Tuesday, March 21, 2023

Evofem Slashes Both Staff and Salaries

San Diego-based Evofem Biosciences said this morning that it has put in place a number of "cost reduction measures", including both salary cuts and cuts in headcount. According to Evofem, the cuts include a 39 percent reduction in its payroll expenses a 40 percent reduction in the compensation of its CEO, and 20 percent reduction in pay for continuing members of its executive team. The company said it also has cut eight office and management positions. All of the cuts are aimed at reaching cash flow break even by the end of the year, according to the company. Evofem's first FDA approved product is a hormone free, on-demand prescription contraceptive vaginal gel.