The Bill & Melinda Gates Foundation has committed up to $48.95 million to Daré Bioscience in support of the development of a contraceptive, InvestorPlace reports.

According to an SEC filing by Daré Bioscience, the funds will support the company's development of DARE LARC1, an "investigational user-controlled, long-acting reversible contraceptive." Specifically, the grant will fund technology development and preclinical activities to advance to clinical testing in humans. Following an initial payment of $11.45 million this month, additional funding will be provided contingent upon the achievement of specified development and reporting milestones through November 1, 2026.

Under the grant agreement, Daré Bioscience will make DARE-LARC1 and any other products, services, processes, technologies, materials, software, data, other innovations, and intellectual property resulting from its development available and accessible at an affordable price to people most in need in developing countries or in support of the U.S. educational system and public libraries. The company also will broadly disseminate the knowledge and information gained from the project.

Last week the Gates Foundation also announced a commitment of $2.1 billion over the next five years to advance women's economic empowerment, strengthen women and girls' health and family planning, and accelerate women's leadership.