Evyn Medical · Care for women, founded by a woman · September 2026
Women already use testosterone. Almost nothing is licensed for them.
Specialist care for women whose desire changed after menopause. A clinic that earns from Year 1, a partnered product and an outcomes registry.
United States prescriptions to women
Growth from January 2023 to July 2026. There is still no product approved for women by the United States Food and Drug Administration.
Source: Reuters, 15 September 2026
Why women need it
Testosterone is not just for men. Women make it every day.
Before menopause, women have more testosterone than oestrogen.
The ovaries, the adrenal glands and the body's own tissues.
Glands release it directly and tissues convert more from precursor hormones. A woman's levels are roughly a tenth to a twentieth of a man's. Small, and essential.
It acts on the brain, the clitoris, the vulva, bone and muscle.
Testosterone supports sexual desire and arousal. The body also converts part of it into oestradiol, the main oestrogen.
Levels decline steadily from a woman's twenties.
By her forties a woman has roughly half the testosterone she had at twenty. Surgical removal of the ovaries causes an abrupt drop. For some women, desire changes and the change is distressing.
Menopause care routinely replaces oestrogen and often overlooks testosterone. The Global Consensus Position Statement on the Use of Testosterone Therapy for Women (2019), endorsed by the International Menopause Society and the Endocrine Society, supports testosterone at female doses for postmenopausal women with distressing low sexual desire. That is the care Evyn Medical is built to provide.
01 · The opportunity
Demand is surging. Licensed supply is almost absent.
Past products failed on data and commercial choices. Not on science.
Prescribing rose fifteen-fold between 2015 and 2025.
Most National Health Service prescribers still split small doses from male gels.
Over 2 million women use off-label male-dose testosterone.
Acrux estimate. Compounded creams fill the gap with no licensed alternative.
The Food and Drug Administration held a public workshop on 17 September 2026.
Its public comment docket closes on 19 October 2026. The company will submit.
| Market | Population | Women with the condition | Licensed female product |
|---|---|---|---|
| United States | 340 million | 3.4 million | None |
| European Union | 450 million | 4.5 million | None |
| United Kingdom | 69 million | 690,000 | AndroFeme, launching 2026 |
| Australia | 27.5 million | 275,000 | AndroFeme |
How the market is sized
Estimates apply the Acrux rule: about 10% of the population are peri or postmenopausal women, and about 10% of them have the condition. Acrux sizes the United States market at 2.8 billion United States dollars. Populations are approximate.
Proven
Distressing low sexual desire in postmenopausal women is the only proven use. Short-term safety at female doses is reassuring. Testosterone falls with age, not suddenly at menopause (Monash study of 8,096 women).
Not proven
Energy, mood, muscle or cognition benefits. Long-term breast and heart safety beyond about 24 months. Injections, pellets and compounded products: guidelines advise against them.
Our stance: offer only what international guidelines support. That honesty is the commercial advantage.
02 · The business
Two revenue engines. One evidence base.
The clinic earns. Partners fund product development.
Specialist telehealth care
For postmenopausal women with distressing low desire, the only use supported by international guidelines. Australia first, then the United Kingdom at month 18.
A female-specific product
Regional rights and co-development with an established partner, then Evyn, our own metered gel. Targeting the United States and Europe.
Real-world outcomes registry
Built to regulatory standard. It strengthens every regulatory submission, subsidy application and partner negotiation.
Firewall · prescribers earn nothing linked to product
The product company holds all intellectual property, licences and registrations. Clinic doctors prescribe independently, which avoids conflicts of interest and advertising breaches.
Priced inside the Australian market: initial consultations run $265 to $325 and memberships $39 to $99 a month. The clinic takes no margin on medication. United Kingdom pricing: £195, £120 and £39 a month.
Product portfolio · working names, not yet trade mark searched
Evyn, metered daily gel pump
One press, one dose. Free of tree nut oils, parabens, butylated hydroxytoluene and cetostearyl alcohol. Child-resistant lock, dose counter, two colour-coded strengths, 30 and 90 dose packs. Target 1 to 4 milligrams a day at premenopausal blood levels. Every excipient is already used in an approved testosterone gel.
Evyn Connect
Records every dose and syncs to the clinic app. Daily, missed dose and refill reminders. Hand-washing prompts protect partners and children. Records and reminds only, never advises on dose, which keeps regulation light. May be patentable where the gel formula is not.
Ten-week digital therapy
Mindfulness and cognitive behavioural therapy, the approaches supported by randomised trials of online delivery. Weekly 15-minute lessons, daily guided practice, desire and distress check-ins shared with the clinic. No hormone risk and no permits. Included in membership; standalone subscription for women not using medication.
