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AIS News Antares Pharma Reports Third Quarter 2006 Financial Results

EWING, N.J.--(BUSINESS WIRE)--Antares Pharma, Inc. (Amex: AIS) today reported financial results for the three and nine months ended September 30, 2006.

Total revenues were approximately $757,000 and $444,000 for the three months ended September 30, 2006 and 2005, respectively, and were approximately $2.3 million and $1.5 million for the nine months ended September 30, 2006 and 2005, respectively. The growth was due primarily to increases in device sales to Antares’ major customers and increases in license and development revenue. The gross margin percentage also increased in the third quarter of 2006 to 58% from 32% in the same quarter of 2005 and increased to 52% in the nine month period of 2006 from 41% in the same period of 2005.

Total operating expenses were approximately $2.4 million and $2.1 million for the three months ended September 30, 2006 and 2005, respectively, and were approximately $8.1 million and $7.3 million for the nine months ended September 30, 2006, and 2005 respectively. The increases were due primarily to the non-cash recognition of stock option expense as a result of adopting SFAS No. 123R on January 1, 2006.

Net loss was approximately $1.9 million and $2.0 million for the three-month periods ended September 30, 2006 and 2005, respectively, and was approximately $6.7 million and $6.6 million for the nine-month periods ended September 30, 2006 and 2005, respectively. Net loss per common share decreased to $0.04 for the third quarter of 2006 from $0.05 in 2005 and decreased in the nine-month period of 2006 to $0.13 from $0.16 in 2005, primarily due to an increase in weighted average common shares outstanding.

At September 30, 2006, Antares had approximately $8.0 million in cash, cash equivalents and short-term investments, compared to approximately $2.7 million at December 31, 2005.

Commenting on the third quarter, Jack E. Stover, President and Chief Executive Officer of Antares Pharma said, “We are delighted with our continuing 50% plus revenue growth, maintaining control over spending while continuing to invest in development activities that support more commercial opportunities. We are also pleased with our progress on the business development front. In the third quarter we signed our third agreement with Teva Pharmaceuticals in less than a year which solidifies our position as a leader in the delivery of injectables and provides us with additional near term revenue potential. In addition, we recently announced a major milestone in our gel platform with our first marketing agreement with Bradley Pharmaceuticals for our estradiol transdermal gel product.”

Recent Accomplishments

-Antares announced signing its third agreement with Teva Pharmaceuticals. Under this agreement Antares will supply its needle-free injection system for use with a currently unnamed product in the U.S. Under the terms of the agreement Antares will receive an upfront cash payment, milestone fees, and a negotiated percentage of net sales as well as a transfer price with margin for the device.

-Antares announced the receipt of an $875,000 milestone payment from Bradley Pharmaceutical Inc. pursuant to a marketing agreement Bradley signed with Biosante Pharmaceuticals for Bio-E-Gel® (Antares’ ATD™ transdermal estradiol gel).

About Antares Pharma

Antares Pharma is a specialized pharma product development company focused on developing patented drug delivery systems and injectable device engineering capabilities. Antares’ current technology platforms include its ATD™ Advanced Transdermal Delivery system, and its related TecTix™ system for topical and transmucosal delivery, its Easy Tec™ oral fast-melt technology, and subcutaneous injection technology platforms including both Vibex™ disposable mini-needle injection device and Valeo™/Vision® reusable needle-free injection devices. Antares Pharma is committed to leveraging its multiple drug delivery platforms to add value to existing drugs and to create new pharmaceutical products and injectable devices. Overall, Antares’ product pipeline, if approved, will address unmet medical needs by reducing side effect profiles, improving safety, increasing effectiveness, and improving patient compliance and convenience. Antares Pharma has corporate headquarters in the Princeton Commons Corporate Center in Ewing, New Jersey, with subsidiaries performing research, development, manufacturing and product commercialization activities in Minneapolis, Minnesota and Basel, Switzerland.

Safe Harbor Statement

In addition to historical facts or statements or current conditions, this press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of The Private Securities Litigation Reform Act of 1995 including statements regarding the receipt of milestone fees, and a negotiated percentage of net sales as well as a transfer price for the device under the Teva agreement. Forward-looking statements provide Antares’ current expectation or forecasts of future events. Antares’ results could differ materially from those reflected in these forward-looking statements due to decisions of regulatory authorities, Antares’ ability to execute on its development plans, patient and market acceptance of Anturol and general financial, economic, regulatory and political conditions affecting the pharmaceutical industry generally. For a discussion of these and other risks and uncertainties that may effect the forward-looking statements, please see the risk factors in Antares’ quarterly reports filed with the Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Antares undertakes no obligation to update publicly any forward-looking statement.