- Daré Bioscience (DARE, Financial) receives a $6 million non-dilutive grant installment, totaling $37.8 million of a potential $49 million commitment.
- The grant supports the development of DARE-LARC1, a long-acting reversible contraceptive utilizing their DARE-IDDS platform.
- The DARE-IDDS platform offers potential applications in other therapeutic areas like obesity and diabetes.
Daré Bioscience, Inc. (DARE) announced the receipt of a $6 million non-dilutive grant installment to further support the development of DARE-LARC1, a preclinical-stage investigational long-acting reversible contraceptive. This funding increases the company's total grant receipts to $37.8 million out of a $49 million commitment.
The DARE-LARC1 project involves the use of an intelligent drug delivery system (DARE-IDDS) platform. Originally developed at MIT, this platform can deliver precise and extended-duration doses wirelessly without the need for recharging. It is capable of individualizing hundreds of doses over months or years.
Besides reproductive health, the DARE-IDDS technology holds promise for applications in treating chronic conditions such as obesity and diabetes, where precision and long-term dosing are critical. Daré Bioscience is actively pursuing strategic partnerships to expand the use of this platform beyond contraception.
Additionally, Daré is eligible for up to $11.2 million in further non-dilutive funding upon achieving specific technical and developmental milestones. This funding strategy strengthens Daré's position by advancing its contraceptive and therapeutic technology while preserving shareholder value.
