UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(D)
of the Securities Exchange Act of 1934
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Item 8.01. Other Events.
On March 13, 2024, Agile Therapeutics, Inc. (the “Company”) issued a press release announcing that it has paid-off the remainder of its debt facility with Perceptive Credit Holdings III, LP (“Perceptive”), thereby completing the repayment schedule contemplated by the Loan Agreement between the Company and Perceptive, which originated in 2020 and ended as of March 11, 2024.
As previously disclosed, on February 10, 2020, the Company entered into a Credit Agreement and Guaranty with Perceptive, for a senior secured term loan credit facility of up to $35.0 million (as amended from time to time, the “Perceptive Credit Agreement”). On February 9, 2024, the Company and Perceptive entered into an eighth amendment to the Perceptive Credit Agreement, which extended the maturity date of the Perceptive Credit Agreement from February 10, 2024 until March 11, 2024 (the “Maturity Date”). As previously disclosed, beginning on December 1, 2023, the Company has been making monthly payments of $150,000 on the outstanding loan balance, which payments will now cease with the Company’s repayment of its debt to Perceptive.
A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit | Description |
99.1 | |
104 | Cover Page Interactive Data File (Embedded within the Inline XBRL Document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Agile Therapeutics, Inc. | |
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Dated: March 14, 2024 | By: | /s/ Alfred Altomari |
| Name: | Alfred Altomari |
| Title: | Chairperson and Chief Executive Officer |
Exhibit 99.1
Agile Therapeutics Completes Pay-off of Debt and Remains Focused on Business Plan Execution
Elimination of Remaining Debt to Perceptive Advisors Leaves the Company’s Balance Sheet Debt Free
PRINCETON, N.J., March 13, 2024 (GLOBE NEWSWIRE) – Agile Therapeutics, Inc. (Nasdaq: AGRX) (“Agile” or the “Company”), a women's healthcare company, today announced that it has paid-off the remainder of its debt facility with Perceptive Advisors (“Perceptive”). This significant milestone completes the repayment schedule contemplated by the Loan Agreement between the Company and Perceptive, which originated in 2020 and ended as of March 11, 2024. The Company remains focused on growing Twirla® and advancing the Company’s business plan.
“Eliminating the entirety of our debt with Perceptive is a pivotal moment for us, signaling our readiness to embrace new opportunities while continuing to execute our business plan and grow Twirla,” said Agile Chief Executive Officer and Chairperson Al Altomari. “We believe this step will provide us with more flexibility on our balance sheet as we move forward.”
Altomari continued, “We’d like to thank our partners at Perceptive, who worked professionally, collaboratively and constructively with us to achieve this milestone during a challenging market environment for biotechnology.”
About Agile Therapeutics, Inc.
Agile Therapeutics is a women's healthcare company dedicated to fulfilling the unmet health needs of today’s women. Our product and 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 initial product, Twirla®, (levonorgestrel and ethinyl estradiol), a transdermal system, is a 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 and LinkedIn account.
Forward-Looking Statements
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. 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 the Company’s ability to grow Twirla, advance its business plan, and flexibility on the Company’s balance sheet. 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 ability to raise enough capital to fund our operations in the near term and long term, including our ability to obtain funding through public or private equity offerings, debt financings or other sources, on terms acceptable to us or at all, our ability to come into compliance with the Nasdaq Capital Market listing requirements, the other risks set forth in our filings with the U.S. Securities and Exchange Commission, including for a more detailed description of the risks and uncertainties that could cause actual results to differ from those expressed
in these forward-looking statements, as well as risks relating to our business in general, please refer to our 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 circumstance.
Contact:
Matt Riley
Head of Investor Relations & Corporate Communications
mriley@agiletherapeutics.com
Document and Entity Information |
Mar. 13, 2024 |
|---|---|
| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Mar. 13, 2024 |
| Entity File Number | 001-36464 |
| Entity Registrant Name | Agile Therapeutics, Inc. |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 23-2936302 |
| Entity Address State Or Province | NJ |
| Entity Address, Address Line One | 500 College Road East |
| Entity Address, Adress Line Two | Suite 310 |
| Entity Address, City or Town | Princeton |
| Entity Address, Postal Zip Code | 08540 |
| City Area Code | 609 |
| Local Phone Number | 683-1880 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common stock, par value $0.0001 per share |
| Trading Symbol | AGRX |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0001261249 |
| Amendment Flag | false |
Document Information |
Mar. 13, 2024 |
|---|---|
| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Amendment | false |
| CIK | 0001261249 |
| Registrant Name | Agile Therapeutics, Inc. |
| Period End Date | Mar. 13, 2024 |