PRINCETON, NJ--(Marketwire - January 03, 2013) -
Agile Therapeutics and Oxford Finance announced today that they have closed a term loan facility for up to $15 million. Agile is developing a once-weekly contraceptive patch, AG200-15, designed to deliver a low daily dose of hormones, as well as a pipeline of other women's health products. Agile recently filed an NDA for AG200-15 and anticipates receiving a response from the FDA in 2013. The Company will use the additional funding to advance its product pipeline and prepare for commercialization activities. Oxford Finance is a specialty financial services firm that provides capital exclusively to life sciences and healthcare services companies worldwide.
"We are pleased that we were able to secure this credit facility with Oxford Finance, a valuable partner in the healthcare field," said Scott Coiante, Agile's Chief Financial Officer. "These additional resources will complement funds raised via our existing investors and will be used to ensure our success in bringing AG200-15 to market and developing our other contraceptive products."
"Agile Therapeutics' seasoned management team is dedicated to developing and improving women's health products," said Christopher A. Herr, Managing Director for Oxford Finance. "Its lead product, the AG200-15 patch, promises to be a good alternative to existing contraceptive products, and Oxford is very pleased to be able to provide capital to support its commercialization."
Agile also announced that Al Altomari, President and Chief Executive Officer, will be presenting an overview of the company at the J.P. Morgan 31st Annual Healthcare Conference, taking place in San Francisco on January 7-11, 2013. Mr. Altomari will be presenting at 2:00 pm Pacific time on January 9, 2013.
AG200-15 is an investigational combination hormonal contraceptive patch, designed to deliver a low dose of ethinyl estradiol comparable to low-dose combination oral contraceptives. The phase III trials for AG200-15 enrolled nearly 2,000 women and formed the basis for the Company's application to the US Food and Drug Administration in 2012.
The AG200-15 patch is intended to be applied once weekly for three weeks, followed by a fourth, patch-free week. The patch is designed using a soft, flexible cloth, with a silky feel, and is intended to provide excellent adhesion, comfort, and appearance.
About Agile Therapeutics
Agile Therapeutics is a pharmaceutical development company specializing in Women's Healthcare products, with an initial focus on providing women with more options and potentially more convenient methods of hormonal contraception. The Company's lead investigational product, AG200-15, is designed to be a once-weekly contraceptive patch that has recently been submitted to the FDA as a New Drug Application (NDA) for review. In addition, Agile is also developing a low dose, progestin-only contraceptive patch, AG890 (formerly AG900). Both AG200-15 and AG890 incorporate proprietary transdermal delivery technology, Skinfusion®, developed by Agile, consisting of an active and peripheral adhesive system that has been designed to allow stable drug delivery and dependable adhesion over seven days. For more information, please visit http://www.agiletherapeutics.com.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated nearly $2 billion in loans, with lines of credit ranging from $500 thousand to $50 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Illinois, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.