Dare Bioscience Inc (NASDAQ: DARE) stock now trades at $1.83 (down 2.76%). It jumped to $2.26 after Bill & Gates foundation decided to grant up to $49 million.
Dare Bioscience will use the grant for technology development and preclinical activities for advancing its Dare-Larc1, an investigational contraceptive, into human clinical trials during June 30, 2021, and November 1, 2026. The users can control this contraceptive. It is also reversible.
The San Diego Company will receive a part of the grant of $11.5 million in July 2021. In addition, it will qualify for additional payments from the Gates Foundation on achieving certain milestones and development.
Sells Dare-Larc1 at affordable rates
The agreement mandates that Dare Biosciences sell its Dare-Larc1 and other products developed using this grant at affordable rates in developing nations worldwide. It will also support public libraries and the educational system in the US.
Dare-Larc1 implant, the new drug delivery platform, is developed at MIT (Massachusetts Institute of Technology) by reputed researchers Robert Langer and Michael J. Cima. It stores and delivers several therapeutic doses over years or months in a single implant.
Dare Bioscience’s CEO, Sabrina Martucci Johnson, says Gates Foundation’s grant for its DARE-LARC1 validates unmet needs in the reversible and long-acting contraceptive – LARC.
LARCs are the most successful innovations concerning contraception because of their highly effective rates and protection from three to ten years.
Physicians need to insert the FDA-approved LARCs. Then, they need to remove it for females to return to normal fertility. The device allows controlling drug delivery wirelessly to suit individual needs.
The user can operate the implant to deliver the medication at a pre-determined level. Gates Foundation grant supports ongoing clinical activities and advances it into the next development stage.
The company focuses on improving vaginal and sexual health besides fertility and contraception.
Dare Bioscience posted positive topline results from DARE-HRT1’s phase 1 clinical study.
DARE-HRT1 is designed to provide bio-identical progesterone and bio-identical 17β-estradiol over a 28-day HT (Harmone Therapy) regimen to cure genitourinary syndrome and vasomotor symptoms in menopausal women.
According to the data collected from this clinical trial, DARE-HRT1 can become the first product to receive FDA approval.