Daré Bioscience Closes Royalty Transaction; Secures $22M Windfall

Shares in Daré Bioscience (Nasdaq: DARE) climbed 25% in morning trading on Tuesday after the company announced the closing of a royalty monetization transaction with XOMA (US) LLC. Daré received $22 million in gross proceeds at close. The transaction will allow Daré to focus on advancing its Phase 3 first-in-category investigational products Ovaprene®, a potential first FDA-approved hormone-free monthly contraceptive, and Sildenafil Cream, 3.6%, a potential first FDA-approved treatment for female sexual arousal disorder.

Sabrina Martucci Johnson, President and Chief Executive Officer of Daré Bioscience, said, “This transaction ensures that Daré and our shareholders have the opportunity to participate meaningfully in XACIATO economics as commercialization progresses. The structure of these agreements also underscores the significant potential of Ovaprene and Sildenafil Cream, with Daré retaining the significant majority of future economics and the ability to achieve attractive margins through retained net sales and all commercial milestones. This transaction exemplifies our commitment to being creative, collaborative and opportunistic in seeking capital at an attractive cost to advance our potential first-in-category Phase 3 candidates to deliver value for all Daré stakeholders.”

Under the terms of the agreement, once XOMA achieves a pre-specified return on investment, it will pay Daré 50% of each successive $22 million that it receives under the transaction agreements.

About Daré Bioscience

Daré Bioscience is a biopharmaceutical company committed to advancing innovative products for women’s health. The company’s mission is to identify, develop and bring to market a diverse portfolio of differentiated therapies that prioritize women’s health and well-being, expand treatment options, and improve outcomes, primarily in the areas of contraception, vaginal health, reproductive health, menopause, sexual health and fertility. To learn more about XACIATO, Daré’s full portfolio of women’s health product candidates, and Daré’s mission to deliver differentiated therapies for women, please visit www.darebioscience.com.