PRINCETON, NJ--(Marketwire - July 19, 2012) -
Agile Therapeutics announced today that it has closed a $40 million Series C financing. The round was led by new investor Aisling Capital, LLC, who joins existing Agile investors including Care Capital, Investor Growth Capital, ProQuest Investments, Kaiser Permanente Ventures, and Novitas Capital.
Agile is preparing for commercialization of its lead product, AG200-15, a once-weekly, low-dose contraceptive patch. Agile recently filed a New Drug Application (NDA) with the U.S. Food and Drug Administration for AG200-15 and anticipates a response in the first quarter of 2013. The company plans to use the proceeds from the financing to support the pre-launch and launch activities for AG200-15 as well as the continued development of its second product, a progestin-only contraceptive patch, AG890.
"We believe that AG200-15 and AG890 have the potential for significant impact in the contraceptive market, and will fill the need for more contraceptive options that offer convenience for patients. This funding gives us the financial strength to launch AG200-15 successfully and to advance the AG890 program," said Al Altomari, President and Chief Executive Officer of Agile Therapeutics. "We are extremely pleased to have secured this funding in light of today's challenging economic conditions and welcome Aisling as an investor in Agile."
In conjunction with the financing, Dr. Andrew Schiff, Managing Partner at Aisling Capital, has joined the Agile Board of Directors. Dr. Schiff brings significant medical and a business expertise to Agile based on 12 years in the healthcare industry. In addition to serving as Clinical Assistant Professor of Medicine at The New York Presbyterian Hospital, he also serves on the board of directors of several well-respected pharmaceutical and medical device companies.
"I am thrilled to join the Agile Board of Directors at this exciting time in the development of the company," said Dr. Schiff. "I look forward to working with the outstanding leadership team at Agile to bring AG200-15 to market. Aisling sees great promise in the product as a new option for women looking for convenient contraception that they only have to remember once a week. Additionally, Agile has a promising pipeline, including its progestin-only patch, and I welcome the opportunity to help lay the foundation for the company's ongoing success."
AG200-15 is a combination hormonal contraceptive patch, which in clinical studies has been shown to deliver a low dose of ethinyl estradiol, as well as a dose of levonorgestrel that is consistent with that of low-dose oral contraceptives. The phase III trials for AG200-15 enrolled more than 2,000 women, and formed the basis for the Company's New Drug Application to the US Food and Drug Administration in 2012.
The AG200-15 patch is applied once weekly for three weeks, followed by a fourth, patch-free week. The patch may be applied to the abdomen, buttocks, or upper torso, is soft and flexible with a cloth-like, silky feel, and designed 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 more convenient methods of hormonal contraception. The company's lead product, AG200-15, is a once-weekly contraceptive patch that has been submitted to the FDA for approval. 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 allows stable drug delivery and dependable adhesion over seven days. For more information, please visit http://www.agiletherapeutics.com.
About Aisling Capital
Aisling Capital is dedicated life sciences private equity firm with over US$1.6 billion under management. Headquartered in New York, Aisling Capital invests in both private and public companies utilizing a wide variety of investment structures. The Aisling Capital team's combination of clinical, operational and financial experience allows the firm to identify, execute and realize investments across the life sciences industry.