Agile pulls off a $55M IPO after taking a 50% haircut

Princeton, NJ's Agile Therapeutics ($AGRX) finally made its way onto Wall Street, pulling in $55 million after halving its expected share price. The biotech, which is developing a low-dose contraceptive patch, priced 9.2 million shares at $6, a deep discount on its earlier plans to offer 4.6 million shares at between $12 and $14. The new money will fund late-stage work on Twirla, which combines estrogen and progestin. The patch is in the midst of a Phase III study with data expected next year, and, if the treatment wins approval, Agile figures it can amass a sales force and launch on its own, tapping an estimated $5.6 billion domestic market. More