Agile Therapeutics Receives Approximately $6 Million in Non-Dilutive Funding From New Jersey’s Technology Business Tax Cert...
01 12월 2015 - 9:45PM
Agile Therapeutics, Inc. (Nasdaq:AGRX), a specialty pharmaceutical
company focused on the development and commercialization of new
prescription contraceptive products, announced today that it has
received net proceeds of approximately $6 million in non-dilutive
financing through the State of New Jersey's Technology Business Tax
Certificate Transfer Program (the “Program”). The Program
makes it possible for biotechnology companies to raise funds to
finance their business growth and operations. The New Jersey
Economic Development Authority (NJEDA) and the New Jersey
Department of the Treasury’s Division of Taxation administer the
Program.
“We are very pleased the NJEDA approved our
application in this year’s Program,” said Al Altomari, President
and Chief Executive Officer of Agile. “We are thankful for
New Jersey’s continued support of its biotechnology industry and
its extraordinary commitment to growing businesses in the
state.”
The Program enables approved biotechnology
companies to sell their unused Net Operating Loss Carryovers
(NOLs), and unused Research and Development (R&D) Tax Credits
for at least 80% of the value of the tax benefits to unaffiliated,
profitable corporate taxpayers in the State of New Jersey. This
allows biotechnology companies with NOLs to turn their tax losses
and credits into cash proceeds to fund more R&D, buy equipment
and/or facilities, or cover other allowable expenditures under the
Program. The NJEDA determines eligibility for the Program, the New
Jersey Division of Taxation determines the value of the available
tax benefits (NOLs and R&D Tax Credits).
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,
projected 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 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 Annual Report on
Form 10-K and our Quarterly 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
Agile Therapeutics (NASDAQ:AGRX)
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