Agile Therapeutics Inc (NASDAQ:AGRX) strengthened its cash position in its second quarter 2020 as it prepares to launch its hormonal contraceptive patch Twirla by the end of the year.
The Princeton, New Jersey-based company ended the quarter with $87.2 million in cash, giving it enough runway to meet its projected operating requirements through to the end of 2021, it told shareholders on Tuesday.
In a statement accompanying the results, CEO Al Altomari said the firm made “considerable progress” throughout the quarter ended June 30, 2020.
READ: Agile ended 1Q 2020 with nearly $94M in cash as it prepares to commercialize Twirla contraceptive
“During the second quarter, we transitioned into the final validation phase of manufacturing commercial product,” Altomari said.
“Through Syneos Selling Solutions, our contract sales force partner, we also hired several industry veterans to build out our sales force highlighted by Terry Herring, a recognized leader with more than 30 years of pharmaceutical and healthcare experience, as our new National Sales Leader. We believe our strong financial position and cash balance, combined with our recent achievements, set us up well to commercially launch Twirla and establish Agile in the contraceptive prescription marketplace.”
Agile said it is continuing to work with managed care and patient payors to gain market access for Twirla, and plans to start shipping product to wholesalers in 4Q 2020. Based on expectations of initial stocking levels, Agile set its 2020 revenue guidance between $1 million to $2 million.
Agile’s net loss came in at $10.8 million or $0.12 per share compared to $3.5 million or $0.08 per share during the same period a year prior.
The group reaffirmed its operating expense guidance for full year 2020 of between $52 million to $56 million, with general and administrative expenses accounting for nearly 70% of spending. It spent $3.7 million on research and development to complete manufacturing development, process improvements and pre-validation work for commercial production of Twirla by Corium, its contract manufacturer.
Agile also said that CEO Altomari will participate in a panel discussion as part of Maxim Group’s M-Vest Virtual Conference Series: Leading Innovators in Women’s Health, starting at 10AM EST on Thursday, August 13, 2020.
Contact Angela at [email protected]
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