Agile Therapeutics Announces $20M Private Placement and Provides Clinical Trial Update

Princeton-based Agile Therapeutics, Inc., a women’s health specialty pharmaceutical company focused on the development and commercialization of new prescription contraceptive products, announces that it has entered into a definitive stock purchase agreement with a group of institutional accredited investors, including both existing and new investors, for the private placement of approximately 3.4 million shares of common stock at $5.85 per share yielding expected gross proceeds of $20.0 million. The price per share represents the market value of the Company’s common stock as defined by Nasdaq as of January 16, 2015. The private placement is expected to close on or about January 23, 2015, subject to customary closing conditions.

“We are very pleased to have completed this private placement,” said Al Altomari, President and Chief Executive Officer. “This financing strengthens our balance sheet and validates our corporate strategy for developing Twirla(R).”

The private placement was led by RA Capital Management with participation by existing investors, including ProQuest Investments, Aisling Capital, and Caxton Alternative Management.

Agile Therapeutics plans to use the net proceeds of the offering to fund working capital and general corporate purposes, which may include scheduled payments of principal and interest on an outstanding loan.

The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be reoffered or resold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.

Phase 3 SECURE Study

The Company also reported on the status of its Phase 3 SECURE Study, a single-arm, open-label, multicenter Phase 3 trial that will assess the efficacy, safety and tolerability of the Company’s investigational once-weekly transdermal contraceptive patch, Twirla (AG200-15).

Approximately 74 sites experienced in conducting contraceptive trials have been selected and trained, and the active treatment phase of the trial began in September 2014. As previously announced, the Company now expects to complete screening by the end of the first quarter 2015, and to complete enrollment early in the second quarter 2015. “Our strategy has been to carefully select high quality, experienced clinical sites and focus on implementation of measures to optimize patient compliance and continuation in the study. So far, we are pleased with the quality of the execution,” reported Altomari. “Our observations are consistent with what we would expect to see at this early stage of the trial, with no pregnancies or loss of patients to follow-up. Of course it is too early to draw any conclusions regarding final efficacy outcomes. We do not intend to update the number of pregnancies or other clinical trial details going forward unless there has been a material development.”

William Blair & Company, L.L.C. acted as the exclusive placement agent for the offering.

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