By Chris Wack

Dare Bioscience Inc. (DARE) shares more than doubled to $1.85 in heavy trading after the company said it signed a licensing agreement with Bayer (BAYN.XE).

Volume at midmorning was 26 million shares, compared to the 65-day average volume of 252,000 shares.

Bayer may commercialize Dare's investigational contraceptive product Ovaprene in the U.S. once approved by the U.S. Food and Drug Administration, Dare said.

Dare said it is entitled to receive commercial milestone payments potentially totaling $310 million in addition to double digit tiered royalties on sales.

Dare said it plans to file an investigational device exemption for Ovaprene in the first half of 2020 and, pending the U.S. Food and Drug Administration's review and clearance of the IDE, to initiate a pivotal contraceptive effectiveness and safety clinical study of Ovaprene in the second half of 2020.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 13, 2020 10:49 ET (15:49 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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