Agile raises $55 million in IPO
Contraceptive play Agile Therapeutics Inc. (NASDAQ:AGRX) raised $55 million through the sale of 9.2 million shares at $6 in an IPO underwritten by RBC Capital Markets; William Blair; Cantor Fitzgerald; and Janney Montgomery Scott. The $6 price -- which values Agile at $111.6 million -- is well below the company's proposed range of $12-$14. Earlier this month, Agile said it planned to sell 4.6 million shares in the range.
Agile's lead candidate is Twirla ( AG200-15), a once-weekly contraceptive patch. Next quarter, Agile plans to start a Phase III trial that the company expects will address all of the issues raised by FDA in a February 2013 complete response letter for the low-dose transdermal patch containing levonorgestrel and ethinyl estradiol. Agile expects data from the trial by the end of 2015, with an NDA resubmission slated for 1H16. ...