Dare Bioscience (DARE) - Get Dare Bioscience, Inc. Report shares jumped on Wednesday after the health-care company said it was awarded a new grant of as much as $49 million from the Bill & Melinda Gates Foundation.
The grant will support technology development and preclinical activities to advance its investigational contraceptive, Dare-Larc1, toward clinical testing in humans during the period June 30, 2021, to Nov. 1, 2026. The contraceptive is controlled by the user and is reversible.
Terms of the grant call for the San Diego company to receive an initial $11.5 million this month. Additional payments are conditioned on the program meeting development and reporting milestones.
As part of the agreement, Dare agreed to make Dare-Larc1 and any other products resulting from the grant project available at an affordable price to people in developing countries, or in support of the U.S. educational system and public libraries.
At last check Dare Bioscience shares were trading up 35% at $2.06. They were up 13% in 2021 through the close of Tuesday trading.
The Bill & Melinda Gates Foundation has a Population Resource Center focused on the impact of population growth and change on health and environmental conditions in developing countries.
Earlier this year, Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report Co-Founder Bill Gates and Melinda said they were ending their 27-year marriage but would continue to work together at the foundation.