Dare Bioscience (DARE) awarded a new grant of up to $48.95 million from Bill & Melinda Gates Foundation

July 7, 2021 6:18 AM EDT

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Dare Bioscience (NASDAQ: DARE) disclosed:

On June 30, 2021, Daré Bioscience, Inc. ("Daré," “we,” “us,” or “our”), entered into an agreement (the “Grant Agreement”) with the Bill & Melinda Gates Foundation (the “Foundation”), under which we were awarded a new grant of up to $48.95 million (the “Grant”) to support the development of DARE-LARC1, our investigational user-controlled, long-acting reversible contraceptive. The Grant will support technology development and preclinical activities to advance DARE-LARC1 toward clinical testing in humans over the period of June 30, 2021 to November 1, 2026 (the “Grant Period”). We will receive an initial payment of $11.45 million in July 2021. Additional payments under the Grant Agreement are contingent upon the DARE-LARC1 program’s achievement of specified development and reporting milestones during the Grant Period.

Under the Grant Agreement, we agreed to make DARE-LARC1, and any other products, services, processes, technologies, materials, software, data, other innovations, and intellectual property resulting the project funded by the Grant (“Funded Developments”), available and accessible at an affordable price to people most in need within developing countries, or in support of the U.S. educational system and public libraries, as applicable, and to promptly and broadly disseminate the knowledge and information gained from the project funded by the Grant (the “Global Access Commitment”). In connection with the Global Access Commitment, under the Grant Agreement, we also granted the Foundation a nonexclusive, perpetual, irrevocable, worldwide, royalty-free, fully paid up, sublicensable license to make, use, sell, offer to sell, import, distribute, copy, create derivative works, publicly perform, and display Funded Developments and essential background technology (the “Humanitarian License”). We are required to ensure that the Humanitarian License survives the assignment or transfer of Funded Developments and essential background technology. If we demonstrate to the satisfaction of the Foundation that the global access contemplated by the Global Access Commitment can best be achieved without the Humanitarian License, the Foundation and Daré will make good faith efforts to modify or terminate the Humanitarian License, as appropriate.

Any Grant funds, and any interest or other income generated thereby, not used for, or committed to, the development of DARE-LARC1 in accordance with the Grant Agreement upon the expiration or termination of the Grant Agreement must be returned promptly to the Foundation.

The foregoing description of terms and conditions of the Grant Agreement is not complete and is qualified in its entirety by reference to the full text of such agreement, a copy of which Daré intends to file with its quarterly report on Form 10-Q for the period ended June 30, 2021.

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Bill & Melinda Gates Foundation Trust