🧬 The Groomed Trail: Building a Women's Health Pipeline the Bold Way | Sabrina Johnson (4/4)
May 28, 2026
In this episode, Jon Chee sits down with Sabrina Johnson, President and CEO of DARÉ Bioscience, to unpack the founding arc of a company built on a singular conviction: women's health is not a niche. Sabrina explains the choice to go public via reverse merger in 2017 to access capital in a space where only 1% of private healthcare investment funds women-specific conditions, and breaks down the groomed trail philosophy behind XACIATO, DARE to PLAY Sildenafil Cream, a pivotal Phase 3 contraceptive, and an ARPA-H-funded HPV treatment—all with 25 people and $75M+ in non-dilutive funding.
🧬 The Biotech Startups Podcast is powered by Excedr—helping life science startups accelerate R&D and commercialization with founder-friendly equipment leasing. Skip the upfront costs, stay lean, and focus on breakthrough science.
As a TBSP listener, you can get exclusive perks through Excedr's partner network—special savings, promotions, and more. Explore these offers today: https://www.excedr.com/partners
"A job is what you might do every day, but a mission can be your life. When you put them together, that is so powerful."
In this episode, Jon Chee sits down with Sabrina Johnson, President and CEO of DARÉ Bioscience, to unpack the founding arc of a company built on a singular conviction: women's health is not a niche. Sabrina explains the choice to go public via reverse merger in 2017 to access capital in a space where only 1% of private healthcare investment funds women-specific conditions, and breaks down the groomed trail philosophy behind XACIATO, DARE to PLAY Sildenafil Cream, a pivotal Phase 3 contraceptive, and an ARPA-H-funded HPV treatment—all with 25 people and $75M+ in non-dilutive funding.
Key Topics Covered:
- Going Public as a Capital Strategy: Why DARÉ chose a reverse merger—not as an investor exit, but as the most viable path to funding women's health.
- The Groomed Trail Philosophy: Starting with patient need, matching to an FDA-approved active, and finding proven delivery technology to close the gap.
- DARE to PLAY and the 503B Pathway: Why DARÉ released its sildenafil cream through a compounding outsourcing facility now, while pursuing full FDA approval.
- 25 People, Multi-Program Efficiency: How a cross-functional team creates compounding returns—because of the size, not in spite of it.
- FDA Approval Is the Start Line: Why product-market fit matters in pharma and how GLP-1s are reshaping institutional interest in women's health.
If you enjoy The Biotech Startups Podcast, please consider subscribing, leaving a review, or sharing it with your friends. Thanks for listening.
Subscribe to the Podcast:
Find our guest, Sabrina Johnson at these links:
Website: https://darebioscience.com/
Find our host, Jon Chee, at these links:
LinkedIn: https://www.linkedin.com/in/jonchee/
Learn more about Excedr:
LinkedIn: https://www.linkedin.com/company/excedr/
Website: https://www.excedr.com
Intro & Outro Songs Created by OkKyojin, Owned by Excedr:
Website: https://flow.page/kyojin
Resources & Articles:
Sildenafil Cream for Female Arousal Disorder — Phase 2b Results: https://pmc.ncbi.nlm.nih.gov/articles/PMC11250102/
Women's Health Gets Only 6% of Private Healthcare Investment: https://www.bcg.com/press/20january2026-private-healthcare-investment-womens-health
Reverse Mergers in Biotech: A Strategic Path to Public Markets: https://www.bioxconomy.com/partnering/reverse-mergers-in-biotech-a-strategic-path-to-public-markets
What Is a 503B Outsourcing Facility?: https://www.safemedicines.org/2025/07/503b-fda-inspections.html
Ovaprene Phase 3 Pivotal Study: https://clinicaltrials.gov/study/NCT06127199
Companies, Universities, & People Mentioned:
DARÉ Bioscience: https://darebioscience.com/
Organon: https://www.organon.com
Cypress Bioscience: https://www.fiercebiotech.com/biotech/cypress-bioscience-agrees-to-be-acquired-by-ramius-llc-and-royalty-pharma-for-6-50-per
WomanCare Global: https://www.dktinternational.org/womancare/
Medvantx: https://medvantx.com
Probiotical: https://www.probiotical.com/en/home/
ARPA-H: https://arpa-h.gov
Gates Foundation: https://www.gatesfoundation.org
Jay Kranzler: https://www.linkedin.com/in/jay-d-kranzler-66b08b12
Timestamps:
00:00 Intro
03:08 Why DARÉ Went Public via Reverse Merger
06:03 Building a Pipeline Around Patient Need, Not Invention
10:20 The Groomed Trail Philosophy: FDA-Approved Actives and Novel Delivery
13:53 Bushwhacking vs. Groomed-Trail Drug Development
16:34 A 25-Person Team Running a Multi-Program Pipeline
19:48 DARE to PLAY Sildenafil Cream: Bringing a Compounded Product to Market
22:41 What 2026 Looks Like for DARÉ
26:40 Multiple FDA Conversations and the Advantage of Reps
30:52 Educating Institutional Investors on Women's Health
35:48 Shout-Outs: Roger Holly and Jay Kranzler
36:39 Advice to Your 21-Year-Old Self
39:10 Outro
The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.