Dare Bioscience Inc (NASDAQ:DARE) were flat in Thursday trading.
The shares jumped around 24% on Wednesday on a report suggesting the company entered into an agreement with the Bill & Melinda Gates Foundation and were awarded a new grant of up to $48.95 million to support development of DARE-LARC1.
Dare Bioscience will receive an initial payment of $11.45 million from the Bill & Melinda Gates Foundation this month. It will get additional payments as it progresses with the development of the contraceptive. The company will also have to return any funds from the grant that it doesn’t use.
The Bill & Melinda Gates Foundation grant also comes with specific conditions that Dare Bioscience has to uphold. That includes making the product affordable and available in developing countries. It must also provide them to the U.S. educational system and public libraries.
The information gained from the development of the contraceptive must also be disseminated promptly and broadly according to the Global Access Commitment.
It’s worth noting that Dare Bioscience only has access to the grant for a certain period of time. The company can use the funds in human tests starting on June 30, 2021, and lasting until November 1, 2026.
DARE began Thursday trading down 4.5 cents, or 2.4%, to $1.84.
