This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Antares Pharma Reports Third Quarter 2013 Operating And Financial Results

Antares Pharma, Inc. (NASDAQ:ATRS) today reported operating and financial results for the third quarter ended September 30, 2013.

Quarter and Recent Highlights
  • Received approval from the U.S. Food and Drug Administration (FDA) for OTREXUP™.
  • Initiated a clinical study evaluating testosterone enanthate administered weekly by subcutaneous injection and dosed the first testosterone deficient adult males using the VIBEX ® Quick Shot auto injector device.
  • Data from three OTREXUP (methotrexate) clinical studies were presented at the annual American College of Rheumatology meeting. The clinical study data comparing the systemic availability of methotrexate (MTX) using OTREXUP compared with MTX taken orally was selected for a prestigious podium presentation.
  • Issuance of a new U.S. patent number 8,562,564 entitled "Prefilled Syringe Jet Injector.” This patent is designed to protect the use of medicament containing prefilled syringe based auto injectors such as those used in OTREXUP and Quick Shot testosterone. The Company expects to receive at least one additional patent in 2014 that will also protect OTREXUP bringing the number of patents that specifically cover the product to seven.
  • Elected Robert P Roche Jr. to the Board of Directors. Mr. Roche brings to Antares extensive commercial and product launch experience.
  • Appointed Dr. Bruce Freundlich as Senior Vice President, Medical. Dr. Freundlich’s experience both in industry and academia as a practicing and highly regarded rheumatologist will be valuable as we commercialize OTREXUP .
  • Ended the quarter with $70.0 million in cash and investments and no debt.

Paul K. Wotton, Ph.D., President and Chief Executive Officer, stated, “Last month’s approval of OTREXUP represented a strategic milestone in the transformation of Antares from a royalty based business to a specialty pharmaceutical company generating potential product revenue from proprietary in-house development programs. More importantly, we believe that this approval is a validation of our auto injector technology, our deep combination drug/device pipeline and commercial strategy. The upcoming launch of OTREXUP coupled with the Quick Shot testosterone program demonstrates our ability to deliver on multiple projects simultaneously with our unique technology platform.” He continued, “Our commercial organization has developed a comprehensive launch plan, and we have begun to appoint top-tier sales representatives with many years of experience in promoting rheumatology products. We believe that OTREXUP could become an important part of the treatment continuum for RA patients and look forward to launching the product in early 2014.”

Third Quarter and First Nine Months Results

Total revenues were $5.5 million and $5.7 million for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013, the Company’s total revenue was $15.9 million compared to $17.1 million in the first nine months of 2012. Product sales were $3.0 million in the third quarter of 2013 compared to $2.1 million in 2012, an increase of 48%. For the nine months ended September 30, 2013, product sales increased 30% to $10.1 million compared to $7.8 million in the prior year. The product sales increases were primarily due to sales to Teva of our VIBEX ® auto injector for Teva’s generic epinephrine auto injector product.

Development revenues were $1.3 million in the three month period ended September 30, 2013 compared to $2.6 million in the prior year period. For the nine months ended September 30, 2013, the Company’s development revenue was $2.7 million compared to $6.3 million in the first nine months of 2012. The revenue in the first nine months of 2013 was primarily due to auto injector and pen injector development work for Teva. The revenue in the first nine months of 2012 was primarily due to a non-recurring FDA approval milestone payment of $2.5 million recognized in connection with our license agreement with Actavis (Watson), along with development revenue from Teva. The development revenue in the three and nine month periods of 2012 also included $750,000 from Pfizer after the achievement of a development milestone related to its undisclosed Consumer Healthcare product.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs