US-based women’s healthcare technology developer Agile Therapeutics, which counts managed care consortium Kaiser Permanente among its investors, has raised about $55m in its initial public offering.
The company had hoped to raise up to $69m but priced almost 9.2 million shares at $6 each, before any extra demand is accounted for. Investment banks RBC Capital Markets and William Blair ran the IPO.
Kaiser Permanente Ventures, the corporate venturing arm of Kaiser Permanente, had been an investor since Agile’s $45m series B round in 2010, and was among the backers of its 2012 series C round, which raised $40m.
Agile has raised more than $106m overall and its investors also include Aisling Capital, Care Capital, Investor Growth Capital, ProQuest Investments and Novitas Capital.
Agile is yet to bring a product to market and recorded a $14.3m loss in 2013, but plans to now proceed with Phase 3 clinical trials for its lead product candidate, Twirla, a weekly combined hormonal contraceptive patch for women.