Agile Therapeutics has entered into a senior secured term loan credit facility with Perceptive Advisors to provide Agile with up to $35 million through term loans in three tranches.

Five million was funded today after the satisfaction of customary closing conditions, $15 million will be available if Twirla is approved by the U.S. Food and Drug Administration and $15 million will be available upon the achievement of certain revenue milestones. Agile is permitted to make interest only payments on the loan until February 2023.

“This strategic debt financing coupled with our current cash increases our balance sheet strength and positions us well to continue our commercialization strategy for Twirla, with an expected FDA decision less than one week away,” said Al Altomari, Agile’s chairman and chief executive officer.

“We are pleased to provide growth capital to support Agile’s strategy and are excited about the potential prospects for Twirla in the market,” said Sam Chawla, portfolio manager at Perceptive Advisors.

In connection with the credit agreement, Agile issued Perceptive warrants to purchase 1,400,000 shares of Agile common stock.

Oppenheimer & Co. acted as the company’s sole financial adviser in connection with the loan facility.

Twirla is an investigational, once-weekly combined hormonal contraceptive (CHC) patch that contains the active ingredients ethinyl estradiol (EE), a type of estrogen, and levonorgestrel (LNG), a type of progestin.