Agile Therapeutics has snagged a term loan facility for up to $15 million from Oxford Finance to help push forward its pipeline of contraceptive patches in clinical and preclinical development.
The company's lead product is its once-weekly contraceptive patch, AG200-15, containing low doses of levonorgestrel (LNG) and ethinyl estradiol, which was submitted to the FDA for approval in 2012. Agile expects a response from the FDA this year.
Other products in the pipeline include AG890, a progestin-only patch in Phase II, and other contraceptive patches in earlier stages of development. Agile's products use its Skinfusion transdermal patch technology, which includes an inner adhesive matrix containing contraceptive drugs, surrounded by an outer ring of adhesive, and delivers drugs over 7 days. The patches use a soft, flexible fabric that is silky to the touch.
Even though this is a crowded market, Oxford Finance has confidence in Agile's pipeline and technology. Christopher Herr, Oxford's managing director, describes AG200-15 as a good alternative to existing contraceptive products. In a Phase III trial of AG200-15, women were less likely to miss days of contraception on the patch than on the pill.
This loan follows on from Agile's 2010 round of funding, in which the company raised $45 million. FierceBiotech selected this as one of its Top 15 Biotech VC Deals of 2010.
- read the press release
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