Why Agile Therapeutics Stock Jumped Today
Shares of Agile Therapeutics (NASDAQ: AGRX) were jumping 8.5% higher as of 3 p.m. EST on Tuesday after rising as much as 15.7% earlier in the day. The big gain came after the drugmaker announced that it had entered into a loan credit facility with Perceptive Advisors that will provide Agile with up to $35 million.
Agile received $5 million in the first tranche of this credit facility. The company will be able to receive another $15 million if hormonal contraceptive patch Twirla wins approval from the U.S. Food and Drug Administration (FDA). The final $15 million in the loan will become available once Agile achieves specified revenue milestones.
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Source Fool.com
