Bill & Melinda Gates Foundation gives Dare Bioscience a boost
Daré will receive an initial $11.5 million this month
FOX Business’ Ashley Webster and Mark Tepper of Strategic Wealth Partners on Wednesday’s market open following the holiday weekend.
Shares of Daré Bioscience, Inc., surged 63% ahead of Wednesday's opening bell after the biotech company reported a nearly $49 million grant from The Bill & Melinda Gates Foundation.
The stock remained up more than 20% as of Wednesday morning. Shares closed at $1.52 on Tuesday and opened at $2.26 on Wednesday.
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The company received the grant in the first quarter of 2021 to further research for its DARE-LARC1 program, which Daré describes as a "long-acting reversible contraceptive," according to its most recent SEC filing.
Daré will receive an initial $11.5 million this month, and additional payments will be made upon the DARE-LARC1 program's achievements and reporting milestones, according to the agreement published on June 30.
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As part of the contract, Daré agreed to make the program and its related initiatives affordable for patients "most in need within developing countries, or in support of the U.S. educational system and public libraries."