In a July 18 research note, Dawson James Securities analyst Jason Kolbert reported he assumed coverage on Daré Bioscience Inc. (DARE:NASDAQ), and in doing so, rated it Buy and assigned it a $4 per share price target. Daré's stock is currently trading at around $0.75 per share.
Kolbert noted that Daré has three lead product candidates, one each for these common female health issues: bacterial vaginosis, contraception and female sexual arousal disorder (FSAD). He reviewed each asset.
Regarding bacterial vaginosis, the company's DARE-BV1, shown to have cure rates as high as 86%, is in development, Kolbert relayed. "The product appears superior to the standard of care treatments with average cure rates of 50%," he wrote. The product formulation is a gel, allowing for local delivery and a single application. This bodes well for DARE-BV1, Kolbert pointed out, given the treatment landscape for bacterial vaginosis could use a more effective, one-time solution.
As for contraception, Kolbert indicated that Daré's Ovaprene is helping fill the need for additional modalities, a gap that encompasses about 40 million women in the U.S. alone. Ovaprene, a device self-administered monthly, differentiates itself from leading products Bayer's Mirena IUS and Merck's NuvaRing in that it is hormone free. It also is effective and easy to use and has a favorable side effect profile.
"Daré's Ovaprene fulfills all four features, creating a brand new product category for contraception," Kolbert commented. "Daré hopes to not only attract consumers who already use nonhormonal methods but also convert those who currently use hormonal products."
Given that Ovaprene checks all the boxes and considering sales of contraception products overall in the U.S. in 2016 were $6 billion, the opportunity for Daré's contraception product is "large," highlighted Kolbert.
With respect to FSAD, Daré is pursuing the use of sildenafil cream, noted Kolbert. The company believes the chance of getting U.S. Food and Drug Administration approval of it is good. "Oral sildenafil has already proved statistically significant results in increasing genital blood flow in women, further bolstering the probability of success for the product," he added.
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