Organon & Co (NYSE:OGN) will license global rights to Daré Bioscience Inc's (NASDAQ:DARE) Xaciato (clindamycin phosphate vaginal gel, 2%).
- Xaciato is an FDA-approved medication for treating bacterial vaginosis (BV) in females 12 years of age and older. It has received both Qualified Infectious Disease Product (QIDP) and Fast Track designations from the FDA to treat bacterial vaginosis.
- Daré will receive a $10 million upfront payment from Organon. Daré is eligible to receive potential milestone payments of up to $182.5 million and tiered double-digit royalties based on net sales.
- Xaciato is expected to be available commercially in the U.S. in Q4 2022.
- Daré held cash and cash equivalents of $51.7 million at the end of 2021.
- In Q1 of 2022, the Company initiated the process with the FDA to support the IDE review for Ovaprene (hormone-free intravaginal contraceptive). It is targeting the commencement of the pivotal Phase 3 study in 2022.
- Price Action: DARE shares are up 1.36% at $1.49 during the market session on the last check Thursday.
