Daré Bioscience Regains Compliance with Nasdaq Minimum Equity Rule and Secures Capital to Advance Product Candidates
February 06 2020 - 08:00AM
Daré Bioscience, Inc. (NASDAQ: DARE), a leader in women’s
health innovation, announced that it has been notified by The
Nasdaq Stock Market LLC that the Company has regained compliance
with the minimum stockholders’ equity requirement set forth in
Nasdaq Listing Rule 5550(b). As a result, all previously reported
Nasdaq compliance matters have been resolved and the
previously-scheduled hearing before the Nasdaq Hearings Panel has
been canceled.
“We believe that 2020 will be a transformational year for Daré,”
said Sabrina Martucci Johnson, President and CEO of Daré. “Building
on the momentum of our U.S. license agreement with Bayer for
commercial rights to our first-in-category product Ovaprene® and
coupled with the approximately $6.8 million in net proceeds we
strategically raised in January 2020 and the $6.0 million in cash
we received as part of the Microchips acquisition that closed in
November 2019, we are starting the new year well-positioned as we
work to advance our late-stage programs toward clinical and
regulatory milestones in 2020.”
During January 2020, Daré raised approximately $5.1 million in
net proceeds from the sale of approximately 3.1 million shares of
its common stock under its at-the-market (ATM) facility and
received approximately $1.7 million from the exercise of
approximately 1.7 million warrants. As a result of these
activities, the Company’s total shares of common stock outstanding
increased to 24,513,675.
About Daré Bioscience
Daré Bioscience is a clinical-stage biopharmaceutical company
committed to the advancement of 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 expand
treatment options, improve outcomes and facilitate convenience for
women, primarily in the areas of contraception, vaginal health,
sexual health, and fertility.
Daré’s product portfolio includes potential first-in-category
candidates in clinical development: Ovaprene®, a hormone-free,
monthly contraceptive intravaginal ring whose U.S. commercial
rights are under a license agreement with Bayer; Sildenafil Cream,
3.6%, a novel cream formulation of sildenafil to treat female
sexual arousal disorder utilizing the active ingredient in Viagra®;
DARE-BV1, a unique hydrogel formulation of clindamycin phosphate 2%
to treat bacterial vaginosis via a single application; and
DARE-HRT1, a combination bio-identical estradiol and progesterone
intravaginal ring for hormone replacement therapy following
menopause. To learn more about Daré’s full portfolio of women’s
health product candidates, and mission to deliver differentiated
therapies for women, please visit www.darebioscience.com.
Daré may announce material information about its finances,
product candidates, clinical trials and other matters using its
investor relations website
(http://ir.darebioscience.com), SEC filings, press
releases, public conference calls and webcasts. Daré will use these
channels to distribute material information about the company, and
may also use social media to communicate important information
about the company, its finances, product candidates, clinical
trials and other matters. The information Daré posts on its
investor relations website or through social media channels may be
deemed to be material information. Daré encourages investors, the
media, and others interested in the company to review the
information Daré posts on its investor relations website
(https://darebioscience.gcs-web.com/) and to follow these Twitter
accounts: @SabrinaDareCEO and @DareBioscience. Any updates to the
list of social media channels the company may use to communicate
information will be posted on the investor relations page of Daré’s
website mentioned above.
Forward-Looking Statements
Daré cautions you that all statements, other than statements of
historical facts, contained in this press release, are
forward-looking statements. Forward-looking statements, in some
cases, can be identified by terms such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,”
“could,” “plan,” “potential,” “predict,” “seek,” “should,” “would,”
“contemplate,” “project,” “target,” “tend to,” or the negative
version of these words and similar expressions. Such statements
include, but are not limited to, the statement that 2020 will be a
transformational year for Daré. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause Daré’s actual results, performance or achievements to be
materially different from future results, performance or
achievements expressed or implied by the forward-looking statements
in this press release, including, without limitation, risk and
uncertainties related to: Daré’s ability to raise additional
capital when and as needed to advance its product candidates and
continue as a going concern; Daré’s ability to develop, obtain
regulatory approval for, and commercialize its product candidates;
the failure or delay in starting, conducting and completing
clinical trials or obtaining FDA or foreign regulatory approval for
Daré’s product candidates in a timely manner; Daré’s ability to
conduct and design successful clinical trials, to enroll a
sufficient number of patients, to meet established clinical
endpoints, to avoid undesirable side effects and other safety
concerns, and to demonstrate sufficient safety and efficacy of its
product candidates; the risk that positive findings in pre-pivotal
clinical studies of a product candidate may not be predictive of
success in pivotal clinical studies of that candidate; the risk
that a product candidate may fail to demonstrate equivalent or
superior efficacy and/or safety in a pivotal clinical study
compared to results from a pre-pivotal study or studies; Daré’s
ability to retain its licensed rights to develop and commercialize
a product candidate; Daré’s ability to satisfy the monetary
obligations and other requirements in connection with its
exclusive, in-license agreements covering the critical patents and
related intellectual property related to its product candidates;
developments by Daré’s competitors that make its product candidates
less competitive or obsolete; Daré’s dependence on third parties to
conduct clinical trials and manufacture clinical trial material;
Daré’s ability to adequately protect or enforce its, or its
licensor’s, intellectual property rights; the lack of patent
protection for the active ingredients in certain of Daré’s product
candidates which could expose its products to competition from
other formulations using the same active ingredients; the risk of
failure associated with product candidates in preclinical stages of
development that may lead investors to assign them little to no
value and make these assets difficult to fund; and disputes or
other developments concerning Daré’s intellectual property rights.
Daré’s forward-looking statements are based upon its current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. All forward-looking statements are
expressly qualified in their entirety by these cautionary
statements. For a detailed description of Daré’s risks and
uncertainties, you are encouraged to review its documents filed
with the SEC including Daré’s recent filings on Form 8-K, Form 10-K
and Form 10-Q. You are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on
which they were made. Daré undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made, except as required by
law.
Contacts:
Investors on behalf of Daré Bioscience, Inc.: Lee Roth
Burns McClellan lroth@burnsmc.com 212.213.0006
OR
Media on behalf of Daré Bioscience, Inc.: Jake Robison
Canale Communications jake@canalecomm.com 619.849.5383
Source: Daré Bioscience
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