SAN DIEGO - Daré Bioscience, Inc. (NASDAQ: DARE), a biopharmaceutical company focusing on women's health, announced today that it has received a grant agreement from the Bill & Melinda Gates Foundation. The grant, which could total up to approximately $10.7 million, is aimed at supporting the development of a novel non-hormonal intravaginal contraceptive and expanding clinical sites for the Ovaprene® pivotal study.
The company will initially receive about $5.4 million in 2024, with additional payments contingent upon meeting specific development and reporting milestones during the grant's roughly 24-month term.
Sabrina Martucci Johnson, President and CEO of Daré Bioscience, expressed excitement about the grant and the foundation's commitment to investing in non-hormonal contraceptive methods. She emphasized Daré's expertise in developing innovative contraceptive solutions and its track record in advancing unique product candidates that address unmet needs in women's health.
The grant will also help to de-risk the development of the intravaginal contraceptive, particularly for women in low- and middle-income countries who require or prefer non-hormonal options to prevent unplanned pregnancies.
Liz Proos, VP of Product Development at Daré, highlighted the potential of the non-hormonal contraceptive to fill a significant gap in global contraceptive choices, potentially empowering women to manage their reproductive health better.
Daré Bioscience is committed to identifying and bringing to market diverse therapies that prioritize women's health, with a portfolio that includes the FDA-approved XACIATO™ vaginal gel and candidates like Ovaprene®, Sildenafil Cream, and DARE-HRT1 in clinical development.
The company's leadership has been recognized in the Medicine Maker's Power List and Endpoints News' Women in Biopharma 2022. In 2023, Daré's CEO was honored by Fierce Pharma as one of the Most Influential People in Biopharma.
This news article is based on a press release statement from Daré Bioscience, Inc.
In other recent news, Dare Bioscience has been maintaining a positive outlook with a Buy rating from H.C. Wainwright. The company has been selected to receive up to $10 million from ARPA-H's Sprint for women's health, further supporting the development of its DARE-HPV program. This program has potential to become the first FDA-approved treatment for both late-stage cervical lesions and earlier stage HPV-related cervical infections. The award from ARPA-H is structured around milestone achievements, and Dare Bioscience expects over half of the award to be payable within the first 12 months of the performance period, contingent on meeting its performance targets.
In addition, Dare Bioscience has secured a $15 million funding agreement with Lincoln Park Capital Fund. This funding aims to support the advancement of Sildenafil Cream, a potential treatment for female sexual arousal disorder, which has shown promise in recent Phase 2b clinical trials. The company has also reported a decrease in general and administrative expenses and research and development expenses, highlighting its responsible capital management.
Lastly, the company has made significant strides in women's health treatments, with its RESPOND study suggesting that both 1-month and 24-hour recall patient-reported outcome instruments could be used effectively to measure treatment efficacy in future clinical studies. These recent developments reflect Dare Bioscience's commitment to advancing their product candidates.
InvestingPro Insights
As Daré Bioscience (NASDAQ: DARE) secures a significant grant from the Bill & Melinda Gates Foundation, investors may find additional context from InvestingPro's real-time data and tips valuable.
According to InvestingPro data, Daré Bioscience's market capitalization stands at $37.69 million, reflecting its position as a small-cap biopharmaceutical company. This relatively modest valuation aligns with the company's focus on developing innovative women's health solutions, as highlighted in the article.
InvestingPro Tips reveal that Daré holds more cash than debt on its balance sheet, which could be seen as a positive factor considering the company's need for funding to support its research and development efforts. This financial position may provide some reassurance to investors about the company's ability to pursue its development goals, including the newly funded non-hormonal contraceptive project.
However, it's important to note that Daré is quickly burning through cash, according to another InvestingPro Tip. This is not uncommon for biopharmaceutical companies in the development stage, but it underscores the importance of the recent grant in supporting the company's ongoing operations and research initiatives.
The company's stock has shown a significant return over the last week and a strong return over the last month, with InvestingPro data indicating a 12.5% one-week price total return and a 31.64% one-month price total return. These recent gains may reflect investor optimism about the company's prospects, possibly influenced by news such as the Gates Foundation grant.
For investors considering Daré Bioscience, it's worth noting that InvestingPro offers 10 additional tips that could provide further insights into the company's financial health and market position. These additional tips, available with an InvestingPro subscription, could help investors make more informed decisions about this emerging player in the women's health sector.
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