Dare Bioscience (NASDAQ: DARE) has maintained a positive outlook from H.C. Wainwright, as the firm reiterated a Buy rating with a $12.00 price target on the stock.
The endorsement follows Dare's recent announcement that it has been chosen to receive up to $10 million from ARPA-H's Sprint for women's health.
The funds are aimed at supporting the development of Dare's DARE-HPV program, which is being recognized for its potential to become the first FDA-approved treatment for both late-stage cervical lesions and earlier stage HPV-related cervical infections.
The award from ARPA-H is structured around milestone achievements, including the completion of IND enabling nonclinical studies, IND clearance, manufacturing milestones, and the initiation of a Phase 2 study.
Dare Bioscience has indicated that it expects over half of the award to be payable within the first 12 months of the performance period, contingent on the company meeting its performance targets.
The analyst from H.C. Wainwright highlighted the significance of this development, noting that Dare Bioscience's ability to secure non-dilutive funding is a testament to its management's expertise in both identifying innovative treatments and obtaining the necessary capital to advance these programs without affecting shareholder equity.
The support from ARPA-H is seen as a step forward for Dare Bioscience in its efforts to address women's health, particularly in the treatment of HPV-related conditions, which have a profound impact on women globally.
The DARE-HPV program's progress is closely watched by investors, as the company continues to meet its development and funding milestones.
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