Antares Pharma, Inc. (NASDAQ: ATRS) today reported operating and financial results for the first quarter ended March 31, 2014.
Quarter and Recent Highlights
- Announced the product launch of OTREXUP™ (methotrexate) injection for subcutaneous use to treat rheumatoid arthritis and polyarticular juvenile idiopathic arthritis by the Antares 40 person commercial team.
- Announced LEO Pharma’s launch of OTREXUP™ to dermatologists for adults with psoriasis. LEO Pharma brings a dedicated sales force of 75 representatives focused solely on the treatment of psoriasis.
- Received a second milestone payment of $5 million from LEO Pharma in connection with the launch of OTREXUP™ and the achievement of a specific percentage of patient lives covered by managed care organizations. To date, Antares has received $10 million in milestone payments from LEO Pharma.
- Publication in The Annals of the Rheumatic Diseases of study results comparing the relative bioavailability, safety and tolerability of OTREXUP™ to oral methotrexate in adult patients with rheumatoid arthritis. The study showed the systemic availability of methotrexate (MTX) following oral dosing plateaus at 15 mg and greater, and administration of OTREXUP™ extends the systemic availability of MTX at every dose studied.
- Reported positive results from the VIBEX ® QuickShot™ multi-center phase 2 clinical study evaluating the pharmacokinetic profile of testosterone administered once-weekly by subcutaneous injection in testosterone deficient adult males.
- Announced the issuance of U.S. Patents RE44846 and RE44847. These patents trace back to inventions made in the late 1990’s and capture innovations in the field of auto injectors that originally established Antares Pharma’s position as a leader and innovator in medical injection device technology.
- Ended the quarter with $63.1 million in cash and investments and no debt.
Paul K. Wotton, Ph.D., President and Chief Executive Officer, stated, “We started detailing OTREXUP to rheumatologists in February and while it is still very early in the launch, feedback from prescribing rheumatologists has been very encouraging and patients have reported positive experiences with self-administration.” He continued, “During the initial launch phase, our primary concentration has been on multiple visits to high prescribers and local pharmacies as well as building on existing formulary coverage. Our dermatology partner LEO began detailing OTREXUP in mid-March and they too are encouraged by the feedback they have received from physicians. We believe that our focused commercialization plan will continue to result in a growing number of new patient starts followed by in an increase in prescription trends over time.”
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