Shares of Evofem Biosciences, a maker of a new contraceptive gel in the U.S., soared 187% on Monday, extending gains after the U.S. Supreme Court overturned the abortion bill on Friday and rose about 240% in two sessions.Evofem is the maker of Phexxi, a contraceptive gel that prevents pregnancy by altering the user’s pH, and has been shown to be 93 percent effective in FDA trials.
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This gel is one of the few birth control options available for women who are indecisive or unable to use hormonal methods.
Amid a setback for women’s reproductive rights in the U.S., Evolfem has attracted interest from investors who believe the company’s products may fill a void where abortion is illegal or restricted in many states and other birth control methods could be subject to lawmakers more review. The company reported revenue of $4.2 billion in the first quarter of this year, up from $1.1 billion in the same period last year.