Windtree Therapeutics rises on licensing deal for birth control vaginal gel

Shares of biotechnology firm Windtree Therapeutics WINT.O rise 27.8% to $2.16 in afternoon trading

WINT says it has entered into a licensing deal with Evofem Biosciences EVFM.PK for its birth control vaginal gel, Phexxi

WINT will serve as the sourcing partner to Evofem and aims to produce Phexxi at a cheaper cost

Co says Evofem will maintain ownership of the asset and continue to commercialize Phexxi in the U.S. and internationally

Up to last close, WINT has fallen 99.4% in the past 12 months