Agile announces pricing of underwritten public offering expected to raise about $45M

Agile announces pricing of underwritten public offering expected to raise about $45M

Proactive Investors

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Agile Therapeutics Inc (NASDAQ:AGRX), which is preparing to commercialize its lead product Twirla, announced Friday the pricing of its underwritten public offering that’s expected to raise about $45 million.  The Princeton, New Jersey-based women’s health company is offering 15 million shares of its common stock at a price of $3 per share -- which closed at $3.58 on Thursday.  In addition, Agile Therapeutics has granted the underwriters a 30-day option to purchase up to 2.25 million additional shares of common stock at the public offering price, less the underwriting discounts and commissions. All shares in the offering will be sold by Agile. READ: Agile closes 2019 with $34.5 million in cash as it preps for Twirla commercialization The joint book-running managers for the offering are RBC Capital Markets, William Blair, and Oppenheimer & Co. In addition, HC Wainwright & Co, Maxim Group LLC, and Janney Montgomery Scott are acting as co-managers. The offering is expected to close on or about February 25, subject to customary closing conditions. The US Food and Drug Administration recently approved Twirla, a low-dose prescription contraceptive delivered through the skin via the company’s proprietary patch technology. Agile said it plans to begin the pre-validation and validation of the commercial manufacturing process in the first half of 2020, manufacture three validation batches of Twirla and complete the validation process in the second half of 2020.   At the same time, the company will prepare for the availability of commercial product supply. In the first quarter of 2020, Agile intends to initiate work with managed care and patient payors to gain market access for Twirla. In the second quarter, the company plans to begin hiring and training an initial sales team of an estimated 70 to 100 persons.  Agile said it intends to ship the product to wholesalers in the fourth quarter of 2020. Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham

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