Antares Pharma, Inc. (NASDAQ: ATRS) today reported operating and financial results for the second quarter ended June 30, 2013.
Quarter and Recent Highlights
- OTREXUP™ development program is on track with anticipated PDUFA date of October 14, 2013.
- Granted product specific U.S. patent 8,480,631 for OTREXUP™.
- Completed recruitment of a commercial team with significant rheumatology and product launch experience.
- Expanded intellectual property portfolio with 43 patents filed and 9 patents issued in the past 18 months, including recently issued QS Device U.S. patent 8,496,619.
- Continued to ship VIBEX™ auto injector devices to Teva for pre-launch quantities of Teva’s generic epinephrine auto injector product.
- Added Marvin Samson and Robert Roche Jr. to the Board of Directors, both experienced pharmaceutical executives with expertise in injectable manufacturing, delivery systems, commercialization and product launches.
- Total revenues increased 29% to $5.8 million and product revenues increased 41% to $4.5 million compared to the second quarter of 2012.
- Ended the quarter with $75.0 million in cash and investments and no debt.
Paul K. Wotton, Ph.D., President and Chief Executive Officer, stated, “I am pleased to report that Antares made significant progress on many fronts during the second quarter as we transition to a specialty pharmaceutical company. Our primary focus is on the OTREXUP™ commercialization planned for early 2014. We recently completed the recruitment of an experienced in-house sales and marketing team with significant 'Big Pharma' product launch experience in the rheumatology market segment.” Dr. Wotton continued, “We also progressed our QST program for Testosterone Replacement Therapy and anticipate dosing the first patients in this coming quarter, which keeps this program on track for a potential launch in 2016.”
Second Quarter and First Half ResultsTotal revenues were $5.8 million and $4.5 million for the three months ended June 30, 2013 and 2012, respectively, an increase of 29%. For the six months ended June 30, 2013, the Company’s total revenue was $10.4 million compared to $11.4 million in the first six months of 2012. Product sales were $4.5 million in the second quarter of 2013 compared to $3.2 million in 2012, an increase of 41%. For the six months ended June 30, 2013, product sales increased 23% to $7.0 million compared to $5.7 million in the prior year. The product sales increases were primarily due to sales to Teva of pre-launch quantities of our Vibex™ auto injector for Teva’s generic epinephrine auto injector product.