US-based women’s healthcare technology developer Agile Therapeutics, which counts Kaiser Permanente among its investors, has filed for an initial public offering that is set to raise up to $69m.
Agile is yet to set the number of shares it will issue or the range within which they will be priced. Kaiser Permanente Ventures, the corporate venturing arm of US-based managed care consortium Kaiser Permanente, invested in Agile’s $45m series B round in 2010, and again in its $40m series C in 2012.
According to SEC filings, Agile has raised more than $106m since it was founded in 1997, and additional investors include private equity firm Aisling Capital and venture capital firms Care Capital, Investor Growth Capital, ProQuest Investments and Novitas Capital. ProQuest, Care Capital, Investor Growth and Aisling currently hold 92.5% of Agile’s stock between them.
Agile is yet to bring a product to market and recorded a $14.3m loss in 2913, but plans to use the proceeds to finance Phase 3 clinical trials for its lead product candidate, Twirla, a weekly combined hormonal contraceptive patch for women.
Some funds will also go to expanding the manufacturing facilities of Corium, the US-based company acting as Agile’s contract manufacturer, developing Agile’s product pipeline and meeting interest payments on an outstanding term loan from life sciences corporate debt provider Oxford Finance.
RBC Capital Markets and William Blair & Company are serving as joint book-running managers for the offering, while Cantor Fitzgerald & Co. and Janney Montgomery Scott are acting as co-managers.