Daré Bioscience secures $22M non-dilutive royalty financing from XOMA for XACIATO and Phase 3 candidates

Dare Bioscience, Inc.

XOMA paid $22M upfront for 100% of Daré's net XACIATO royalties and milestones (after deductions); Daré also sold minority interest in Ovaprene/Sildenafil future revenue.
After XOMA achieves pre-specified return, Daré receives 50% of each successive $22M received (upside-sharing).
Synthetic royalties: 4% on Ovaprene net sales, 2% on Sildenafil Cream net sales, decreasing to 2.5% and 1.25% after further return threshold.
Total royalty-based capital committed ($34M) includes previous UiE financing; Daré retains significant majority of future economics.
Proceeds to fund Phase 3 pivotal programs for Ovaprene (contraceptive) and Sildenafil Cream (female sexual arousal disorder).

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Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Dare Bioscience, Inc. entered into Traditional Royalty Purchase Agreement with XOMA (US) LLC valued at $22.0 million (effective 2024-04-29).

Action: entry
Counterparty: XOMA (US) LLC
Value: $22.0 million
Effective: 2024-04-29

Exact text from the filing

On April 29, 2024, Daré Bioscience, Inc. (“Daré” or the “Company”) entered into a Traditional Royalty Purchase Agreement and a Synthetic Royalty Purchase Agreement (together, the “Agreements”) with XOMA (US) LLC (“XOMA”). In accordance with the Agreements, on April 29, 2024, XOMA paid $22.0 million to Daré

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Dare Bioscience, Inc. entered into Synthetic Royalty Purchase Agreement with XOMA (US) LLC (effective 2024-04-29).

Action: entry
Counterparty: XOMA (US) LLC
Effective: 2024-04-29

Exact text from the filing

On April 29, 2024, Daré Bioscience, Inc. (“Daré” or the “Company”) entered into a Traditional Royalty Purchase Agreement and a Synthetic Royalty Purchase Agreement (together, the “Agreements”) with XOMA (US) LLC (“XOMA”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001493152-24-017147

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