Antares Pharma, Inc. (NASDAQ: ATRS) today reported financial and operating results for the third quarter ended September 30, 2012.
Quarter and Recent Highlights
- Completed all clinical studies for the VIBEX™ MTX Medi-Jet™ product ahead of schedule including a recently completed clinical pharmacokinetic study, an actual human use study and a human factors usability study. The NDA remains on track for a Q1 2013 filing.
- Completed a public offering of the Company’s common stock at a purchase price of $4.00 per share with net proceeds of approximately $53.3 million which includes the underwriters exercised overallotment option.
- Increased total revenue 45% and 55% to $5.7 million and $17.1 million in the three and nine month periods ended September 30, 2012, respectively, from $3.9 million and $11.0 million, respectively, in the comparable periods of the prior year.
- Received a $750,000 payment from Pfizer after the achievement of a development milestone related to its undisclosed Consumer Healthcare product.
- Tev-Tropin ® Tjet ® needle-free injection 10 mg SNDA filed - additional strength expected to expand market share for Tev-Tropin when approved.
- Announced the Company’s voluntary transfer of its stock exchange listing to the NASDAQ Capital Market ®.
Paul K. Wotton, Ph.D., President and Chief Executive Officer, stated, “This quarter has seen considerable progress at Antares and the Company has never been in a stronger position for growth. The successful completion of all VIBEX MTX Medi-Jet clinical studies, the advancement of the undisclosed Pfizer Consumer Healthcare product and the SNDA filing of Tev-Tropin 10mg strengthens our pipeline strategy further.” Dr. Wotton continued, “The recent financing gives us the firepower to continue to grow our pipeline, the flexibility to derive the most value from the commercialization of VIBEX MTX Medi-Jet and the financial strength to complete the transition from a royalty-driven drug delivery Company to a revenue-generating Specialty Pharmaceutical Company.”