Daré Bioscience Secures $15M Stock Purchase Deal with Lincoln Park Capital

Daré Bioscience, Inc., a prominent biopharmaceutical company dedicated to women's health, has entered into a $15 million common stock purchase agreement and a registration rights agreement with Lincoln Park Capital Fund, LLC (LPC), an institutional investor based in Chicago. This financial arrangement allows Daré to sell up to $15 million of its common stock to LPC over a period of 24 months. The sales will be made at Daré's discretion and will be based on prevailing market prices for its stock at the time of each sale. This agreement is contingent upon the filing and effective registration of the resale of shares by LPC with the Securities and Exchange Commission (SEC) and the satisfaction of other conditions.

Daré Bioscience will control the timing and amount of stock sales to LPC, which is obligated to purchase the shares as per the agreement. There is no limit on the per share price that LPC may pay for the stock. Daré’s CEO, Sabrina Martucci Johnson, expressed enthusiasm for this transaction, which is reminiscent of a similar agreement with LPC in 2020. That previous agreement helped fund Daré’s Phase 3 study of XACIATO, leading to FDA approval. Johnson highlighted the importance of the current agreement in providing financial resources to advance Daré’s innovative products in women's health, particularly the Sildenafil Cream, 3.6%, which is aimed at treating female sexual arousal disorder. Daré is currently in discussions with the FDA regarding the Phase 3 study design for this product, with an estimated direct cost of around $15 million.

LPC has agreed not to engage in any short selling or hedging of Daré’s common stock as part of the agreement. No warrants are being issued in this transaction, and there are no restrictions on how Daré can use the proceeds from the stock sales. The purchase agreement does not include any rights of first refusal, participation rights, penalties, or provisions for liquidated damages. Additionally, Daré retains the right to terminate the agreement at any time without incurring additional costs or penalties.

The terms of the purchase agreement and the registration rights agreement will be detailed in Daré’s Current Report on Form 8-K, which the company intends to file with the SEC. The securities offered in this transaction have not been registered under the Securities Act of 1933 or any state securities laws, and thus may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.

Daré Bioscience is focused on developing and commercializing innovative products that address various aspects of women's health, including contraception, vaginal health, reproductive health, menopause, sexual health, and fertility. Their portfolio includes products such as XACIATO (clindamycin phosphate) vaginal gel, which is FDA-approved for treating bacterial vaginosis, and is marketed in the U.S. by Organon. Other notable products in their pipeline include Ovaprene, a hormone-free monthly contraceptive, and DARE-HRT1, a hormone therapy ring for menopause.

Daré’s leadership has received recognition for their contributions to women’s health, including honors from The Medicine Maker’s Power List and Fierce Pharma’s Most Influential People in Biopharma. The company was also ranked first in the Small Company category of the San Diego Business Journal’s 2023 Best Places to Work Awards.

For more details on Daré Bioscience's financial status, products, and clinical trials, the company recommends visiting the Investors section of their website and following their social media channels for updates.