Evofem Biosciences announces cost reduction measures
Evofem Biosciences, Inc., announced it has implemented measures to lower its operating expenses, with the goal of reaching cash flow break even by year-end 2023.
These measures include a 39% reduction of payroll expenses through a combination of: i.Salary cuts for certain employees, including a 40% reduction in Chief Executive Officer compensation and a 20% reduction in pay for other continuing members of the executive team vs. prior year levels; ii. Consolidation of three sales territories; iii. Elimination of eight office and management positions, including the Chief Commercial Officer role, effective March 17, 2023.
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