Why Evofem Biosciences Shares Are Plunging Today? - Evofem Biosciences (OTC:EVFM)

Evofem Biosciences Inc's EVFM recently completed the Phase 3 EVOGUARD trial evaluating Phexxi vaginal gel (EVO100) to prevent chlamydia and gonorrhea infection in women but did not achieve its endpoints.
CEO Saundra Pelletier, trial investigator Brandi Howard and study statistician Clint Dart all blamed the loss on COVID-19's impact on infection rates and patients' "risk behavior" in a press release.
Evofem is ending further investment in the STI clinical program "due to financial resources," the company said.
Evofem is expected to submit regulatory applications in the first half of 2023 to the FDA.
In August, Evofem announced that the last subject had completed her last visit in the EVOGUARD trial.
EVOGUARD builds on the positive, statistically significant outcomes of AMPREVENCE Phase 2b/3 study evaluating Phexxi for preventing chlamydia and gonorrhea.
AMPREVENCE met its primary and secondary endpoints and showed that the product was generally safe and well-tolerated.
Price Action: EVFM shares are down 39.60% at $0.10 on the last check Wednesday.