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Bayer, Daré Bioscience Sign License Agreement On Ovaprene

Bayer and Daré Bioscience Inc. (DARE) entered into exclusive license agreement for U.S. commercial rights to investigational hormone-free, monthly contraceptive Ovaprene.

In Monday regular trade, DARE is trading at $2.00, up $1.16 or 139.52 percent.

Bayer may commercialize Daré's investigational contraceptive product, Ovaprene in the United States once approved by the FDA.

The licensing option becomes effective with a payment of $20 million from Bayer to Daré.

Daré might be eligible to receive commercial milestone payments potentially totaling $310 million as well as double-digit tiered royalties on net sales.

As per the deal, Daré 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.

Daré plans to file an Investigational Device Exemption for Ovaprene in the first half of 2020 and to initiate a pivotal contraceptive effectiveness and safety clinical study of Ovaprene in the second half of 2020.

If successful, Daré expects that study to support marketing approvals of Ovaprene in the U.S., Europe and other countries worldwide.

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