Benzinga | Jul 7, 2021 11:38AM EDT

Why Dare Bioscience (DARE) Stock Trading Higher On Wednesday?

* In a regulatory 8-K filing, on June 30, Dare Bioscience Inc (NASDAQ:DARE) entered into an agreement with the Bill & Melinda Gates Foundation for a new grant of up to $48.95 million for DARE-LARC1, its investigational user-controlled, long-acting reversible contraceptive.

* The Grant will support technology development and preclinical activities to advance DARE-LARC1 toward clinical testing in humans from June 30 to November 1, 2026.

* The company will receive an initial payment of $11.45 million in July 2021.

* Additional payments are contingent upon the DARE-LARC1 program's achievement of specified milestones.

* Price Action: DARE shares are up 23.4% at $1.87 during the market session on the last check Wednesday.