Agile Therapeutics (NASDAQ:AGRX) is expecting a FDA approval for its contraceptive patch, Twirla. However, right now the technical chart looks impressive. Agile signed a a deal from a fund to get a loan when/if they get an FDA approval. Agile will be allowed to make interest-only payments until February 2023.
The fund is Perceptive Advisors, which likely means those guys are thinking approval coming as well. Investors and traders are responding positively to the loan approval creating a good sentiment today and a continued run. In return of the loan, the company issued warrants to Perceptive for the purchase of up to 1.4M common shares, 700K at $3.74 and 700K at $4.67.
Aimed at supporting the launch of contraceptive patch Twirla if approved by the FDA, Agile Therapeutics (NASDAQ:AGRX) has inked a $35M term loan credit facility with Perceptive Advisors. Off the total loan amount, $5M was drawn at closing yesterday. $15M will be available on FDA approval and another $15M contingent on the achievement of certain milestones.