Windtree Therapeutics Strikes Deal to Source PHEXXI, Signaling Revenue-Driven Pivot

March 20, 2025

DENVER, Colo., Mar 20, 2025 (247marketnews.com) – Windtree Therapeutics (NASDAQ:WINT) unveiled a License and Supply Agreement with Evofem Biosciences, Inc. (OTCQB:EVFM) to become the sourcing partner for PHEXXI—a groundbreaking, FDA-approved, hormone-free contraceptive gel. This move marks a cornerstone in Windtree’s fresh corporate playbook: transforming into a revenue-generating biotech.

Jed Latkin, Windtree’s CEO, stated, “Windtree announced our new corporate strategy to become a revenue generating biotech in January 2025. This License and Supply Agreement with Evofem is a first step in our plan to generate profitable revenue to provide value to our stockholders. Using our extensive contacts across the globe, we have engaged with a pharmaceutical manufacturer on the plan to produce PHEXXI. We look forward to this opportunity. We anticipate that our manufacturing partner will work with us as we do the tech transfer and manufacture the initial batches and the validation batches in line with the FDA requirements.”

PHEXXI, a first-of-its-kind, on-demand vaginal gel controlled by women, has carved a niche in the contraceptive market, raking in over $19 million in 2024 revenue with 96,000 boxes (12 applicators each) sold last year.

Saundra Pelletier, Evofem’s CEO, added, “Global expansion of PHEXXI has always been a critical mandate for Evofem, but a significant hurdle has been high manufacturing costs which make commercialization cost-prohibitive in many markets outside of the U.S. The meaningful decrease in the per-box cost of PHEXXI that we expect to achieve with Windtree’s assistance should allow Evofem to take PHEXXI into new, price-sensitive global markets where there is great need for non-hormonal contraceptives that women control. Our goal is to empower women; and to have PHEXXI available in all markets around the world is a big step in that direction.”

Windtree will leverage its manufacturing network to slash production costs, aiming to juice profitability. Under the deal, Windtree will contract with manufacturers to produce PHEXXI at a fraction of current costs, while Evofem retains ownership and drives U.S. and global commercialization through its partnerships.

Through this move, Windtree pivots from pure R&D to a hybrid model. With PHEXXI’s growth trajectory and a $2 billion women’s health market in play, this partnership could flip Windtree’s script, starting with smarter sourcing.

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