Agile Therapeutics, Inc. (Nasdaq:AGRX), a women's health specialty
pharmaceutical company focused on the development and
commercialization of new prescription contraceptive products,
announced today that it has entered into a loan and security
agreement with Hercules Technology Growth Capital, Inc. for a term
loan of up to $25.0 million.
"This strategic debt refinancing, coupled with our recently
announced equity financing that resulted in $20 million in gross
proceeds, increases our balance sheet strength and ensures that we
are well positioned for executing on our strategy," stated Al
Altomari, President and Chief Executive Officer of Agile. Mr.
Altomari continued, "We expect that our existing estimated cash on
hand as of December 31, 2015, the net proceeds from our recent
equity offering, and the net proceeds and interest-only period
associated with the first tranche of our debt facility will allow
us to fund our operations through the end of 2016. We are pleased
to have the support from Hercules, which is a highly recognized
leader in growth financing."
A first tranche of $16.5 million was funded upon execution of
the loan agreement, approximately $15.5 million of which will be
used to repay Agile's existing term loan facility and the
remainder, after closing costs, will provide additional working
capital for general corporate purposes. Agile is permitted to make
interest only payments on the loan until July 1, 2016, which period
may be extended under certain circumstances. Under the terms of the
loan agreement, Agile may, but is not obligated to, draw an
additional tranche of up to $8.5 million prior to July 1, 2016,
subject to the achievement of certain clinical milestones, which
may be extended to December 31, 2016 under certain
circumstances.
In connection with the loan agreement, Agile issued Hercules a
warrant to purchase 180,274 shares of Agile common stock at an
exercise price of $5.89 per share and granted Hercules the right to
participate in future equity financings in an amount up to $2
million while the loan and warrant are outstanding.
Armentum Partners served as advisor to the Company for this
financing. Armentum has advised on more than 40 debt or royalty
transactions in the past 12 months representing roughly $1 billion
in committed capital.
Further information with respect to these agreements with
Hercules is contained in a Current Report on Form 8-K which will be
filed by Agile with the Securities and Exchange Commission.
The Company is also providing an update on the status of its
Phase 3 SECURE Study, a single-arm, open-label, multicenter Phase 3
trial that will assess the efficacy, safety and tolerability of the
its investigational once-weekly transdermal contraceptive patch,
Twirla® (AG200-15). While the patient recruitment process continues
to progress, enrollment in recent weeks has been slower than
previously anticipated. The Company now expects to complete
enrollment in the third quarter of 2015. "We are pleased with the
significant progress that has been made in the clinic so far," said
Al Altomari. He continued, "We have a rigorous patient selection
process in place that comprises several important steps from
screening to enrollment. We have also implemented measures to
optimize patient compliance and continuation in the study. As we
work toward completing enrollment of our SECURE study, we will
continue to remain focused on identifying qualified patients and
maintaining close oversight of the trial."
About Hercules Technology Growth Capital,
Inc.
Hercules Technology Growth Capital, Inc. (NYSE:HTGC) is the
leading specialty finance company focused on providing senior
secured loans to venture capital-backed companies in
technology-related industries, including technology, biotechnology,
life science, and energy and renewables technology, at all stages
of development. Since inception (December 2003), Hercules has
committed more than $4.6 billion to over 300 companies and is the
lender of choice for entrepreneurs and venture capital firms
seeking growth capital financing. Companies interested in learning
more about financing opportunities should contact info@htgc.com, or
call 650.289.3060.
About Agile Therapeutics, Inc.
Agile Therapeutics is a women's health specialty pharmaceutical
company focused on the development and commercialization of new
prescription contraceptive products. Our product candidates are
designed to provide women with contraceptive options that offer
greater convenience and facilitate compliance. Our lead product
candidate, Twirla®, (ethinyl estradiol and levonorgestrel
transdermal system), also known as AG200-15, is a once-weekly
prescription contraceptive patch currently in Phase 3 clinical
development. Twirla is based on our proprietary transdermal patch
technology, called Skinfusion®, which is designed to provide
advantages over currently available patches and is intended to
optimize patch adherence and patient acceptability. For more
information, please visit the company website at
www.agiletherapeutics.com. The company may occasionally disseminate
material, nonpublic information on the company website.
Forward-Looking Statement
Certain information contained in this press release includes
"forward-looking statements" related to the Company's timeline for
clinical trials and potential market opportunity for its product
candidates. We may, in some cases use terms such as "predicts,"
"believes," "potential," "continue," "anticipates", "estimates,"
"expects," "plans," "intends," "may," "could," "might," "will,"
"should" or other words that convey uncertainty of the future
events or outcomes to identify these forward-looking statements.
Our forward-looking statements are based on current expectations
that involve risks, potential changes in circumstances, assumptions
and uncertainties. Any or all of the forward-looking statements may
turn out to be wrong, or be affected by inaccurate assumptions we
might make or by known or unknown risks and uncertainties. For
example, our statements about the timing and conduct of our
clinical trial could be affected by the potential that we
experience difficulty in identifying and initiating sites and
enrolling subjects, we identify serious side effects or other
safety issues, we do not have clinical supply of our product
candidate that is adequate in amount and quality and supplied in a
timely fashion, and the inherent risks of clinical development; our
statements about the potential commercial opportunity could be
affected by the potential that our product does not receive
regulatory approval, does not receive reimbursement by third party
payors, or a commercial market for the product does not develop
because of any of the risks inherent in the commercialization of
contraceptive products. For all these reasons, actual results and
developments could be materially different from those expressed in
or implied by our forward-looking statements. All forward looking
statements are subject to risks detailed in our filings with the
U.S. Securities and Exchange Commission, including the Company's
Registration Statement on Form S-1 and the prospectus filed in
connection therewith and our Reports on Form 10-Q. You are
cautioned not to place undue reliance on these forward-looking
statements, which are made only as of the date of this press
release. We undertake no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.
CONTACT: Mary Coleman
609-356-1921
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