Agile Therapeutics Reports First Quarter 2017 Financial Results

Cash Expected to Fund Operations into Q2 2018

PRINCETON, N.J., May 08, 2017 (GLOBE NEWSWIRE) -- Agile Therapeutics, Inc. (Nasdaq:AGRX), a women's healthcare company today reported financial results for the three months ended March 31, 2017, and provided a corporate update for the first quarter 2017.

First quarter 2017 and other recent corporate developments include:           

"During the first quarter, we continued to advance towards our goal of receiving regulatory approval for Twirla, participated in a productive pre-submission meeting with the FDA and continued to prepare our NDA for resubmission. Additionally we have had multiple scientific opportunities to discuss our Phase 3 SECURE trial results at medical conferences.  We continue to expect to submit our NDA by the end of the second quarter of 2017," said Al Altomari, Chairman and Chief Executive Officer of Agile. "Additionally, we continue to focus on developing our commercialization plans in coordination with the prudent management of our capital resources.  We believe that the flexibility built into our business plan can enable us to fund our operations into the second quarter of 2018."

First Quarter Financial Results

About Agile Therapeutics, Inc.
Agile Therapeutics is a forward-thinking women's healthcare company dedicated to fulfilling the unmet health needs of today's women.  Our 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 lead product candidate, Twirla®, (ethinyl estradiol and levonorgestrel transdermal system), also known as AG200-15, is a once-weekly prescription contraceptive patch that recently completed Phase 3 trials. 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 adhesion and patient wearability. For more information, please visit the company website at www.agiletherapeutics.com. The company may occasionally disseminate material, nonpublic information on the company website.

Forward-Looking Statement
Certain information contained in this press release includes "forward-looking statements" related to the Company's clinical trials, regulatory submissions, projected cash position 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 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. Our statements about the results and conduct of our clinical trial could be affected by the potential that there are changes in the data or interpretation of the data by the FDA (for example, the FDA may include additional pregnancies in its calculation of the Pearl Index, which would increase the Pearl Index), whether the results will be deemed satisfactory by the FDA (for example, we describe the results of the SECURE trial as positive, the FDA may disagree with that characterization), and whether additional studies will be required or other issues will arise that will delay resubmission of our NDA or negatively impact acceptance, review and approval of Twirla by the FDA; 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, the FDA does not approve Twirla, the FDA's timeline for review is not completed within six months, our ability to timely complete the qualification and validation of our commercial manufacturing process, and unforeseen events in our clinical and manufacturing development plans; 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
 
(in thousands)
 (Unaudited)
 
 March 31,
2017

 December 31,
2016
Assets     
Current assets:  
Cash and cash equivalents$41,744  $48,750 
Prepaid expenses 2,525   2,768 
Total current assets 44,269   51,518 
Property and equipment, net 12,330   12,330 
Other assets 18   18 
Total assets$56,617  $63,866 
Liabilities and stockholders' equity     
Current liabilities:  
Accounts payable and accrued expenses$5,749  $5,402 
Loan payable, current portion 5,780   5,104 
Warrant liability 63   172 
Total current liabilities 11,592   10,678 
Loan payable, long‑term 9,416   10,899 
   
Stockholders' equity  
  Common stock  3   3 
Additional paid‑in capital 236,590   235,754 
Accumulated deficit (200,984)  (193,468)
Total stockholders' equity 35,609   42,289 
Total liabilities and stockholders' equity$56,617  $63,866 

 

Agile Therapeutics, Inc.
Condensed Statements of Operations
  
(in thousands, except share and per share amounts)
 (Unaudited)
  
 Three Months Ended March 31,
  2017   2016 
Operating expenses:     
Research and development$4,721  $4,927 
General and administrative 2,405   2,053 
Total operating expenses 7,126   6,980 
Loss from operations (7,126)  (6,980)
Other income (expense)  
Interest expense, net (499)  (531)
Change in fair value of warrants 109   193 
Loss before benefit from income taxes (7,516)  (7,318)
Benefit from income taxes     
Net (loss) income$(7,516) $(7,318)
Net loss per share — basic and diluted$(0.26) $(0.27)
        
Weighted‑average shares outstanding — basic and diluted  28,769,361   26,826,223 


Contact:  Mary Coleman -- 609-356-1921