The biotech industry, especially when it comes to smaller companies and start-ups, is highly news driven as shares are often likely to double or triple on good news in regard to a new pharmaceutical product. Today saw Dare Bioscience’s (NASDAQ: DARE) stock price triple in a couple of hours, driven by strong results in their new candidate drug.
The company announced positive findings with its DARE-VVA1 product candidate in retreating vaginal and vulvar atrophy (VVA), adding that a self-administered suppository administered to four healthy women with VVA showed drastic improvements for various symptoms, especially in women who can’t use traditional estrogen-based treatment options due to existing complications.
“DARE-VVA1 is a proprietary formulation of tamoxifen for vaginal administration as a potential treatment for VVA in patients with hormone-receptor-positive breast cancer,” the company said in an official press release today. “This exploratory study demonstrated that tamoxifen was effective when delivered intravaginally for three months in postmenopausal women suffering with VVA. If successful, DARE-VVA1 could be the first and only vaginally administered tamoxifen product approved by the FDA for the treatment of VVA in hormone-receptor-positive breast cancer patients,”
Normally, estrogen-based therapies administered through creams, tablets, and rings have been the go-to treatment option. However, these products can be troubling for women going through treatment for hormone-receptor-positive breast cancer. Dare’s new product line could be the first non-estrogen-based treatment option in the market, giving hope to many women who otherwise would be out of luck.
The company also began its clinical trial for its main product Ovaprene, which would be a monthly non-hormonal contraceptive vaginal ring. A positive finding would likely see shares of Dare jump as well (albeit not to the same extent as today’s surge) and traders should keep their eyes out for this news development when it comes.
Overall, Dare was the biggest percentage gainer on the NASDAQ, surged as much as 253 percent, before settling downwards and ending the day at an impressive 133 percent gain. Volume had spiked to 37.8 million shares, an exponential increase in comparison to the full-day average of 82,500 shares the company usually sees.
Dare Biosciences used to trade in between the $40-60 range, at one point breaking $100 per share in 2015 before the company steadily declined over the years. While common for biotech companies to decline should no significant advances come about, Dare has also had a few other spikes, including back in 2017 when share prices doubled in March.
Back in February 2019, the company dropped 41 percent down to a record low, making it the biggest decliner on U.S. exchanges that day after announcing a public stock offering. At the time, the company raised $10.25 million by issuing around 5.0 million common shares, more than doubling it’s total share count at the time.
Dare Bioscience Company Profile
Dare Bioscience Inc is a clinical-stage biopharmaceutical company focused on women’s reproductive health. The products of the company are related to fertility, vaginal health, and contraception. Ovaprene is a product designed by the company to provide multiple weeks of contraceptive protection without the use of hormones. – Warrior Trading News