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PRINCETON, N.J., Aug. 13, 2015 (GLOBE NEWSWIRE) -- Agile Therapeutics, Inc. (Nasdaq:AGRX), a women's health specialty pharmaceutical company focused on the development and commercialization of new prescription contraceptive products, today reported financial results for the three and six months ended June 30, 2015 and provided a corporate update for the second quarter 2015.
Second quarter 2015 and other recent corporate developments include:
"During the second quarter, we advanced our strategy for providing women additional contraceptive choices," said Al Altomari, Chief Executive Officer and President of Agile. "We continued to execute on our near-term strategy and are pleased with our progress towards completing enrollment in our Twirla Phase III SECURE clinical trial by the end of the third quarter. We also broadened our intellectual property portfolio with the allowance of several important patent applications that can provide us with a platform for developing new pipeline products beyond Twirla and position us for potential longer term growth."
Second Quarter Financial Results
About Agile Therapeutics, Inc.
Agile Therapeutics is a women's health specialty pharmaceutical company focused on the development and commercialization of new prescription contraceptive products. Our product candidates are designed to provide women with contraceptive options that offer greater convenience and facilitate compliance. Our lead product candidate, Twirla®, (ethinyl estradiol and levonorgestrel transdermal system), also known as AG200-15, is a once-weekly prescription contraceptive patch currently in Phase 3 clinical development. Twirla is based on our proprietary transdermal patch technology, called Skinfusion®, which is designed to provide advantages over currently available patches and is intended to optimize patch adherence and patient acceptability. For more information, please visit the company website at www.agiletherapeutics.com. The company may occasionally disseminate material, nonpublic information on the company website.
Certain information contained in this press release includes "forward-looking statements" related to the Company's, projected cash position, timeline for clinical trials and potential market opportunity for its product candidates. 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 expectations 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. For example, our statements about our projected cash position could be affected by market factors, the inherent risks in our business, our ability to execute the Company's operational and budget plans, and unforeseen events in our clinical and manufacturing development plans; our statements about the timing and conduct of our clinical trial could be affected by the potential that we experience difficulty in identifying and initiating sites and enrolling subjects, we identify serious side effects or other safety issues, we do not have clinical supply of our product candidate that is adequate in amount and quality and supplied in a timely fashion, and the inherent risks of clinical development; our statements about the potential commercial opportunity could be affected by the potential that our product does not receive regulatory approval, does not receive reimbursement by third party payors, or a commercial market for the product does not develop because of any of the risks inherent in the commercialization of contraceptive products. For all these reasons, actual results and developments could be materially different from those expressed in or implied by our forward-looking statements. All forward looking statements are subject to risks detailed in our filings with the U.S. Securities and Exchange Commission, including the Company's 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.
|Agile Therapeutics, Inc.|
|Condensed Balance Sheets|
|Cash and cash equivalents||$46,408||$40,182|
|Total current assets||47,225||40,986|
|Property and equipment, net||12,310||12,046|
|Other assets, long-term||2,140||1,794|
|Liabilities and stockholders' equity|
|Accounts payable and accrued expenses||$4,878||$3,693|
|Loan payable, current portion||---||5,003|
|Total current liabilities||5,234||8,992|
|Loan payable, long-term||15,258||9,828|
|Additional paid-in capital||192,598||170,396|
|Total stockholders' equity||41,183||36,006|
|Total liabilities and stockholders' equity||$61,675||$54,826|
|Agile Therapeutics, Inc.|
|Condensed Statements of Operations|
|(in thousands, except share and per share amounts)|
|Three Months Ended June 30,||Six Months Ended June 30,|
|Research and development||$ 6,168||$ 2,391||$ 11,546||$ 3,785|
|General and administrative||1,813||1,104||3,413||2,157|
|Total operating expenses||7,981||3,495||14,959||5,942|
|Loss from operations||(7,981)||(3,495)||(14,959)||(5,942)|
|Interest expense, net||(546)||(403)||(971)||(782)|
|Change in fair value of warrants||41||180||(59)||192|
|Loss on extinguishment of debt||--||--||(1,036)||--|
|Loss before benefit from income taxes||(8,486)||(3,718)||(17,025)||(6,532)|
|Benefit from income taxes||--||--||--||3,652|
|Net loss||$ (8,486)||$ (3,718)||$ (17,025)||$ (2,879)|
|Net loss per common share:|
|Basic and Diluted||$ (0.38)||$ (0.46)||$ (0.78)||$ (0.71)|
|Weighted-average shares outstanding:|
|Basic and Diluted||22,202,680||8,000,092||21,745,318||4,074,734|
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