Daré Bioscience Enters Purchase Agreement with Lincoln Park Capital Fund

Daré Bioscience, Inc. (NASDAQ: DARE) disclosed on October 21, 2024, that it has entered into a Purchase Agreement and Registration Rights Agreement with Lincoln Park Capital Fund, LLC. Through this agreement, Lincoln Park has committed to purchasing up to $15.0 million in shares of Daré’s common stock.

As outlined in the agreement, Daré has the option, but not the obligation, to sell up to $15.0 million in common stock to Lincoln Park. The sales will be subject to certain restrictions and may occur at Daré’s discretion over a 24-month period following the approval of a registration statement by the Securities and Exchange Commission (SEC) and upon meeting specific conditions.

Post the approval, Daré could direct Lincoln Park to purchase up to 30,000 shares of common stock on any business day, with incremental shares allowed based on the stock’s closing price. The purchase price per share will be determined by the agreement terms, not exceeding a specified amount per share.

The company indicated that the net proceeds from these sales will be used for working capital and general corporate purposes. The agreement also includes restrictions, one being that Daré cannot issue more than 19.99% of its outstanding common stock to Lincoln Park without stockholder approval.

In connection with this agreement, Daré issued 137,614 shares to Lincoln Park. The Purchase Agreement and Registration Rights Agreement contain standard provisions, representations, warranties, and covenants from both parties.

It is important to note that this report does not constitute a solicitation to buy or sell any common stock. Additionally, the unregistered shares issued to Lincoln Park fall under an exemption from registration requirements under the Securities Act.

Daré also furnished a press release on the same day, announcing these agreements. The full details of the Purchase Agreement, Registration Rights Agreement, and other related information can be found in the official filings with the United States Securities and Exchange Commission.

This forward-looking move by Daré is subject to various factors, as detailed in the cautionary statements within the report, including risks associated with research and development processes, stock market volatility, and regulatory approvals.

The company’s President and Chief Executive Officer, Sabrina Martucci Johnson, signed off on the report designated as a filing with the Securities Exchange Act of 1934.

Please note that the contents of this report have not been filed under Sections 11 and 12(a)(2) of the Securities Act or Section 18 of the Securities Exchange Act of 1934. The company explicitly disclaims any obligation to update the forward-looking statements detailed in this report.

The agreements between Daré Bioscience, Inc. and Lincoln Park Capital Fund, LLC have been properly documented in the Exhibits attached to the filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Daré Bioscience’s 8K filing here.

Daré Bioscience Company Profile

Daré Bioscience, Inc, a biopharmaceutical company, identifies, develops, and markets products for women's health in the United States. It develops therapies in the areas of contraception, reproductive health, menopause, fertility, and sexual and vaginal health. The company offers XACIATO for the treatment of bacterial vaginosis in female patients 12 years of age and older.