Agile Therapeutics,Inc. (NASDAQ:AGRX) Files An 8-K Results of Operations and Financial Condition

ME Staff 8-k
-
0

Agile Therapeutics,Inc. (NASDAQ:AGRX) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.

Agile Therapeutics,Inc. (the “Company”) is currently in the process of finalizing its financial results for the fiscal year ended December31, 2017. Based on information currently available, the Company estimates that as of December31, 2017, cash and cash equivalents were approximately $35.9 million and that the number of shares of common stock outstanding as of December31, 2017 was approximately 34.2 million.

Because the Company’s financial statements for the fiscal year ended December31, 2017 have not yet been finalized or audited, the preliminary statement of the Company’s cash and cash equivalents as of December31, 2017 in this Item 2.02 is subject to change, and the Company’s actual cash and cash equivalents as of the end of this period may differ materially from this preliminary estimate. Accordingly, you should not place undue reliance on this preliminary estimate.

In addition, in Januarythe Company received net proceeds of approximately $0.5 million in non-dilutive financing through the State of New Jersey’s Technology Business Tax Certificate Transfer Program (the “Program”). The Program enables approved biotechnology companies to sell their unused Net Operating Loss Carryovers and unused Research and Development Tax Credits for at least 80% of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the State of New Jersey. The New Jersey Economic Development Authority and the New Jersey Department of the Treasury’s Division of Taxation administer the Program. The Company intends to use the proceeds from the sale for working capital purposes. The Company has now reached the maximum lifetime benefit of $15.0 million under the Program and will no longer be eligible to participate in the Program.


About Agile Therapeutics,Inc. (NASDAQ:AGRX)

Agile Therapeutics, Inc. is a women’s health specialty pharmaceutical company. The Company is focused in the development and commercialization of prescription contraceptive products. The Company has developed a transdermal patch technology, called Skinfusion. The Company’s lead product candidate is Twirla, also known as AG200-15, is a combined hormonal contraceptive (CHC) patch. In addition to Twirla, the Company is developing a pipeline of other new transdermal contraceptive products, including AG200-ER, which is a regimen designed to allow a woman to extend the length of her cycle; AG200-SP, which is a regimen designed to provide a shortened hormone-free interval, and AG890, which is a progestin-only contraceptive patch intended for use by women who are unable or unwilling to take estrogen. Each of its product candidates utilizes its Skinfusion technology designed to deliver contraceptive-levels of hormones to the blood stream through the skin over a seven-day period.