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Biotech Announces Deal with Bayer on Non-Hormonal Contraception
Research Report

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Details of the arrangement and an update on the company's pipeline are provided in a Dawson James report.

In a Jan. 13 research note, Dawson James Securities analyst Jason Kolbert reported that Daré Bioscience Inc. (DARE:NASDAQ) partnered with Bayer, the company behind the Marina intrauterine device, to advance Daré's Ovaprene, a hormone-free, intravaginal contraceptive ring. "Bayer's track record with this device makes it an ideal partner to commercialize Ovaprene," he added.

Kolbert explained the deal, which goes into effect when and if Bayer pays Daré $20 million for clinical expenses. Daré will get access to Bayer's clinical and market capabilities, including talent working with Daré on next steps. Daré will retain control of the clinical development and regulatory process of Ovaprene. The arrangement also includes milestone payments of up to $310 million and tiered, double-digit royalties on net sales.

As for what's next regarding Ovaprene, Kolbert pointed out, Daré will file an investigation device exemption, in H1/20 it said. Then in H2/20, assuming acceptance by the U.S. Food and Drug Administration, Daré will commence a pivotal contraceptive effectiveness and safety clinical study of Ovaprene, "the goal being to, based on this trial, pursue U.S., European and other key countries."

Kolbert indicated the progress of Daré's other candidates in the pipeline. DARE-BV1, being developed as a gel treatment for bacterial vaginosis, is expected to enter Phase 3 in the clinic this year. "With high cure rates (as high as 86%), the product appears superior to the standard of care treatments that average 50%," Kolbert highlighted.

Daré's Sildenafil cream for female sexual arousal disorder (FSAD) is slated to enter a Phase 2b study this year. Sildenafil "has shown efficacy to address a segment of the female population (10 million-plus sexually active women) that is currently living with the disorder," noted Kolbert. Today, no therapeutics are on the market for FSAD.

Finally, Kolbert outlined the order in which Dawson James expects commercialization of these there Daré products. DARE-BV1 will be first, in 2021 in the U.S., followed by Ovaprene in 2023 in the U.S. Next would be Sildenafil in 2024 in the U.S., Ovaprene in 2025 in the European Union (EU) and, finally, Sildenafil in 2026 in the EU.

Dawson James has a Buy rating and a $4 per share price target on Daré Bioscience, whose stock is currently trading at around $1.39 per share.

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Disclosures for Dawson James Securities, Dare Bioscience, January 13, 2020,

The Firm does not make a market in the securities of the subject company(s). The Firm has NOT engaged in investment banking relationships with Dare in the prior twelve months, as a manager or co-manager of a public offering and has NOT received compensation resulting from those relationships. The Firm may seek compensation for investment banking services in the future from the subject company(s). The Firm has received any other compensation from the subject company(s) in the last 12 months for services unrelated to managing or co-managing of a public offering.

Neither the research analyst(s) whose name appears on this report nor any member of his (their) household is an officer, director or advisory board member of these companies. The Firm and/or its directors and employees may own securities of the company(s) in this report and may increase or decrease holdings in the future. As of December 31, 2019, the Firm as a whole did not beneficially own 1% or more of any class of common equity securities of the subject company(s) of this report. The Firm, its officers, directors, analysts or employees may affect transactions in and have long or short positions in the securities (or options or warrants related to those securities) of the company(s) subject to this report. The Firm may affect transactions as principal or agent in those securities.

Analysts receive no direct compensation in connection with the Firm's investment banking business. All Firm employees, including the analyst(s) responsible for preparing this report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of the Firm and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.

Analyst Certification: The analyst(s) whose name appears on this research report certifies that 1) all of the views expressed in this report accurately reflect his (their) personal views about any and all of the subject securities or issuers discussed; and 2) no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in this research report; and 3) all Dawson James employees, including the analyst(s) responsible for preparing this research report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of Dawson James and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.




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