Femasys announces upfront investment of $6.85M by PharmaCyte

Femasys (FEMY) announced a strategic upfront investment of $6.85 million by public biotech company, PharmaCyte Biotech (PMCB) and other healthcare investors. “We are thrilled to announce this strategic investment, which coupled with other recent financing activities, will allow Femasys to commercialize our infertility-related products, FemaSeed and FemVue. This financing will enable us to implement a targeted commercial team to increase our revenue potential, while delivering on our mission to bring safe, accessible, and novel options to women,” said Kathy Lee-Sepsick, founder, president and chief executive officer of Femasys. “In addition, this financing supports Femasys’ continued progress of our FemBloc pivotal clinical trial as we advance this important non-surgical solution for permanent birth control.” The strategic investment in Femasys is in the form of $6.85 million aggregate principal amount of a senior unsecured convertible note which matures November 2025 and is convertible at $1.18. Under the terms of the investment, the investors were also issued two series of warrants: warrants to purchase approximately 5.8 million shares of common stock at an exercise price of $1.18 per share expiring one year from issuance and warrants to purchase approximately 5.8 million shares of common stock at an exercise price of $1.475 per share expiring five years from issuance. If exercised for cash, these warrants could result in proceeds of up to an additional $15.4 million.