Suction therapy device
Supports arousal and sensation. An established regulated device category.
Evyn economics, 30-day pump
| Measure | Australia | United Kingdom | United States |
|---|---|---|---|
| Patient price | $45 to $55 | £30 to £40 | US$99 to US$129 |
| Net to company | $28 to $34 | £19 to £25 | US$65 to US$90 |
| Cost of goods | $6 to $10 | £4 to £6 | US$5 to US$8 |
| Gross margin | about 70% | about 75% | about 90% |
Benchmarks and assumptions
At $30 net a month and 10,000 Australian users, Evyn earns about $3.6 million a year in Australia alone. United States income arrives as partner royalties. Benchmarks: AndroFeme 1 cream $104 to $140 a tube lasting 3 to 4 months; Addyi US$149 a month; compounded cream about US$20 to US$50 a month. Cost of goods and channel margins are planning assumptions.
Product pipeline
| Stage | Route | Markets | Revenue model | Timing |
|---|---|---|---|---|
| 1 | Regional rights to an existing licensed or late-stage female product | Markets without a licensed product | Distribution margin | Deal Year 2, sales Year 3 |
| 2 | Co-development of a Phase III-ready product with a partner | United States, European Union | Milestones and royalties | Deal Years 2 to 3, launch Year 5 onward |
| 3 | Proprietary improved formulation: metered pump, patch or vaginal product, with a connected dosing cap | Global | Owned product, licensing income | Development from Year 3 |
Protecting the product
Testosterone itself cannot be patented. The company protects what surrounds it: formulation, delivery device, dosing method, registry data, brand and licence rights. First partner conversations: Acrux, Medherant and Lawley Pharmaceuticals.
03 · Why this time is different
Every past failure has a built-in fix.
Select a row to see the detail
Too little long-term safety data
A United States advisory panel rejected Intrinsa in 2004 over breast cancer and cardiovascular uncertainty.
Build on existing safety data
The LibiGel safety study of 3,656 women found no link to heart attack or breast cancer over an average 24.5 months. Agree the remaining gap with the regulator early and commit to a post-approval registry.
Doses drifting above the female range
Some trial participants reached higher than normal testosterone activity.
Fixed dosing and monitoring
Only products proven to hold premenopausal levels, with three-monthly blood monitoring in the clinic.
Placebo response
LibiGel did not beat placebo in Phase III.
Regulator-aligned trial design
Agreed endpoints, more than one dose, carefully screened participants and standardised site training.
Ran out of funding
Tostrelle gel ran out of money before Phase III.
Partner-funded Phase III
A partner funds Phase III and clinic revenue supports the company. The most valuable conversation: a licence to the LibiGel safety database held by ANI Pharmaceuticals, which could save years of safety studies.
Indication too narrow
Europe approved Intrinsa only for surgical menopause with oestrogen.
The full indication from the first submission
Seek approval for all postmenopausal women with the condition.
Commercial abandonment
Intrinsa's European licence was withdrawn in 2012 for commercial reasons.
A ready market at launch
Enter with a prescriber and patient base built by the clinic, alongside established women's health partners.
Subsidy strategy: private pay first, evidence then subsidy
Australia
AndroFeme refused Pharmaceutical Benefits Scheme subsidy in November 2025; Lawley in the Federal Court
Evidence versus placebo in the right population
Phase III with representative women; strict criteria; price at or below men's testosterone per day; risk share
Positive recommendation two years after Phase III
United Kingdom
National guidance says consider testosterone when hormone therapy alone fails; used off-label
Local formulary inclusion; specialist-only rules
Match off-label cost; ready-made monitoring protocol; busiest regions first
Formulary places in three National Health Service regions in Year 1
United States
Medicare Part D legally excludes sexual dysfunction drugs
Legal exclusion; no approved product
Cash price from day one; partner wins commercial insurers; employer benefits
Two major insurers covering with prior authorisation
The business markets a condition and a specialist service. Never a medicine.
Australian law prohibits advertising prescription medicines to the public, and the United Kingdom applies similar rules. The clinic brand will carry no medicine name, public content covers low desire after menopause and specialist care, there are no clinical testimonials or influencer codes, and every asset passes a documented compliance review.
900 · 2,500 · 5,100
New patients a year.
$200 to $228
Against a Year 1 marketing budget of $180,000.
300 · 1,000 · 2,500
Clinicians completing accredited modules in Years 1 to 3.
04 · Roadmap
The clinic funds the first two years.
Each round unlocks only when its milestones are met.
Now to month 3
Set up
Company, trade marks, medical director, protocols. Partner talks open. Public comment to the Food and Drug Administration.
Months 4 to 6
Soft launch
50 patients, then full Australian launch at month 6. Registry ethics approval.
