Antares Pharma Receives Development Milestone Payment
Company's Pipeline Continues to Advance
EWING, N.J.--Antares Pharma, Inc. (NASDAQ: ATRS) today announced that its partner Pfizer Inc. (NYSE: PFE) achieved a development milestone related to its undisclosed Consumer Healthcare product. This development milestone in Antares' collaboration with Pfizer triggers a $750,000 payment to Antares. In December of 2011, Antares licensed to Pfizer's Consumer Healthcare Business Unit one of its drug delivery technologies to develop an undisclosed product on an exclusive basis for North America. Pfizer has assumed full cost and responsibility for all clinical development, manufacturing and commercialization of the product in the licensed territory, which also includes certain non-exclusive territories outside of North America. Antares received an upfront payment, and will receive development and sales based milestones, as well as royalties on net sales for three years post launch in the U.S.
"We are extremely pleased with the progress Pfizer has made on this important product opportunity"
"We are extremely pleased with the progress Pfizer has made on this important product opportunity," said Paul K Wotton, Ph.D., President and Chief Executive Officer. "We look forward to the continued progress of the development program on a product that we believe targets a significant therapeutic area." He added, "The rapid advancement of our pipeline with world class partners such as Pfizer provides a diversified business platform for Antares while we continue to internally develop our proprietary programs, which include novel injectable products for self-administration such as VIBEX MTX Medi-Jet for rheumatoid arthritis and VIBEX QS T for testosterone replacement therapy."
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 Jazz Pharmaceuticals. 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.
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.
Vice President, Corporate Affairs