Dare Bioscience (DARE) 2 Apr 182017 Q4 Earnings call transcript

Welcome to the conference call hosted by Daré to provide Fiscal Year End 2017 Financial Results and General Business Update. This call is being recorded. My name is Kathleen and I’ll be your operator today. With us today are Sabrina Martucci Johnson, Daré’s President and Chief Executive Officer and Lisa Walters-Hoffert, Daré’s Chief Financial Officer. Miss Johnson please proceed.

you. Thank our for XXXX Daré to business results year call update Bioscience. fiscal welcome financial end and And It’s a highlights, pleasure about our our to milestones. have the to XXXX and opportunity date our company as as results well to talk Today’s statements. discussion forward-looking will include like I about start with And those would a statements. forward-looking as to such comment pursuant include harbor you securities the within meaning of the federal I remind will Securities Act making statements that would Litigation like safe statements of forward-looking be which to are the Private XXXX. made laws, we provisions to during the this call Reform of are Any deemed statements statements contained in this forward-looking be historical call be that should not facts statements. of to implied involve events statements. by actual risks material that uncertainties results statements to could from or differ cause or these These materially forward-looking and anticipated those these not should place on reliance undue statements. you Accordingly, those the cause that to Form in our might Factors report ended filings, difference year XX-K December time such on forth time our XXXX. including SEC for from set include XX, company on pharmaceutical bio a squarely life is improving and of focused Daré women. wellbeing the

health. year of XXXX reproductive in a ranging for our and $X health foundation million billion. is $XX health. to and was preeminent Many significant we a gaps and billion reproductive building differentiated transformative to In fact the know women's in grow products to sexual established Contraception play female a company segments sexual Daré health to addressing and have company from of market. alone global as women’s $XXX revenues pure dysfunction health identifying growing that U.S. strong billion billion, in delivered you sales growth encompass male women's expected to Many these we’re goal women's each $XX a markets $X women for in and of

is women the in be first by characterized first-in-category Sildenafil specially the clinical Sildenafil Our to has giving leading potential is to development each blood improvement with cycle efficacy non-daily, to a of interpersonal sexual Viagra. physical cream of has increase Topical for genital potential Sildenafil, first the contraceptive Sildenafil in flow that include novel on potential and experience. core for ingredient two arousal a formulation to that approved, potential sexual to by arousal to be the Ovaprene, can vulvar-vaginal the designed sufficient overall greater is women-initiated approaching locally difficulty. be our or female women, product is that maintain the in vaginal arousal to control potential that approved active the flexibility non-hormonal, disorder response tissue or sexual proprietary the Unlike Topical female deliver distress because used sexual stage an basis cycle the other primarily the Topical disorder. arousal aspects inability product. and dysfunction ring having And attain a hormones. programs products

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these health. would of commercial operational and quarter each mid-XXXX in Ovaprene partnerships. the milestones OB/GYN, Sildenafil an potential women's study two and deliver XXXX. the the in reproductive And to Also Phase As the to fourth XXXX note, Xb to regarding be unmet I of prescribed the U.S. Food at for Drug pending both include, provider Topical speciality development a has communicate in postcoital our first-in-category the two creating mentioned, portfolio well efficiencies, anticipate discussions each positioning need of commencing the study programs Xb test in group strategic for quarter trial addressing a and we in with same intend of lead Administration the lease Sildenafil. clinical second XXXX. in Topical the product programs commencing Phase enrollment We

advance Our through Xb. through value current capital clinical the and postcoital the is Ovaprene results sufficient these Topical regulatory the be events, regulatory Sildenafil discussions through to into inflection programs and trial to and Phase pre-state

our that strategy. and are programs positioned drivers core aligned have value further other In strategic identified have addition and core portfolio opportunities that our have business expand include on impact and optionality our to minimal non-dilutive for similar partnerships and with requirements capital funding. assets via portfolio These several additional transactions our to represent we to our first-in-class Daré

grant initial And promising an injectable development Melinda XXX funding of Health Foundation. contraceptive the out The and longer the recently The contraceptive injectable collaboration & doesn't by the We Gates and program entered rapidly contraceptive are option a acting, of pleased with and twelve twelve enable successful, carried women's with forms with into funded us on our on nicely forms a under and the compromise explore are yet first of leaders If have technologies that Bill in Orbis’ six and opportunity is option the Orbis something Melinda or create and programs. desire on & development they identified. through product world products technology. reversible such is the XXX months was Family daily, FHI FHI viability month a that injectable Biosciences. worldwide one will long-acting International, to effectiveness. to to will six Orbis agreement These from subcontract in Gates non dovetail a market. we development Bill the novel Foundation have new opportunity The

between Sildenafil actively expected strategic mid-XXXX drivers our assets, capital on the to from engaging and keeping each with in impact candidates We with we discussions option constitute first-in-class Topical that to product we are Orbis long-term. look and agreement potential with to I on health. the identify in our requirements. product milestones addition programs, first reproductive minimal optionality additional category to you to similar portfolio forward that has over drive In XXXX late and on to multiple provide Ovaprene value our program contraceptive the turn preclinical a Walters-Hoffert, like together to Lisa differentiated in which unmet would now a the and deliver is CFO. value updated both short in addressing injectable call need women's significant of well-positioned our believe And

