Agile Therapeutics Announces Pricing of $7.5 Million Public Offering
23 May 2023 - 10:00AM
Agile Therapeutics, Inc. (Nasdaq: AGRX) ("Agile Therapeutics" or
the "Company"), a women's healthcare company, today announced the
pricing of its public offering of an aggregate of 1,896,286 shares
of its common stock (or pre-funded warrants in lieu thereof),
together with accompanying common stock warrants, at a public
offering price of $3.9551 per share (or pre-funded warrant) and
accompanying warrants. Each share of common stock (or pre-funded
warrant) was sold in the offering together with a Series C-1
warrant to purchase one share of common stock at an exercise price
of $3.69 per share and a Series C-2 warrant to purchase one share
of common stock at an exercise price of $3.69 per share. The Series
C-1 warrants are exercisable immediately and will expire five years
from the date of issuance, and the Series C-2 warrants are
exercisable immediately and will expire eighteen months from the
date of issuance. Total gross proceeds from the offering, before
deducting the placement agent's fees and other offering expenses,
are expected to be approximately $7.5 million.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The closing of the offering is expected to occur
on or about May 25, 2023, subject to the satisfaction of customary
closing conditions. The Company intends to use the net proceeds
from this offering for working capital, business development
activities, and other general corporate purposes. The securities
described above are being offered pursuant to a registration
statement on Form S-1 (File No. 333- 271249), which was declared
effective by the Securities and Exchange Commission (the “SEC”) on
May 22, 2023. The offering is being made only by means of a
prospectus forming part of the effective registration statement
relating to the offering. A preliminary prospectus relating to the
offering has been filed with the SEC. Electronic copies of the
final prospectus, when available, may be obtained on the SEC’s
website at http://www.sec.gov and may also be obtained by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
In connection with the offering, the Company
also has agreed to amend certain existing warrants to purchase up
to an aggregate of 229,669 shares of the Company's common stock
that were previously issued in October 2021 through July 2022 at
exercise prices ranging from $45.00 to $1,700.00 per share, such
that effective upon the closing of the offering the amended
warrants will have a reduced exercise price of $3.69 per share and
will expire five years from the closing of the offering.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
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, Twitter account (@agilether), and LinkedIn
account.
Forward-Looking
StatementsCertain information contained in this
press release includes "forward-looking statements" within the
meaning of The Private Securities Litigation Reform Act of 1995,
including statements related to the offering and our use of
proceeds from the offering. 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
beliefs and expectations of our management team 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 as a result of various
important factors, including the uncertainties related to market
and other conditions and the completion of the public offering,
satisfaction of customary closing conditions and use of proceeds
from the public offering or at all and various other factors. For a
more detailed description of the risks and uncertainties that could
cause actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to our
business in general, please refer to our 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, except as required by
law.
Contact:Matt RileyHead of Investor Relations
& Corporate
Communicationsmriley@agiletherapeutics.com
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