WEST CONSHOHOCKEN, PA (August 23, 2004) — Agile Therapeutics, a pharmaceutical development company, announced the completion of a new round of financing bringing to $20 million the total capital raised-to-date. Based on their high level of confidence in the company’s leadership and the promise of its lead product, a second generation transdermal contraceptive, The Hillman Company, TL Ventures and PA Early Stage Partners, participated to the full extent of their rights.
“Agile Therapeutics has a strong opportunity to bring an exciting product into a rapidly growing segment of the women’s healthcare market. We at TL are pleased to continue our support for Agile on its path to commercial success,” said Dr. Dev Kantesaria, Principal at TL Ventures.
“With this funding, we will be able to complete our formulation optimization and advance our product in phase II clinical development,” said CEO and President, Thomas M. Rossi, Ph.D. “We expect our product to offer several advantages as a second generation transdermal contraceptive, and bring substantial new value in the rapidly growing segment of the women’s health care market. The US market for transdermal contraception will be approximately $400 million this year and its growth rate will continue to outstrip other segments of the contraceptive market for several years to come. This funding enables us to keep our development program moving forward toachieve a timely entry into the market.”
Agile Therapeutics, Inc. is a pharmaceutical product development company founded in 1997 based on developing novel pharmaceutical products utilizing its proprietary transdermal drug delivery technology.