Agile Therapeutics misses milestone, will not draw third loan tranche

Chicago, March 11 – Agile Therapeutics, Inc. signed a credit agreement with multiple draws on Feb. 10, 2020 with Perceptive Credit Holdings International, LP, a related party, according to an 8-K filing with the Securities and Exchange Commission.

The company was eligible for a third $15 million tranche if the company achieved a revenue milestone by Dec. 31, 2021. The company did not achieve the milestone and the tranche is no longer available.

The company borrowed $4 million at signing.

A second tranche of $15 million was funded after the company received approval of Twirla by the FDA.

The credit agreement has been amended on March 10.

The company must comply with certain financial covenants relating to minimum revenue requirements until Sept. 30, 2022.

Additionally, the company must raise additional capital and prepay a portion of its outstanding debt by April 30.

The company must also file financial statements along with its annual report on form 10-K for the year ended Dec. 31, 2021 that are not subject to any “going concern” qualifications.

The women’s health specialty pharmaceutical company is based in Princeton, N.J.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.