Business
Daré Bioscience Announces Common Stock Purchase Agreement for up to $15 Million with Lincoln Park Capital Fund, LLC
Provides Daré access to capital at Daré’s discretion with any proceeds available to help fund portfolio advancement, such as the Phase 3 program for
About this update from Dare Bioscience, Inc.
[{"type":"text","content":"Provides Daré access to capital at Daré’s discretion with any proceeds available to help fund portfolio advancement, such as the Phase 3 program for Sildenafil Cream, 3.6%, a potential first-in-category treatment for female sexual arousal disorder using the same active ingredient as in Viagra®\nSAN DIEGO, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Daré Bioscience, Inc. (NASDAQ: DARE), a leader in innovation for the health and wellbeing of women, today announced it entered into a $15 million common stock purchase agreement and registration rights agreement with Lincoln Park Capital Fund, LLC (“LPC”), a Chicago-based institutional investor. Under the terms and conditions of the purchase agreement, Daré will have the right, from time to time and at its sole discretion, to sell up to $15 million of its stock to LPC over a 24-month period, subject to a registration statement covering the resale by LPC of shares issued and sold under the purchase agreement being filed and declared effective by the Securities and Exchange Commission (“SEC”) and satisfaction of the other conditions in the purchase agreement. Daré will control the timing and amount of any sales to LPC, and LPC is obligated to make purchases in accordance with the purchase agreement. LPC will purchase any common stock sold under the purchase agreement at prices based on prevailing market prices of Daré’s common stock at the time Daré initiates each sale. There is no upper limit to the per share price LPC may pay to purchase such common stock. \"We are excited to once again enter into such a transaction with LPC. Proceeds from our similar agreement with LPC in 2020 assisted with the funding of our Phase 3 registration study of XACIATO (clindamycin phosphate) vaginal gel 2%, leading to an FDA approval, and this transaction may similarly provide Daré with access to capital at times that we control to help us advance our portfolio of novel investigational products in women’s health, including importantly Sildenafil Cream, 3.6%, a potential first-in-category treatment for female sexual arousal disorder, where we are in ongoing discussions with the FDA regarding the Phase 3 design and where we have estimated that a Phase 3 study will be approximately $15 million in direct costs,\" said Sabrina Martucci Johnson, President and Chief Executive Officer of Daré Bioscience. As part of the ag...