Jun 14 2010
Agile Therapeutics, Inc., a late-stage pharmaceutical company specializing in women's healthcare products, today announced that it completed a $45 million Series B Preferred Stock financing. The financing round was co-led by Investor Growth Capital and Care Capital, with strong participation from ProQuest Investments. Kaiser Permanente Ventures and Novitas Capital also joined the financing round. Investor Growth Capital, Care Capital, and Kaiser Permanente Ventures are new investors to Agile. Abhijeet J. Lele, Managing Director of Investor Growth Capital, and Lorenzo Pellegrini, Ph.D., Partner at Care Capital, will join Agile's Board of Directors along with existing members, Karen Hong, Ph.D., Principal of ProQuest, Al Altomari, Executive Chairman, and Thomas Rossi, Ph.D., President and Chief Executive Officer of Agile.
The funding will allow Agile to complete Phase 3 clinical development and file for marketing approval for its lead contraceptive patch, AG200-15, and to advance Agile's second contraceptive patch, AG1000, into Phase 2 clinical development. Further, the financing provides for development of additional pipeline products based upon the company's SKINFUSION™ technology.
Agile's lead product, AG200-15, is an innovative, low-dose weekly contraceptive patch entering U.S. pivotal Phase 3 clinical trials. If approved, AG200-15 will be the first contraceptive patch based on a low dose of estrogen (ethinyl estradiol (EE)) in combination with levonorgestrel. AG1000 is a levonorgestrel-only patch intended for women who are breastfeeding or cannot use estrogen-based contraceptives. Agile's patches are being developed to provide women with a convenient and easy-to-use alternative to their current means of contraception.
Thomas M. Rossi, Ph.D., Agile's President and Chief Executive Officer, commented, "This round of financing allows us to achieve NDA approval on our lead asset AG200-15, and to advance AG1000 into late stage development. We are very pleased to welcome representatives from prominent new investors to our board of directors and appreciate the continued strong support from our earlier investors. Their industry knowledge and experience will greatly benefit Agile as we transition into a company with marketed products."
Dr. Rossi continued, "Agile is the only company advancing contraceptive patches based on the well-established hormone, levonorgestrel, which has a 25 year safety history in the U.S. and internationally. The convenience and compliance of a weekly contraceptive patch are attractive features to both patients and their doctors, especially when based upon hormones with proven safety profiles. AG200-15 and AG1000 have the potential to tap into a significant unmet need for a weekly contraceptive, and become leading products in the $6 billion global hormonal contraceptive market."
Abhijeet J. Lele, Managing Director of Investor Growth Capital, added, "Agile is making important progress in its clinical development programs, with not only AG200-15, but also in its pipeline products such as the levonorgestrel-only patch, AG1000, for women who are breastfeeding or cannot use estrogen-based contraceptives. We look forward to supporting the company's growth, and bringing innovative products to the women's health market to fill a compelling unmet need."
According to market research conducted on behalf of Agile with 105 OB/GYN physicians who are significant prescribers of contraception, 89 percent said they would be likely to prescribe AG200-15. Almost half said they would prescribe it immediately upon approval, demonstrating that physicians perceive a large need among their patients for the comfort and convenience of Agile's low-dose, weekly contraceptive patch. This physician data supports the findings of Agile market research with 1,500 women, where nearly two-thirds of the participants said they would ask their doctor about AG200-15 if it were available to them.
SOURCE Agile Therapeutics, Inc.
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