Shares of Agile Therapeutics Inc AGRX plunged to a 52-week low of $6.01 on Friday after the company announced a public offering of 5.512 million shares of its common stock at a price of $6.35 per share.
Agile Therapeutics' stock closed at $7.06 on Thursday.
The company disclosed in a regulatory filing that the proceeds from its offering will be used to fund an ongoing Phase 3 clinical trial of Twirla and then to pursue regulatory approval for the drug. Following that step, the company will also use the proceeds to fund activities related to "commercial scale-up of our third party manufacturing operations."
Following the offering, Agile Therapeutics expects to hold enough cash to fund its operating expenses and capital expenditures through at least the fourth quarter of 2017.
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