Dare Bioscience will receive a payment of $4.5M under grant agreement

Dare Bioscience announced it will receive a payment of approximately $4.5M as the latest installment under a grant agreement to advance the development of Dare‘s investigational contraceptive DARE-LARC1 through nonclinical proof of principle studies and other IND-enabling work to allow for the submission of an Investigational New Drug Application with the FDA, approval of which will be required to commence testing in humans. Under the terms of the grant agreement, Dare may receive a total of up to approximately $49 million to support nonclinical development of DARE-LARC1. Dare received an initial $11.5 million payment in 2021 and aggregate payments of approximately $12.4 million in 2022 under the grant agreement. Additional payments are conditioned on the program meeting specified development and reporting milestones. “The DARE-LARC1 product candidate is one of a number of novel contraceptive technologies being developed by Dare,” said Sabrina Martucci Johnson, President and CEO of Dare Bioscience. “In addition to advancing important pre-clinical activities to support the DARE-LARC1 program, we’re also excited to continue the late-stage development of Ovaprene(R), our investigational hormone-free monthly intravaginal contraceptive that is designed to be worn conveniently over multiple weeks, or one menstrual cycle. We are on track to begin patient enrollment in the fourth quarter of this year in the planned pivotal Phase 3 clinical trial of Ovaprene being conducted in collaboration with NICHD.”