences, Inc.
Contact
Investor Contact
Amy Raskopf
Evofem Biosciences, Inc.
araskopf@evofem.com
M: (917) 673-5775
Media Contact
Cara Miller
Evofem Biosciences, Inc.
cmiller@evofem.com
O: (858) 550-1900 x272
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SOURCE Evofem Biosciences, Inc.