Healthcare Industry News: Transdermal
News Release - May 25, 2006
Agile Therapeutics Closes $12 Million Financing for Development of a Low Estrogen Dose Contraceptive PatchProQuest Investments Leads Round
WEST CONSHOHOCKEN, Pa., May 25 (HSMN NewsFeed) -- Agile Therapeutics has completed a $12 million equity financing to further the development of its low-dose Transdermal contraceptive patch. The investment was led by ProQuest Investments, a new investor to Agile Therapeutics. All investors from earlier rounds also participated, including the Hillman Company, TL Ventures and PA Early Stage Partners.
"I'm delighted to welcome ProQuest into our company and to receive the continued support of our current investors," said Dr. Thomas M. Rossi, CEO of Agile Therapeutics. "I'm very gratified that the seasoned entrepreneurs at these firms value our recent progress and outstanding future potential."
Founded in 1998, ProQuest Investments is a healthcare venture capital firm that is managing over $450 million. With a proven superior track record and over 30 investments in such diverse therapeutic categories as oncology, pain and infectious disease, ProQuest Investments seeks to build long-term, mutually beneficial partnerships with outstanding entrepreneurs.
ProQuest joins Agile's current investors in this round of financing:
The Hillman Company and its Affiliates is a diversified investment firm active in venture capital investing for over 25 years. Through its association with Rock Hill Ventures, the Hillman Company was the founding investor in Agile Therapeutics.
TL Ventures, established in 1988, has over $1.4 billion under management. Focused on venture investing in category-defining, early-stage companies in information technology, communications and biotechnology, the Firm provides portfolio companies with operational, entrepreneurial and financial expertise and a global network of resources and contacts. TL Ventures has offices in Philadelphia, Austin and Silicon Valley.
PA Early Stage Partners, founded in 1997, is an active and experienced family of venture capital funds that seek portfolio companies located in the corridor from New York to Washington, D.C. PA Early Stage invests in early- stage Technology and Life Sciences companies, typically as a lead or co-lead investor. PA Early Stage currently has approximately 30 active portfolio companies and more than $235 million under management across three venture funds.
About Agile Therapeutics
Agile Therapeutics, Inc. is a pharmaceutical product development company based on a proprietary Transdermal drug delivery technology. For more information, log on to http://www.agiletherapeutics.com.
Source: Agile Therapeutics
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