Daré Bioscience, Inc. reaffirmed its commitment to the commercial launch of XACIATO [zah-she-AH-toe] (clindamycin phosphate) vaginal gel, 2% with collaborator Organon, and announced that Organon will pay Dar $1.0 million in July 2023. To provide for continuity of supply to support a robust commercial launch, additional manufacturing related activities are being performed and Organon and Dar are working towards a 2023 U.S. launch as soon as feasible. In 2022, Dar received a $10.0 million upfront payment from Organon when the license agreement became effective.

In addition to the upfront payment and the $2.8 million described above, Dar is also eligible to receive additional potential future milestone payments of up to $180.0 million and tiered double-digit royalties based on net sales. As Dar previously shared, the New Drug Application (NDA) for XACIATO was supported by positive results from the DARE-BVFREE Phase 3 randomized, multi-center, double-blinded, placebo-controlled clinical trial evaluating XACIATO (formerly known as DARE-BV1) for the treatment of bacterial vaginosis (NCT04370548).