Months 7 to 12
About 675 members
Clinician education modules live. Seed round of $2.5 million.
Year 2
United Kingdom launch
Clinic opens at month 18. About 2,350 members. Partner or data licence term sheet.
Year 3
Partnering deal
About 5,500 members. Formulation and pump testing. Series A of $8 million.
Year 4
Clinic break-even
Clinical batch, stability and skin safety studies.
Year 5
Group cash positive
Absorption and transfer studies. Agreement on Phase II and III design.
Years 6 to 8
Registration
Submissions in Australia, the United Kingdom and the United States, then the European Union.
05 · Financials
$0.66 million to $15.5 million in five years.
Peak funding need of $4.2 million in Year 4. Planning estimates in Australian dollars.
| Thousands of dollars | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Total revenue | 662 | 2,252 | 5,549 | 10,021 | 15,516 |
| Gross profit | 421 | 1,454 | 3,715 | 7,103 | 11,634 |
| Total operating expenses | 1,130 | 2,620 | 4,480 | 6,170 | 7,460 |
| Clinic operating result | (709) | (1,166) | (765) | 933 | 4,174 |
| Product development share | 0 | 0 | 1,500 | 4,000 | 5,000 |
| Research and Development Tax Incentive refund | 59 | 94 | 835 | 2,001 | 2,514 |
| Cumulative cash position before equity | (650) | (1,723) | (3,153) | (4,219) | (2,530) |
Model assumptions
Assumes 75% of new patients convert to membership and 70% renew each year. If retention falls to 55%, the clinic still breaks even in Year 4 and peak funding need rises to about $5.0 million. A partner funds the Phase III programme; the company's share is capped.
Valuation
Indicative fair market value of $5.5 million today.
The planned $6 million pre-money sits inside the range.
- Low
- $2.5 million
- Base
- $5.5 million
- Pre-money
- $6.0 million
- High
- $12.2 million
A planning valuation, not a formal valuation opinion. An independent valuer will be commissioned before any share issue. The full valuation model, method and stage by stage values are in the data room.
06 · The raise
$11.4 million over three staged rounds.
A $1.1 million pre-seed keeps three months of reserve before seed.
Open now · Pre-seed
- Pre-money
- About $6 million
- Plan base
- $900,000
- Investors
- Founder, angels, women's health investors
- Purpose
- Build and launch the Australian clinic
Unlocks seed: clinic live, 300 patients seen, 12-week retention at or above 80%, registry ethics approval, medical director and advisory board in place.
Months 9 to 12 · Seed
- Pre-money
- $10.5 million
- Investors
- Health venture funds, angels
- Purpose
- Scale Australia, launch the United Kingdom
Unlocks Series A: $2 million annual revenue run rate, United Kingdom clinic live, signed partner term sheet, freedom to operate search complete.
Year 3 · Series A
- Pre-money
- $30 million
- Investors
- Venture funds, strategic pharmaceutical investors
- Purpose
- Product co-development share, clinic growth
Unlocks partner Phase III: regulator agreement on trial design and an executed co-development agreement.
About $8.6 million
Covered with about $2.8 million headroom.
About $9.5 million
Covered
About $13 million
Not covered Pause product spend until a partner milestone is paid.
| Non-dilutive source | Market | Fit | Value, Years 3 to 5 |
|---|---|---|---|
| Research and Development Tax Incentive: 43.5% refundable offset | Australia | Excellent | About $5.3 million, included |
| Biomedical Catalyst: grants up to 45% of project costs | United Kingdom | Good once research runs there | Up to about $3.8 million, upside only |
| Small Business Innovation Research grants | United States | Poor: needs 51% American ownership | Not included |
| Research collaborations | All | Good for registry analysis | In-kind |
07 · Team
A founder with the audience. A clinical team forming around her.
Founder and Chief Executive
Hope Morrison
Founder of Evyn Medical. Author of RESIDUE. Educator and keynote speaker on women's sexual health and menopause, based in Australia and working internationally. Creator of the HOPE Method.
Leads strategy, fundraising, partnerships and brand.
Headcount, full-time equivalent
Year 1: 4 · Year 2: 9 · Year 3: 14 · Years 4 to 5: 20 to 25
Honest positioning in a category crowded with hype.
08 · Risks
Named risks. Real fallbacks.
Pre-seed · $1.1 million · open now
Help build the licensed option women are missing.
Qualified investors and prospective partners can request the full business plan, the valuation model and the data room.
- Investor presentation, 30 slides
- Global business plan, 58 pages
- Valuation model and quarterly tracker
- Ownership and investor returns scenarios
- Five-year financial model
- Regulatory, reimbursement and patent strategy
- Manufacturing and controlled substance permit plan