AGRX Prices Offering At $6.35/Share

(RTTNews) - Agile Therapeutics Inc. (AGRX) has offered to sell 5.51 million shares of its common stock to the public at a price of $6.35 each. The underwriters have a 30-day option to purchase up to 826,771 additional shares.

The gross proceeds from the offering are expected to be approximately $35 million. The offering is expected to close on or about January 27, 2016, subject to customary closing conditions. The company had cash of about $39.4 million at September 30, 2015.

The company's most advanced product candidate is Twirla, a combined hormonal contraceptive patch, under phase III trial, dubbed SECURE.

Agile expects that the results of the SECURE study will address all of the clinical concerns raised in the complete response letter, which was issued by the FDA to Twirla NDA in 2013. The SECURE study is anticipated to be completed in the second half of 2016, following which the company will be submitting its response to FDA's complete response letter in the first half of 2017.

AGRX touched a 52-week low of $6.01 on Friday before closing the day's trading at $6.67, down 5.52%.