Dare Bioscience (NASDAQ:DARE) stock is rising higher on Wednesday after revealing a $48.95 million grant from the Bill & Melinda Gates Foundation.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Dare Bioscience will be using the funds for the development of its DARE-LARC1 product. This is an “investigational user-controlled, long-acting reversible contraceptive.”
Dare Bioscience will receive an initial payment of $11.45 million from the Bill & Melinda Gates Foundation this month. It will get additional payments as it progresses with the development of the contraceptive. The company will also have to return any funds from the grant that it doesn’t use.
The Bill & Melinda Gates Foundation grant also comes with specific conditions that Dare Bioscience has to uphold. That includes making the product affordable and available in developing countries. It must also provide them to the U.S. educational system and public libraries. The information gained from the development of the contraceptive must also be disseminated promptly and broadly according to the Global Access Commitment.
It’s worth noting that Dare Bioscience only has access to the grant for a certain period of time. The company can use the funds in human tests starting on June 30, 2021, and lasting until November 1, 2026.
DARE stock is seeing heavy trading today on the grant news. As of this writing, some 147 million shares have changed hands. That’s a major jump compared to the company’s daily average trading volume of about 2.1 million shares.
DARE stock was up 21.4% as of Wednesday morning.
Investors that are still looking for more stock market news from today should keep scrolling!
There’s still plenty of stock market news to discuss today and InvestorPlace has it covered. That includes the latest news concerning Newegg (NASDAQ:NEGG), Clover Health (NASDAQ:CLOV), and Exela Technologies (NASDAQ:XELA). You can learn more about this at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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