Dare Bioscience More Than Double After Bayer Licensing Deal
January 13 2020 - 11:04AM
Dow Jones News
By Chris Wack
Dare Bioscience Inc. (DARE) shares more than doubled to $1.85 in
heavy trading after the company said it signed a licensing
agreement with Bayer (BAYN.XE).
Volume at midmorning was 26 million shares, compared to the
65-day average volume of 252,000 shares.
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 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 10:49 ET (15:49 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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