This Women's Healthcare Company Raised $7.5 Million In A Public Offering And Says It's Targeting $25 To $30 Million Net Revenue By End Of 2023
Agile Says Growing Demand For Twirla (levonorgestrel and ethinyl estradiol ) transdermal system Is Helping It Stay On Track to Hit $25-$30 Million Net Revenue
PRINCETON, NJ / ACCESSWIRE / July 3, 2023 / Agile Therapeutics (NASDAQ:AGRX) announced the closing of its public offering in May. The women's healthcare company raised $7.5 million in gross proceeds after selling over 1.8 million shares of common stock at $3.95 per share. The offering came just weeks after Agile released its first quarter earnings showing increased demand for its low-dose birth control patch, Twirla®.
In the first quarter of 2023, Agile reported revenues of $3.8 million, more than double the $1.8 million reported in its first quarter last year. It also showed net losses decreasing 48% year-over-year from $10.1 million in Q1 2022 to $5.4 million in Q1 2023.
That growth was driven by a 20% increase in non-retail demand for Twirla. The weekly patch offers the lowest dose of estrogen available in a transdermal contraceptive patch. Twirla is a once-weekly hormonal contraceptive patch. Of the two hormones used in many contraceptives, estrogen is the one linked with the most serious health risks, including heart attack and stroke, especially among patients with a higher body mass index (BMI).
The quest for a low-dose birth control option has been ongoing ever since researchers discovered those risks. When the contraceptive pill first came on the market, it packed 150 micrograms of estrogen. Today's most commonly prescribed pills contain between 10 and 35 micrograms.
Twirla delivers a daily estrogen dose equivalent to a 30 microgram pill. Not only is it low-dose, but being a patch it can steadily deliver that dose through the skin, which allows for stable concentrations of estrogen in the bloodstream.
In a study comparing Twirla to an oral contraceptive, results showed that estrogen levels over the course of the week were 10% lower in patients using the weekly patch compared to those taking a daily contraceptive pill containing 35 mcg of estrogen. At peak concentrations, estrogen was 60% lower in patch users compared to users of the 35 mcg pill.
Agile Looks Forward To New Growth Opportunities In 2023
The $7.5 million generated from the public offering will add additional funding to the company's current growth strategy. In addition to securing Planned Parenthood accounts in California last year, Agile said it is focusing its efforts on five key states: California, Texas, Florida, Illinois and New York. Together, sales efforts in those five states would help the company reach an estimated 46% of U.S. women aged 18 to 24.
In August last year, the company also signed a new collaboration agreement with Nurx, a women-focused telehealth platform that delivers prescription contraception and other treatments to patients' doorsteps.
Agile expects to see the impact of that agreement starting in the second half of this year. With that added revenue and its other growth efforts, it is targeting $25 to $30 million in total net revenue by the end of the year.
Featured photo by Reproductive Health Supplies Coalition on Unsplash.
Contact:
Matt Riley - Head of Investor Relations & Corporate Communications
mriley@agiletherapeutics.com
SOURCE: Agile Therapeutics, Inc.
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