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Antares Pharma Reports Third Quarter 2012 Financial And Operating Results

Conference Call, Call Replay and Webcast

Dr. Paul K. Wotton, President and Chief Executive Officer, and Robert F. Apple, EVP, CFO and President of the Parenteral Products Group, will provide a company update and review third quarter 2012 results via webcast and conference call on Wednesday, November 7, 2012, at 8:30 a.m. Eastern Standard Time (EST). A webcast of the call will be available from the investors/media section of the Company's web site at www.antarespharma.com. Alternatively, callers may participate in the conference call by dialing 1-877-941-1465 (US), or 1-480-629-9772 (International). Participants should reference the Antares Pharma conference call. Webcast and telephone replays of the conference call will be available approximately two hours after the completion of the call through 12 p.m. EST on November 21, 2012. To access the replay, callers should dial 1-800-406-7325 (US) or 1-303-590-3030 (International) and enter passcode 4572975.

About Antares Pharma

Antares Pharma focuses on self-administered parenteral pharmaceutical products and topical gel-based medicines. The Company's technology platforms include VIBEX™ disposable Medi-Jet, disposable multi-use pen injectors and Vision™ reusable needle-free injectors marketed as Tjet ® and Zomajet ® by Teva Pharmaceutical Industries, Ltd (Teva) and Ferring Pharmaceuticals (Ferring), respectively. Antares Pharma has a multi-product deal with Teva that includes Tev-Tropin ® human growth hormone (hGH), VIBEX epinephrine and several other products. Antares Pharma’s partnership with Ferring includes Zomacton ® hGH. In the U.S. Antares has received FDA approval for Gelnique 3%™, a treatment for overactive bladder that is marketed by Watson Pharmaceuticals, Inc. Elestrin ® (estradiol gel) is FDA approved for the treatment of moderate-to-severe vasomotor symptoms associated with menopause, and is marketed in the U.S. by Meda Pharma. Antares Pharma has two facilities in the U.S. The Parenteral Products Group located in Minneapolis, Minnesota directs the manufacturing and marketing of the Company’s reusable needle-free injection devices and related disposables, and develops its disposable pressure-assisted VIBEX Medi-Jet and pen injector systems. The Company’s corporate head office and Product Development Group are located in Ewing, New Jersey.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are indicated by the words “may,” “will,” “plans,” “intends, ” “believes,” “expects,” “anticipates,” “potential,” “could,” “would,” “should,” and similar expressions. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, among others, changes in revenue growth, difficulties or delays in the initiation, progress, or completion of the Company’s product development plans and the Company’s ability to meet development milestones, and changes in general market conditions that could affect product sales. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2011, and in the Company's other periodic reports and filings with the SEC. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.
ANTARES PHARMA, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(amounts in thousands)
   
September 30, December 31,
2012 2011
Assets
Cash and investments $ 33,231 $ 34,396
Accounts receivable 2,051 2,535
Patent rights 1,173 952
Goodwill 1,095 1,095
Other assets   5,954   2,985
Total Assets $ 43,504 $ 41,963
 
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses $ 5,451 $ 4,364
Deferred revenue 2,382 6,455
Stockholder’s equity   35,671   31,144
Total Liabilities and Stockholders’ Equity $ 43,504 $ 41,963
 
ANTARES PHARMA, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands except per share amounts)
   
For the Three Months For the Nine Months Ended
Ended September 30, September 30,
  2012       2011     2012       2011  
Product sales $ 2,052 $ 2,197 $ 7,758 $ 5,821
Development revenue 2,607 953 6,330 2,725
Licensing revenue 77 123 812 608
Royalties   950     646     2,174     1,877  
Total Revenue 5,686 3,919 17,074 11,031
 
Cost of revenue   3,296     1,807     7,818     4,653  
Gross Profit 2,390 2,112 9,256 6,378
 
Research and development 3,901 1,429 9,260 5,125
Sales, marketing and business development 457 390 1,313 1,202
General and administrative   1,551     1,559     5,090     4,325  
Total Operating Expenses   5,909     3,378     15,663     10,652  
 
Operating loss (3,519 ) (1,266 ) (6,407 ) (4,274 )
 
Other income and expenses   (15 )   (33 )   (9 )   40  
 
Net loss $ (3,534 ) $ (1,299 ) $ (6,416 ) $ (4,234 )
 
Basic and diluted net loss per common share $ (0.03 ) $ (0.01 ) $ (0.06 ) $ (0.04 )
 
Basic and diluted weighted average common shares outstanding

108,962

103,312

105,736

94,794

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