Evofem Biosciences Inc.
stock rallied in the extended session Friday after the biotech company said the Food and Drug Administration approved its birth-control gel. Evofem shares surged 23% after hours, following a 3.7% rise to close the regular session at $ 4.99. The company said the FDA approved Phexxi, a gel that uses lactic acid and citric acid to put vaginal pH levels in the 3.5 to 4.5 range, which is inhospitable to sperm. Evofem said it is working to have Phexxi covered under the Affordable Care Act.