SAN DIEGO - Daré Bioscience, Inc. (NASDAQ: DARE), a biopharmaceutical company focusing on women's health, has received a $1 million payment to further the development of its investigational contraceptive, DARE-LARC1. This funding is part of a grant agreement that could total approximately $49 million, aimed at supporting nonclinical development activities and the submission of an Investigational New Drug (IND) Application to the FDA.
To date, Daré Bioscience has received around $28.3 million under this agreement, with future payments contingent upon achieving specific development and reporting milestones. DARE-LARC1 is designed to be a long-acting, reversible contraceptive (LARC) that offers precision dosing, extended device duration, and wireless control, setting it apart from existing LARC products.
The active ingredient in DARE-LARC1 is levonorgestrel, commonly used in FDA-approved birth control methods. Earlier this year, Daré announced achieving technological proof of concept for DARE-LARC1 and its underlying drug delivery platform, which can store and deliver therapeutic doses over extended periods.
The technology, initially developed at the Massachusetts Institute of Technology by researchers Robert Langer, Ph.D., and Michael J. Cima, Ph.D., has been enhanced by Daré with advanced electronics and software to optimize drug delivery and user experience. This versatile platform technology could potentially meet unmet needs in reproductive health and other therapeutic areas, including diabetes and obesity.
Daré is exploring strategic partnerships to expand the technology's application beyond reproductive health. The implant's features include individually addressable drug micro-reservoirs for precision dosing, a battery designed to last up to 20 years, and the capability to be paired with custom mobile apps for a personalized user experience.
Daré Bioscience is known for advancing innovative products for women's health, with a portfolio that includes the FDA-approved XACIATO™ for bacterial vaginosis and candidates in clinical development for contraception, menopausal hormone therapy, and female sexual arousal disorder.
The information in this article is based on a press release statement from Daré Bioscience, Inc.
InvestingPro Insights
As Daré Bioscience, Inc. (NASDAQ: DARE) continues its development of the innovative DARE-LARC1 contraceptive, investors are keeping a close eye on the company's financials and market performance. According to InvestingPro data, Daré Bioscience currently has a market capitalization of approximately $29.7 million. The company's recent financial performance indicates it may be facing challenges, with a significant decrease in revenue over the last twelve months as of Q4 2023, amounting to a 71.92% reduction, and a gross profit margin of -670.62%, reflecting substantial costs relative to its revenues.
InvestingPro Tips suggest that while analysts are expecting sales growth in the current year, they do not anticipate the company will turn a profit this year. The stock has experienced a considerable decline over the past week, with a one-week price total return of -39.1%. Despite these challenges, the Relative Strength Index (RSI) suggests that the stock is in oversold territory, which could indicate a potential turning point for investors looking for entry points.
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