Daré Bioscience Completes Previously Announced Equity Financing

Company looks forward to anticipated 2023 milestones, including first commercial sale of XACIATO, enrollment in Ovaprene pivotal Phase 3 study, and topline data from DARE-PDM1 Phase 1 study

SAN DIEGO, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Daré Bioscience, Inc. (NASDAQ: DARE), a leader in women’s health innovation, today announced the completion of its registered direct offering of common stock and warrants to purchase common stock priced at-the-market under Nasdaq rules with an institutional investor and an investor affiliated with the licensor of one of the company’s early stage product candidates. The aggregate gross proceeds to Daré, before deducting offering expenses payable by Daré, were $7.0 million. The closing occurred on September 1, 2023.

“This financing strengthened our balance sheet, providing cash to help us deliver on important portfolio milestones this year,” said Sabrina Martucci Johnson, President and CEO of Daré Bioscience. “In addition to the commercial launch of XACIATO in the U.S. by Organon, we are looking forward to the commencement of patient enrollment in our pivotal Phase 3 clinical study of Ovaprene, our investigational, hormone-free, monthly intravaginal contraceptive, and topline data from our Phase 1 clinical study of DARE-PDM1, an investigational proprietary hydrogel formulation of diclofenac we are developing as a vaginally administered treatment for primary dysmenorrhea, more commonly referred to as menstrual cramps and pain,” continued Ms. Johnson. “We also look forward to an end-of-Phase-2 meeting, targeted for 2023, with the FDA for our Sildenafil Cream, 3.6% program, to support Phase 3 commencement in early 2024; our investigational formulation of sildenafil is designed to treat female sexual arousal disorder and/or female sexual interest/arousal disorder utilizing the active ingredient in Viagra. In addition, we are pleased to announce that we previously entered into a license agreement with Douglas Pharmaceuticals, a New Zealand based pharmaceutical company, under which we acquired exclusive rights to develop and commercialize in the United States an investigational, novel proprietary lopinavir and ritonavir combination soft gel vaginal insert for the treatment of cervical intraepithelial neoplasia, also known as cervical dysplasia. There is no FDA-approved pharmaceutical treatment for cervical dysplasia, a precancerous condition in women strongly linked to HPV infection, the most common sexually transmitted infection in the U.S. Current surgical procedures to treat cervical dysplasia are invasive and can adversely impact future pregnancies. A pharmaceutical approach could provide women with an important alternative to surgery to treat this condition.”