Cerulean Pharma Inc (NASDAQ:CERU) and Daré Bioscience, Inc. together with Daré Bioscience’s equity holders have signed a stock purchase agreement that will entitle Daré Bioscience’s equity holders to majority stake in Cerulean. Daré Bioscience, Inc is a privately owned pharmaceutical company engaged in the production of medicinal products for women reproductive health.
The deal as well as the sale of Cerulean asset will enable the pharmaceutical company to concentrate on the development, marketing and commercialization of medicinal products used in women’s reproductive health.
Ovaprene®, Daré Bioscience’s product candidate is a non-hormonal contraceptive clinical stage candidate that has the potential to address a big need that is unmet. The global contraceptive market is worthy $16 billion. Since FDA approved the use of birth control pill in 1960, subsequent innovations have mainly majored on hormones. Ovaprene, is also Daré Bioscience’s non- hormonal option candidate meant to offer protection over several weeks. At the moment, no product is in the market that can be compared to Daré’s products.up on full execution of the deal, the two companies fall under the name of Daré Bioscience with Sabrina Martucci Johnson as the Chief Executive Officer. Sabrina Martucci Johnson is Daré Bioscienc’s Chief Executive Officer. The deal will be have to be approved by Cerulean’s stockholders.
Cerulean has also announced also announced signing two agreements for the sale of its assets. The company intends to use the proceeds from the sale of the assets the merger’s operations. The company sold its clinical product candidates CRLX301, and CRLX101 for $1.5 million to NewLink Genetics Corporation’ subsidiary BlueLink Pharmaceuticals. NewLink Genetics Corporation is a biopharmaceutical firm specializing in the development, marketing and commercialization of immuno-oncology medicinal products candidates to improve the lives of people with cancer.
Additionally, the company has signed an agreement with Novartis under which the later will all Cerulean’s stake in Dynamic Tumor Targeting™ Platform. The deal is worth $6 million. This deal is subject approval by Novartis’ shareholders. In addition to these deals, Cerulean has announced plans to paying off its outstanding debts of its facility with Hercules Capital, Inc.
