Dare Bioscience (NASDAQ: DARE) shares are surging premarket after the company was awarded a new grant of up to $48.95 million from the Bill & Melinda Gates Foundation.
The grant is to help support the technology development and preclinical activities to advance DARE-LARC1 toward clinical testing in humans.
DARE-LARC1 is the company’s investigational user-controlled, long-acting reversible contraceptive.
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An initial payment of $11.45 million will be paid in July, with additional payments contingent on the DARE-LARC1 program’s achievement of specified development and reporting milestones.
Dare Bioscience’s share price has jumped 56.5% to $2.38 premarket on the news.
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