Daré Bioscience Receives $4 Mln Grant Funding For Smart Contraceptive Program

(RTTNews) - Daré Bioscience, Inc. (DARE), Monday announced that it has received a $4 million non-dilutive funding installment under its multi-year grant agreement to advance DARE-LARC1, a long-acting reversible contraceptive developed using its intelligent drug delivery system, DARE-IDDS platform.

Out of the $49 million allocated for nonclinical development and IND-enabling studies prior to an FDA submission, this brings the total amount of funding received to $41.8 million.

DARE-LARC1 delivers levonorgestrel over long periods of time without daily user intervention using an implantable, programmable device.

Originally created at MIT, the DARE-IDDS platform allows for accurate, wireless, long-term dosing and may find use in treating chronic diseases like diabetes and obesity.

DARE is currently trading at $2.17, down $0.01 or 0.45 percent on the Nasdaq.