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Agile Therapeutics Reports Fourth Quarter and Full Year 2018 Financial Results

March 12, 2019 4:15 PM

Cash Expected to Enable Company to Fund Operations into the Fourth Quarter of 2019

Company plans to resubmit Twirla NDA in second quarter of 2019

PRINCETON, N.J., March 12, 2019 (GLOBE NEWSWIRE) -- Agile Therapeutics, Inc. (Nasdaq: AGRX), a women's healthcare company, today reported financial results for the three months and year ended December 31, 2018 and provided a corporate update.

Fourth quarter 2018 and other recent corporate developments:

Twirla® Update

Financing Update

“We are pleased to have completed our private placement and appreciate the support from our new investor,” said Al Altomari, Chairman and Chief Executive Officer of Agile. ”We believe we now have the funding in place to execute our regulatory strategy to seek the approval of Twirla. We continue to believe that Twirla, if approved, will provide women with an important contraception option they do not currently have – a once-weekly contraceptive patch designed to deliver a low dose of estrogen.”

Fourth Quarter Financial Results

About Twirla® (AG200-15)

Twirla (ethinyl estradiol and levonorgestrel transdermal system) or AG200-15 is an investigational low-dose, once-weekly combined hormonal contraceptive (CHC) patch that contains the active ingredients ethinyl estradiol (EE), a type of estrogen and levonorgestrel (LNG), a type of progestin. Twirla is designed to be applied once weekly for three weeks, followed by a week without a patch. The Company has completed its Phase 3 clinical trials of Twirla and is pursuing regulatory approval in the U.S. Agile received a complete response letter (“CRL”) from the FDA in December 2017 relating to the New Drug Application (“NDA”) for Twirla. In the CRL, the FDA informed the Company that the product could not be approved in its present form. The Company plans to resubmit the Twirla NDA in the second quarter of 2019.

Xulane® is a registered trademark of Mylan N.V., and Ortho Evra® is a registered trademark of Johnson & Johnson.

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 an investigational low-dose, non-daily prescription contraceptive. Twirla is based on our proprietary transdermal patch technology, called Skinfusion®, which is designed to allow drug delivery through the skin. For more information, please visit the company website at www.agiletherapeutics.com. The Company may occasionally disseminate material, nonpublic information on the Company’s website.

Forward-Looking Statement
Certain information contained in this press release includes “forward-looking statements”, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, related to our regulatory submissions and projected cash position. We may, in some cases use terms such as “predicts,” “believes,” “potential,” “continue,” “anticipates,” “estimates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “likely,” “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, including statements regarding statements regarding the fact that our existing cash and cash equivalents likely will not be sufficient to fund our current and planned operations beyond the fourth quarter of 2019, which raises substantial doubt about our ability to continue as a going concern, and which, in turn, may create negative reactions to the price of our common stock making it more difficult to obtain financing in the future, our expectations about Twirla and its NDA, and the use of the net proceeds of our recently completed private placement. 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. These forward looking statements are subject to risks and uncertainties including risks related to our available cash and our ability to obtain additional funding to fund our business plan without delay and to continue as a going concern, our ability to adequately and timely respond to the deficiencies in the second Twirla CRL issued by the FDA on December 21, 2017, the potential that the FDA determines that our data do not support resubmission or approval of Twirla NDA and requires us to conduct additional studies to address the concerns raised in the 2017 CRL, our ability to resubmit the Twirla NDA and obtain and maintain regulatory approval of our product candidates, and the labeling under any approval we may obtain, our ability to obtain a favorable Advisory Committee vote in the likely event the FDA requires an Advisory Committee to review the benefit and risk profile of Twirla, the accuracy of our estimates regarding expenses, future revenues, capital requirements and needs for additional financing, our third-party manufacturer, Corium International, Inc.’s (Corium) inability to complete any work or provide any data and other information necessary to support the resubmission and approval of our Twirla NDA, our ability along with Corium to complete successfully the scale-up of the commercial manufacturing process for Twirla, including the qualification and validation of equipment related to the expansion of Corium's manufacturing facility and to pass a likely FDA pre-approval inspection, the performance and financial condition of Corium or any of the suppliers to our third-party manufacturer, the success and timing of our clinical trials or other studies, our ability to retain key employees, regulatory and legislative developments in the United States and foreign countries, our plans to commercialize Twirla and develop our other potential product candidates, the size and growth of the potential markets for our product candidates and our ability to serve those markets, the rate and degree of market acceptance of any of our product candidates, our ability to obtain and maintain intellectual property protection for our product candidates, the successful development of our sales and marketing capabilities, our inability to timely obtain from our third-party manufacturer, Corium, sufficient quantities or quality of our product candidates or other materials required for a clinical trial or other tests and studies, our ability to successfully implement our strategy and the other risks set forth in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. For all these reasons, actual results and developments could be materially different from those expressed in or implied by our forward-looking statements. 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.

Source: Agile Therapeutics

Contact: Investor Relations -- 609-683-1880

Agile Therapeutics, Inc.
Condensed Balance Sheets

(in thousands)
(Unaudited)

December 31,
2018
December 31,
2017
Assets
Current assets:
Cash and cash equivalents$7,851 35,952
Prepaid expenses 607 762
Total current assets8,458 36,714
Property and equipment, net13,916 13,863
Other assets 18 18
Total assets$22,392 50,595
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses $2,218 3,636
Loan payable, current portion- 10,607
Warrant liability - 29
Total liabilities2,218 14,272
Stockholders’ equity
Common stock3 3
Additional paid‑in capital261,722 258,092
Accumulated deficit (241,551) (221,772)
Total stockholders’ equity 20,174 36,323
Total liabilities and stockholders’ equity $22,392 $50,595

Agile Therapeutics, Inc.
Condensed Statements of Operations

(in thousands, except share and per share amounts)
(Unaudited)

Three Months Ended
December 31,
Year Ended
December 31,
2018 2017
2018
2017
Operating expenses:
Research and development$1,856 $2,734 $9,777 $14,428
General and administrative1,567 3,254 8,739 12,383
Restructuring costs 304 - 1,019 -
Total operating expenses 3,727 5,988 19,535 26,811
Loss from operations (3,727)(5,988) (19,535)(26,811)
Other income (expense)
Interest expense(160)(409) (1,116)(1,918)
Interest income77 95 366 282
Change in fair value of warrants 62 29 143
Loss before benefit from income taxes(3,810)(6,240) (20,256)(28,304)
Benefit from income taxes - - 477 -
Net loss $(3,810) $(6,240) $(19,779) $(28,304)
Net loss per share - basic and diluted $(0.11) $(0.18) $(0.58) $(0.91)
Weighted‑average shares outstanding
–basic and diluted34,377,329 34,183,772 34,315,931 30,940,831

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