Femasys Inc. announces the appointment of Dov Elefant to

— Seasoned financial executive with 25 years of experience leading public and private biotech companies at various stages —

ATLANTA, Feb. 24 12, 2022 (GLOBE NEWSWIRE) — Femasys Inc. (NASDAQ: FEMY), a biomedical company aiming to meet the needs of women worldwide by developing a suite of product candidates comprising minimally invasive in-office technologies for reproductive health, has today announced the appointment of Dov Elefant as Chief Financial Officer (CFO), effective February 28, 2022. Mr. Elefant has 25 years of financial management experience in public and private biopharmaceutical companies.

“I am extremely excited to join Dov, not only because of his proven track record in finance and accounting at public biopharmaceutical companies, but also because of his exceptional leadership abilities,” Kathy Lee-Sepsick, CEO and Founder of Femasys, said. “Dov’s experience in overseeing fundraising, licensing, and M&A transactions, as well as positioning companies that have made the transition to public markets, will be invaluable to Femasys as we move forward. let’s keep evolving.”

Mr. Elefant said, “I am excited to join the Femasys leadership team and build on the company’s momentum as it advances its mission to bring superior, cutting-edge technologies to the underserved women’s health. I look forward to continuing the strategic direction and growth of the company as it works to complete the development of its new biomedical alternatives in infertility and permanent birth control for women worldwide and seeks to expand its commercial footprint. As the value is increased in these programs, my goal will be to convey this value to all Femasys stakeholders.

Mr. Elefant brings a proven track record as a senior global financial expert with expertise in financial reporting, fundraising and mergers and acquisitions. Most recently, he was Vice President and Chief Financial Officer of Cellectar Biosciences, a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of targeted anti-cancer drugs. Prior to that, Mr. Elefant was CFO of Celsus Therapeutics until its acquisition of Swiss company Volution Immuno Pharmaceuticals in 2015, when it was later renamed Akari Therapeutics Plc. Previously, Mr. Elefant was Chief Financial Officer at Althera Medical Ltd, a medical device company specializing in cancer therapies. Earlier in his career, he led commercial operations, including overseeing equity and debt financings and licensing agreements, for various other financial services for Lev Pharmaceuticals through its 2009 acquisition by ViroPharma, EpiCept Corporation, Alteon , Inc. and Innapharma, Inc. Mr. Elefant holds a BS in Accounting from Sy Syms School of Business at Yeshiva University in New York, NY

Grant of incentive option

In connection with Mr. Elefant’s appointment, Femasys granted Mr. Elefant, effective his first day of employment, an option to purchase 100,000 common shares of Femasys at an exercise price per share equal at the closing price of Femasys common stock on the grant date as reported by Nasdaq. This award was approved by the Compensation Committee of the Femasys Board of Directors and is an incentive for Mr. Elefant to join Femasys as provided in Nasdaq listing rule 5635(c)( 4).

The stock option will vest at 25% of the shares underlying the stock option on the first anniversary of commencement of employment, with the remaining shares vesting at 25% each year over the following three years, subject to Mr. Elefant’s continued employment with Femasys. . Femasys provides this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Femasys

Femasys Inc. is a biomedical company focused on serving the needs of women worldwide by developing a suite of product candidates comprising minimally invasive, in-office technologies for reproductive health. Its two lead product candidates are FemBloc® permanent contraception and FemaSeed® localized directional insemination for infertility. The company’s product for ultrasound assessment of the fallopian tubes, FemVue®, is currently marketed in the United States. Femasys also advances FemCerv®a tissue harvesting technology platform intended to be marketed alongside its other medical products specific to women in the doctor’s office.

Forward-looking statements

This press release contains forward-looking statements that are subject to substantial risks and uncertainties. Forward-looking statements can be identified by words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, “intend”, “believes”, “potential” or “continue” or the negative form of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on our current expectations and are subject to inherent uncertainties, risks and assumptions, many of which are beyond our control, difficult to predict and could cause actual results to differ materially from what we expect. . In addition, certain forward-looking statements are based on assumptions about future events which may not prove to be accurate. Factors that could cause actual results to differ include, among others: our ability to develop and advance our current product candidates and programs, and to successfully initiate and complete clinical trials; the ability of our clinical trials to demonstrate the safety and efficacy of our product candidates and other positive results; estimates regarding the total addressable market for our product candidates; our business model and strategic plans for our products, technologies and businesses, including our implementation thereof; and other risks and uncertainties described in the section titled “Risk Factors” in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 11, 2021, and other reports filed with the SECOND. The forward-looking statements contained in this press release are made as of this date, and Femasys undertakes no obligation to update such information except as required by applicable law.

contacts:

Investors
Chuck Padala
LifeSci Advisors, LLC
+1-917-741-7792
[email protected]

Media
Starry sky
LifeSci Communications
[email protected]

Femasys Inc.
Investor contacts:
[email protected]

Media Contact:
[email protected]

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