Dare Bioscience Inc. (DARE) shares rose 79% to $1.50 after the company said it is in a licensing agreement with Bayer (BAYN.XE). 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’s Ovaprene is an investigational hormone-free monthly vaginal contraceptive currently in
clinical development for the prevention of pregnancy. Dare said it will receive an upfront payment and access to Bayer’s clinical and
market capabilities while retaining control over Ovaprene’s development and regulatory approval process. Bayer has the right to obtain
exclusive rights to commercialize the product in the U.S. following completion of the pivotal clinical trial being undertaken by Dare.

By Vincent Mivelaz

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