Agile Therapeutics Announces Closing of $7.5 Million Public Offering
26 May 2023 - 6:05AM
Agile Therapeutics, Inc. (Nasdaq: AGRX) ("Agile Therapeutics" or
the "Company"), a women's healthcare company, today announced the
closing of its previously announced 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, were approximately $7.5 million.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
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 were 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 was made only by means of a prospectus forming part of the
effective registration statement relating to the offering. A final
prospectus relating to the offering has been filed with the SEC.
Electronic copies of the final prospectus 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 amended 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 the
amended warrants now have a reduced exercise price of $3.69 per
share and 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, use of proceeds from the public offering 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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