Windtree Therapeutics (WINT) said Thursday it signed a license and supply agreement to become the sourcing partner for Evofem Biosciences' Phexxi, an on-demand prescription contraceptive vaginal gel.

Under the deal, Windtree will contract with the manufacturer to produce Phexxi at a cost lower than current levels, the company said.

Evofem will maintain ownership of the asset and continue the domestic and international commercialization of Phexxi through partnerships, the company said.

Windtree shares rose 33% in premarket activity Thursday.