Daré Bioscience, Inc. (NASDAQ:DARE), a leader in women’s health innovation, announced that it has been notified by The Nasdaq Stock Market LLC that the Company has regained compliance with the minimum stockholders’ equity requirement set forth in Nasdaq Listing Rule 5550(b). As a result, all previously reported Nasdaq compliance matters have been resolved and the previously-scheduled hearing before the Nasdaq Hearings Panel has been canceled.
“We believe that 2020 will be a transformational year for Daré,” said Sabrina Martucci Johnson, President and CEO of Daré. “Building on the momentum of our U.S. license agreement with Bayer for commercial rights to our first-in-category product Ovaprene® and coupled with the approximately $6.8 million in net proceeds we strategically raised in January 2020 and the $6.0 million in cash we received as part of the Microchips acquisition that closed in November 2019, we are starting the new year well-positioned as we work to advance our late-stage programs toward clinical and regulatory milestones in 2020.”
During January 2020, Daré raised approximately $5.1 million in net proceeds from the sale of approximately 3.1 million shares of its common stock under its at-the-market (ATM) facility and received approximately $1.7 million from the exercise of approximately 1.7 million warrants. As a result of these activities, the Company’s total shares of common stock outstanding increased to 24,513,675.