Dare Bioscience received payment of $2.5M under grant agreement

Dare Bioscience (DARE) announced it received a payment of $2.5M 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, IND, 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. To date, Dare has received payments totaling approximately $31.8 million. Additional payments are conditioned on the program meeting specified development and reporting milestones.