Daré Bioscience Inc (NASDAQ: DARE) is having an overwhelmingly strong start to the trading session this morning after announcing that it has received a Notice of Award surrounding a grant that will provide the company with funding. Of course, the news proved to be exciting for investors, sending the stock screaming for the top. Today, we’ll talk about:
- The grant;
- what we’re seeing from DARE as a result;
- and what we’ll be watching for ahead.
DARE Is Awarded Funding
As mentioned above, Daré Bioscience is having an incredibly strong start to the trading session this morning after announcing that it has been awarded a grant. In a press release issued early this morning, the company announced that it has received a Notice of Award for the first $224,665 of the anticipated $1.9 million in grant funding. The notice came from the Eunice Kennedy Shriver National Institute of Child Health and Human Development, also known as NICHD. In the release, DARE informed investors that NICHD is a division of the National Institutes of Health (NIH).
The company said that the funding from this award will be applied to important clinical development efforts supporting its lead candidate, Ovaprene™. Moving forward, the remaining balance associated with the grant is contingent upon assessment of the results of the first phase of the research and availability of funds among other matters. In a statement, Sabrina Martucci Johnson, President and CEO at DARE, had the following to offer:
We are reaching a critical milestone in the development of Ovaprene… We are initiating an important human subject clinical trial that is designed to assess general safety, acceptability, and effectiveness of Ovaprene in preventing progressively motile sperm from reaching the cervical mucus. These data, if positive, could serve as the basis for an IDE filing with the FDA and this non-dilutive grant award from the NICHD is very well timed as it will directly offset some of our planned development costs and allow us to more efficiently deploy our capital.
What We’re Seeing From The Stock
With such strong news surrounding Daré Bioscience, it’s no surprise that excited investors are sending the stock toward the top. After all, this grant will provide funding needed by the company to move forward with a clinical study, and should the results of the study be positive, could provide further funding for the development of Ovaprene. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:27), DARE is trading at $1.27 per share after a gain of $0.099 per share or 8.46% 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 company’s work with regard to Ovaprene. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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