Daré Bioscience Announces Executive Team and Board of Directors Changes

SAN DIEGO, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Daré Bioscience, Inc. (NASDAQ: DARE), a leader in women’s health innovation, today announced changes in company management which includes the retirement of Chief Financial Officer, Lisa Walters-Hoffert, and the resignation of Chief Commercial Officer, John Fair. Both Ms. Walters-Hoffert and Mr. Fair have entered into plans with the Company to help ensure a seamless transition. Daré also announced an adjustment to the size of its Board of Directors to better reflect the Company’s size following the voluntary resignations of Cheryl R. Blanchard, Ph.D. and Sophia Ononye-Onyia, Ph.D.

“On behalf of the Daré team, I am so grateful to Lisa and John for their invaluable contributions to the Company and women’s health as a whole, including Lisa’s pivotal role in our founding, and John’s expertise and guidance to help bring forward our first commercial product XACIATO. We also appreciate Dr. Blanchard’s and Dr. Ononye-Onyia’s seasoned counsel and insights as Board members and their future support as advisors,” said Sabrina Martucci Johnson, President and CEO of Daré Bioscience. “As we continue to execute on our mission, these changes further support our focus on advancing our late-stage product candidates, Ovaprene and Sildenafil Cream, 3.6%, as well as maintaining a lean cost structure and creating long-term value for all Daré stakeholders.”

Retirement of Chief Financial Officer

On January 23, 2024, Co-founder and Chief Financial Officer Lisa Walters-Hoffert informed Daré that she will retire from all positions with the Company, effective January 26, 2024. To help ensure a smooth transition of her responsibilities, Ms. Walters-Hoffert and the Company agreed that she will transition to a nine-month consulting role with the Company following her retirement.

Given the financial knowledge and experience within the Daré team, the Company does not currently intend to appoint a chief financial officer, which further reduces costs for the Company over the long term as well. The functions performed by a chief financial officer will be performed by Ms. Johnson and MarDee Haring-Layton going forward.

Appointment of Chief Accounting Officer

As a result of Ms. Walters-Hoffert’s retirement, Ms. Johnson, our Chief Executive Officer and President, will serve as our principal financial officer, and MarDee Haring-Layton, our current Vice President, Accounting & Finance, will serve as our Chief Accounting Officer. Ms. Johnson has extensive experience as a finance executive, having previously served as Chief Financial Officer at WomanCare Global Trading, a specialty pharmaceutical company in female reproductive healthcare, and Cypress Bioscience, a publicly-traded pharmaceutical company.