Agile Therapeutics Receives Approximately $3 Million in Non-Dilutive Funding from New Jersey’s Technology Business Tax Cert...
December 01 2016 - 8:00AM
Agile Therapeutics, Inc. (Nasdaq:AGRX), a women’s health specialty
pharmaceutical company announced today that it has received net
proceeds of approximately $3 million in non-dilutive financing
through the State of New Jersey's Technology Business Tax
Certificate Transfer Program (the “Program”). The Program enables
biotechnology companies to raise funds to finance their growth and
operations and is administered by the New Jersey Economic
Development Authority (NJEDA) and the New Jersey Department of the
Treasury’s Division of Taxation.
“We appreciate NJEDA’s decision to approve our
application for this year’s program. Proceeds from the
Program serve as an important source of non-dilutive funding to
companies like ours,” said Scott Coiante, Vice President and Chief
Financial Officer of Agile. “We would like to thank New
Jersey for their continued support and strong commitment to our
industry.”
The Program enables approved biotechnology
companies to sell their unused Net Operating Loss Carryovers
(NOLs), and unused Research and Development (R&D) Tax Credits
for at least 80% of the value of the tax benefits to unaffiliated,
profitable corporate taxpayers in the State of New Jersey. This
allows biotechnology companies with NOLs to turn their tax losses
and credits into cash proceeds to fund more R&D, buy equipment
and/or facilities, or cover other allowable expenditures under the
Program. The NJEDA determines eligibility for the Program, the New
Jersey Division of Taxation determines the value of the available
tax benefits (NOLs and R&D Tax Credits).
About Agile Therapeutics,
Inc.
Agile Therapeutics is a women's health specialty
pharmaceutical company focused on the development and
commercialization of new prescription contraceptive products. Our
product candidates are designed to provide women with contraceptive
options that offer greater convenience and facilitate compliance.
Our 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 our 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. For
more information, please visit the company website at
www.agiletherapeutics.com. The company may occasionally disseminate
material, nonpublic information on the company website.
Contact: Mary Coleman -- 609-356-1921
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