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Biotech Announces Preclinical Data on its Intravaginal Rings at Meeting
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A ROTH Capital Partners report relayed the contents of both presented abstracts.

In a Nov. 8, 2018, research note, ROTH Capital Partners analyst Dr. Yasmeen Rahimi reported that Daré Bioscience Inc. (DARE:NASDAQ) presented two preclinical abstracts on its intravaginal rings (IVRs) DARE-HRT1 and DARE-FRT1 at the Association of Pharmaceutical Scientists' meeting last week.

Rahimi summarized the contents of those two abstracts.

Regarding DARE-HRT1, data from the use of this IVR in sheep indicate it dually releases 17-beta estradiol and progesterone efficaciously, she noted. Specifically, results showed an initial burst of hormones on Day 1 and an average release rate comparable to that of Femring over the remaining cycle days. "Overall, DARE-HRT1 was well tolerated in the sheep and demonstrated encouraging release profiles for the clinic," relayed Rahimi. Daré is developing DARE-HRT1 as a treatment for vasomotor symptoms and, potentially, vulvovaginal atrophy.

As for DARE-FRT1, ovine data on the use of this ring show it can sustain the release of drugs at varying rates, indicated Rahimi. In this 14-day trial, three rates were tested. Following the initial burst of hormone on Day 1, each rate was sustained for the duration. "DARE-FRT1 was also well tolerated, with minimal to mild local vaginal irritations that are typical with IVRs or other foreign placements, as well as no effects on body weight or clinical/pathology observations mediated by the IVR," she explained. Daré is developing DARE-FRT1 to prevent preterm birth in women with a short cervix and who are pregnant with one fetus.

Daré's abstract on DARE-HRT1 is dated Nov. 6 and labeled T1130-12-095; its abstract on DARE-FRT1 is dated Nov. 7 and labeled W0930-09-72.

ROTH has a Buy rating and a $6 per share 12-month target price on Daré, whose stock is currently trading at around $0.93 per share.


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Disclosures from ROTH Capital Partners, Daré Bioscience Inc., Company Note, Nov. 8, 2018

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Within the last twelve months, ROTH has received compensation for investment banking services from Daré Bioscience, Inc.

ROTH makes a market in shares of Daré Bioscience, Inc. and as such, buys and sells from customers on a principal basis.

Shares of Daré Bioscience, Inc. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

Within the last twelve months, ROTH has managed or co-managed a public offering for Daré Bioscience, Inc.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

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