Agile Therapeutics Receives $4.7M After Selling Net Operating Loss Tax Benefits Through New Jersey Economic Development Program
11 4월 2022 - 8:05PM
Agile Therapeutics, Inc. (Nasdaq: AGRX), a women's healthcare
company, today announced the receipt of $4.7 million in net
proceeds from the sale of tax benefits pursuant to the Company’s
participation in the New Jersey Economic Development Authority
(NJEDA) Net Operating Loss (NOL) program under the New Jersey
Economic Recovery Act of 2020.
“We are pleased to receive these non-dilutive funds from the New
Jersey NOL program,” said Dennis Reilly, Agile Therapeutics Senior
Vice President and Chief Financial Officer. “The funding will be
beneficial to us as we continue to execute on our business plan in
2022. I am most thankful to the New Jersey State leadership and
NJEDA for supporting NJ biotechnology companies.”
The NOL program enables qualified, NJ-based technology or
biotechnology companies to sell net operating losses to unrelated
profitable corporations. This allows qualifying technology and
biotechnology companies with NOLs to turn their tax losses and
credits into cash proceeds to fund growth and operations, including
research and development or other allowable expenditures.
About Agile Therapeutics, Inc.Agile
Therapeutics is a women's healthcare company dedicated to
fulfilling the unmet health needs of today’s women. Our
product and product candidates are designed to provide women with
contraceptive options that offer freedom from taking a daily pill,
without committing to a longer-acting method. Our initial
product, Twirla®, (levonorgestrel and ethinyl estradiol), a
transdermal system, is a non-daily prescription contraceptive.
Twirla is based on our proprietary transdermal patch technology,
called Skinfusion®, which is designed to allow drug delivery
through the skin. For more information, please visit the company
website at www.agiletherapeutics.com. The
Company may occasionally disseminate material, nonpublic
information on the Company’s website.
Forward-Looking StatementCertain information
contained in this press release includes “forward-looking
statements”, within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, related to the Company’s financial status
and execution of its commercial plan. We may, in some cases use
terms such as “predicts,” “believes,” “potential,” “continue,”
“anticipates,” “estimates,” “expects,” “plans,” “intends,” “may,”
“could,” “might,” “likely,” “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 beliefs and expectations of our management
team that involve risks, potential changes in circumstances,
assumptions, and uncertainties, including statements regarding the
safety profile of Twirla. 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. These forward-looking statements are subject to
risks and uncertainties including risks related to our ability
maintain regulatory approval of Twirla, our ability to successfully
commercialize Twirla, regulatory and legislative developments
in the United States and foreign countries, our ability
to obtain and maintain intellectual property protection for Twirla,
our strategy, business plans and focus, and the other risks set
forth in our filings with the U.S. Securities and Exchange
Commission, including our Annual Report on Form 10-K and our
Quarterly Reports on Form 10-Q. For all these reasons, actual
results and developments could be materially different from those
expressed in or implied by our forward-looking statements. 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: Matt RileyHead of Investor
Relations & Corporate
Communicationsmriley@agiletherapeutics.com
Agile Therapeutics (NASDAQ:AGRX)
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Agile Therapeutics (NASDAQ:AGRX)
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