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Antares Pharma Reports Second Quarter 2012 Financial And Operating Results

Antares Pharma, Inc. (NASDAQ: ATRS) today reported financial and operating results for the second quarter ended June 30, 2012.

Quarter and Recent Highlights

  • Completed the VIBEX™ MTX Actual Human Use study. Results from this study will be available early in the fourth quarter. The New Drug Application (NDA) filing remains on track for first quarter 2013 as all studies necessary for the completion of the NDA are now fully enrolled.
  • Announced positive results from the VIBEX™ MTX human factors usability study. The study demonstrated that lay caregivers, healthcare professionals and rheumatoid arthritis patients with severe to very severe hand function impairment could administer simulated injections successfully with our VIBEX™ device.
  • Announced in April the launch of Gelnique 3%™ for the treatment of overactive bladder by our partner Watson as well as the settlement of the epinephrine auto-injector litigation between Pfizer and our partner Teva.
  • Increased total revenue 28% and 60% to $4.5 million and $11.4 million in the three and six month periods ended June 30, 2012, respectively, from $3.5 million and $7.1 million, respectively, in the comparable periods of the prior year.
  • Ended the quarter with approximately $33 million in cash and investments and no debt.
  • Moved stock exchange listing to NASDAQ from NYSE Amex effective June 15, 2012.
  • Expanded the senior management team with the addition of two seasoned pharmaceutical professionals to key executive positions within the organization and moved to a new corporate headquarters.

Paul K. Wotton, Ph.D., President and Chief Executive Officer, stated, “The Company continues to make excellent progress toward the VIBEX MTX NDA filing. Our development team has worked diligently to complete enrollment in all of the FDA agreed upon studies necessary to complete the application. We have also made further progress on the VIBEX QST product for male testosterone deficiency.” Dr. Wotton continued, “While much of our focus this quarter has been on the VIBEX MTX development program, we also announced continued quarterly revenue growth as compared to the same period last year, increased investment in our pipeline, a move to the NASDAQ Stock Market in mid-June and continued progress toward becoming a fully integrated pharmaceutical company with the hiring of two key executives and a move to a new corporate headquarters.”

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