Dare Biosciences Shares Up 79% on Bayer Licensing Agreement
January 13 2020 - 7:48AM
Dow Jones News
By Chris Wack
Dare Bioscience Inc. (DARE) shares rose 79% to $1.50 after the
company said it is in a licensing agreement with Bayer
(BAYN.XE).
Bayer may commercialize Dare's investigational contraceptive
product Ovaprene in the U.S. once approved by the U.S. Food and
Drug Administration, Dare said.
Dare said it is entitled to receive commercial milestone
payments potentially totaling $310 million, in addition to double
digit tiered royalties on sales.
Dare's Ovaprene is an investigational hormone-free monthly
vaginal contraceptive currently in clinical development for the
prevention of pregnancy.
Dare said it will receive an upfront payment and access to
Bayer's clinical and market capabilities while retaining control
over Ovaprene's development and regulatory approval process.
Bayer has the right to obtain exclusive rights to commercialize
the product in the U.S. following completion of the pivotal
clinical trial being undertaken by Dare.
If Bayer makes payment to Dare of $20 million, which Dare
intends to apply to reimbursement of clinical study costs, then the
exclusive license to commercialize Ovaprene in the U.S. will become
effective.
Dare said it plans to file an investigational device exemption
for Ovaprene in the first half of 2020 and, pending the U.S. Food
and Drug Administration's review and clearance of the IDE, to
initiate a pivotal contraceptive effectiveness and safety clinical
study of Ovaprene in the second half of 2020.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 13, 2020 07:33 ET (12:33 GMT)
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