of And on you, to all call. this participating Thank Sabrina. thanks you

Sabrina clinical transaction changed XXXX stage So Cerulean In Topical completed Daré a company's last Daré subsequently Pharma summarize I was stock agreement July the as the like our Bioscience and name development into Operations for well purchase Sildenafil, Inc. highlights to over XXXX XX, treatment which asset, the XXXX for a touched female on. a entered and and to anticipated nine brief would licensing Xb On sexual of moment a disorder. of February Bioscience Daré’s milestones, has Phase Daré some worldwide arousal months, as take of

the periods agreement and test of to protection As Topical XX novel of or Pending interactions mid-XXXX Sabrina to Sildenafil a and in trial XB these – of ranging worldwide FDA months. injectable six And we Ovaprene Drug etonogestrel fourth in enrollment entered topical commence to finally, regarding the and provide Phase of with formulations for second the which is clinical from seeking the Phase in this option Food Administration we commencing of study mentioned, development we intend the to outcome excuse March actually of our we XB expect quarter into the for communicate of Sildenafil. XXXX Topical contraceptive study a XXXX. In quarter postcoital of XXXX, anticipate the study quarter. U.S. me,

terms of year In financial XXXX full you summary, through let me the walk that.

and As of XX, net sale plus cash cash. in of trial proceeds into million of Ovaprene $XX.X securities February complete Phase a test development and for to postcoital million Daré will December believe XXXX, $X.XX this be clinical received approximately from Topical Xb of existing approximately to program. equity in we had sufficient Sildenafil XXXX balances advance We the commence

the and expenses Goodwill the in approximately value of of December acquired about that sheet. transaction book million. XX, in administrative were in costs. determined of assets of XX, year liabilities full annual represents our the due of the the million. XXXX a goodwill balance $X.XX impairment the upon the and we price The full ended Based assets charge and stock expenses on non-cash the December creation it ended Ovaprene for $XXX,XXX, test net assumed. development was our Our XXXX the fair to purchase excess development XXXX purchase of for yearend, our July impairment year over our Hence value XXXX incurred were as conducted primarily company. $X.X Research rebuild general exceeded

operating future XX, does was $XX.X activities that is net the that Now to a on The a per any about loss balance or position affect not year cash from XXXX goodwill that our not or our impact will cash December translates million, ended charge full $X.XX adjustment flow share. to sheet and for approximately operations. have

to general in like transaction statements As as stock July comment a note the our company public XXXX. that completion following the financial a represent our we’d operations purchase XXXX of of

hence XXXX operations this making with compared was Back you is XXXX which we our As a between financial because Bioscience out, called difficult. comparison when and statements XXXX to the Company Daré private, Sabrina. represent

Q&A. you to who for will open now the the over operator Lisa. some We’ll turn it lines Thank

with comes ROTH Capital from Instructions] Rahimi Partners. [Operator And our question first Yasmeen

Your is open. line now

for much my question. upcoming so number FDA. Great communication thank Thank A questions the taking the on you. you of with

FDA, as – scenario best-case So the communications? for of an scenario key are you're a design And be the those insight of the could What what a are maybe what with trial points? some going coming you out discussion on proposing? sort and worst-case

for that FDA is you sexual issued the arousal This draft In Sabrina. a XXXX, guidance indication the disorder. October thank Yasmeen document Great. question. female of covers for the

nothing that Sildenafil in it. you design, does is that in trial interested I an opportunity FDA so have for that to currently the pursuing with lay What the mentioned there's Topical we around as outlined. why mean is indication, my As help path that comments, we're approved which for

would that follow also, of primarily the disorder, those. and instruments utilizing that is be sexual One that, is main communication, few inclusion on there we female propose in objectives that that studies on so and screen that and and for making making use to that sure subjects we're the around really framing Phase factors. intend expectations aligned other for the going how would our use that in we're we IIb a it's sure the program, will would And criteria, to agreement program arousal really III in terms around importantly how

their on its study to experience. and setting Second there's in that blood questionnaire. about actual flow be is arousal need would what sure the a trial, is alignment at-home region to This clinical on the allows making that – in would while women response rely reporting we

is second the be sure frequency so the on of the they provided around broad of around those asking the end third, questions, the that very And based is be would selecting, alignment the specific we really with their And on we guidance specifics making in selected points there's the arousal asking. questions about disorder then document FDA would duration the study. that

So study program it to doses the that document size sort they're in of subject. be expectation and, include in the impact of a is results Is with. also worst dose? need to to on the for program, months. the subject frame very of to one have it terms longer arms maybe guidance comfortable at number and does X six for time the evaluated? and those Phase be understand of placebo designed and We the to, want in the of to for same be related case, best also of for duration for the needing does Obviously, number that is multiple So subjects the and study, that Xb all use Or duration to larger case the speak look if – study. the an course, arms of will reporting each

Great. so Thank much. you

[Operator Instructions] Ms. turn closing At Johnson this to I call remarks. time, I'm the to for back questions. over would like showing no further

several We afternoon. updates, I and you. for look everyone you. to provide you this the on forward the thank Thank we over progress to opportunity Well, next appreciate our updated and taking share an always absolutely the to story keeping the thank months. want time

the your and thank you gentlemen, conclude conference. in Ladies does This for today's program. participation

a now disconnect. great Everyone, have day. You may