Evofem Biosciences Inc. (OTCMKTS:EVFM) Appoints Interim Chief Financial Officer | News Direct

Evofem Biosciences Inc. (OTCMKTS:EVFM) Appoints Interim Chief Financial Officer

News release by TopNewsGuide - Market News & Commentary

facebook icon linkedin icon twitter icon pinterest icon email icon Naples, FL | March 14, 2023 05:00 AM Eastern Daylight Time

The women’s sexual and reproductive health market has grown at a decent clip in recent years owing to rising awareness about the importance of better sexual health. There are a number of companies now which are involved in this space and one of those is Evofem Biosciences Inc. (OTCMKTS:EVFM).

The company is involved in the development and commercialization of innovative products which are meant for addressing the unmet needs in women’s reproductive and sexual health. As it happens, the company already has a product that has been approved by the United States Food and Drug Administration. The product in question is Phexxi, which is an on-demand, prescription hormone-free vaginal gel contraceptive. The product is sold in boxes of 12 pre-filled applicators and the customer needs to apply it for up to an hour on either side of the sexual act.

 On March 9, the company announced that it had appointed a new Interim Chief Financial Officer in the form of Albert Altro. Altro would be the replacement for Jay File, who stepped down from the position in order to explore other opportunities.

In this situation, it could well be a good idea for investors to consider taking a closer look at Altro’s credentials as a Chief Financial Officer. He is a highly experienced executive with both operational and financial experience spanning more than a quarter of a century. He has worked in executive management, corporate restructuring, consulting, and public accounting throughout his career and has always been in executive roles.

His experience in these domains spans a wide range of organizations, starting from privately held middle-market corporations to debtors in succession and from private equity groups to strategic buyers.

Before he established Traverse LLC back in 2005, Altro had been working at consulting giant KPMG both in the strategic consulting practice and also in the auditing group. Additionally, he had also been a Director at PricewaterhouseCoopers in the Transaction Services Group.

Altro had also been a corporate restructuring advisor at Zolfo Cooper and brings a wealth of experience to his new position at Evofem Biosciences. Saundra Pelletier, the Chief Executive Officer of the company, noted that everyone at the company hoped that Altro’s extensive experience was going to help in directing the fiscal strategy as it strived to unlock more value for shareholders.

"We will look to Albert's extensive experience to inform and direct our fiscal strategy as we explore options to build shareholder value," said Saundra Pelletier, Chief Executive Officer of Evofem.

Back on February 27, the company announced that two more patents covering Phexxi and its labeled indication had been listed in the FDA publication titled Approved Drug Products with Therapeutic Equivalence Evaluations, which is colloquially known as the Orange Book. Pelletier noted that the inclusion of the two patents in the Orange Book was a further indication of the fact that the company was further strengthening its patent portfolio.

However, she went on to add that the company was intent on further strengthening its patent portfolio both in the United States and overseas. It was a significant new development for Evofem and one that must have been noticed by investors as well as analysts.

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