Agile Therapeutics Inc. (NASDAQ: AGRX) fell in Friday’s session despite the broad markets taking off. The reason behind this was that the company just announced the pricing for its secondary offering. In the offering, roughly 5.51 million shares will be priced at $6.35 per share, with an overallotment option for an additional 826,771 shares. Overall the entire offering is valued up to $40.25 million.
The offering is expected to close on January 27.
William Blair and RBC Capital Markets are acting as joint book-running managers for the offering. In addition, Janney Montgomery Scott, Cantor Fitzgerald and FBR are acting as co-managers.
This company is a women’s health specialty pharmaceutical company focused on the development and commercialization of new prescription contraceptive products. Its product candidates are designed to provide women with contraceptive options that offer greater convenience and facilitate compliance. The lead product candidate, Twirla, (ethinyl estradiol and levonorgestrel transdermal system), also known as AG200-15, is a once-weekly prescription contraceptive patch currently in Phase 3 clinical development. Twirla is based on proprietary transdermal patch technology, called Skinfusion, which is designed to provide advantages over currently available patches and is intended to optimize patch adherence and patient acceptability.
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So far in 2016, Agile Therapeutics has underperformed the market, with the stock down nearly 28% year to date. However, over the past 52 weeks the stock is down only about 6%.
Shares of Agile Therapeutics were trading down 10% at $6.36 on Friday, with a consensus analyst price target of $16.17 and a 52-week trading range of $6.01 to $13.19.
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