Dare Bioscience Inc (NASDAQ: DARE) is flying early on in the market this morning, and for good reason. The company announced that it has entered into an asset transfer agreement, leading to excitement among investors and sending the stock on a run for the top. Today, we’ll talk about:
- The agreement;
- what we’re seeing from DARE; and
- what we’ll be watching for ahead.
DARE Flies On Asset Transfer
As mentioned above, Daré Bioscience is having an incredibly strong start to the trading session this morning after the company announced that it has entered into an asset transfer agreement. The agreement, signed with Hyrdra Biosciences surrounds the transfer of all Hydra’s interest in certain intellectual property relating to the company’s CatSper ion channel target portfolio to DARE.
In a statement, Dr. David Friend, CSO at DARE, had the following to offer:
CatSper represents a novel target for non-hormonal contraceptives for both men and women… Inhibiting CatSper prevents sperm from achieving the hyperactive motile state required for fertilization. With the acquisition of Hydra’s intellectual property surrounding the CatSper target, we can begin to identify therapies that could potentially provide a contraception solution that both men and women could utilize. The potential for a first-in-class non-hormonal male or female contraceptive option aligns with the objectives of the foundations and government agencies that fund contraceptive research, and as such we will be pursuing grant funding to support the near-term research.
The above statement was followed up by Sabrina Martucci Johnson, President and CEO at DARE, had the following to offer:
Our human clinical development activities remain focused on our lead programs Ovaprene® and Topical 5% Sildenafil Citrate Cream. In parallel, we continue to screen, identify, and access technology that is highly differentiated and novel… With the CatSper intellectual property from Hydra Biosciences we are delivering on our commitment to advance unique innovation that addresses persistent unmet needs and that provides us with strategic optionality.
What We’re Seeing From The Stock
One of the first lessons that we learn is that the news moves the market. In the case of Daré Bioscience, the news proved to be overwhelmingly positive. After all, the new asset has the potential to drive future revenue for the company. So, it’s no surprise that excited investors are sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:36), DARE is trading at $1.45 per share after a gain of $0.15 per share or 11.54% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on DARE. In particular, we’re interested in following the story surrounding the CatSper ion channel target portfolio asset. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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