Antares Pharma, Inc. (AMEX:AIS) today announced that the Company has received a $1.75 million milestone payment of $2.6 million due in 2007 from Bradley Pharmaceuticals Inc. (NYSE:BDY). The milestone was received pursuant to a marketing agreement Bradley signed with Biosante Pharmaceuticals (a licensee of Antares) for the product Elestrin™, a low dose transdermal estradiol therapy delivered in our proprietary Advanced Transdermal Delivery (ATD™) gel system for the treatment of hot flashes in menopausal women. Additional regulatory and sales based milestone payments could bring the total of such payments to Antares to more than $13 million. Antares will also receive an important portion of the royalties on third party sales of Elestrin as well.
"The FDA approval of Elestrin has triggered these milestones which are important contributors to our cash flow in 2007. We look toward a successful launch of Elestrin in mid 2007 and the accompanying potential future milestones and royalties,” said Jack Stover, President and CEO of Antares Pharma.
About Antares Pharma
Antares Pharma is a specialized pharma product development company focused on developing patented drug delivery systems and injectable device engineering capabilities. Antares’ current technology platforms include its ATD™ Advanced Transdermal Delivery system, and its related TecTix™ system for topical and transmucosal delivery, its Easy Tec™ oral fast-melt technology, and subcutaneous injection technology platforms including both Vibex™ disposable mini-needle injection device and Valeo™/Vision® reusable needle-free injection devices. Antares Pharma is committed to leveraging its multiple drug delivery platforms to add value to existing drugs and to create new pharmaceutical products and injectable devices. Overall, Antares’ product pipeline, if approved, will address unmet medical needs by reducing side effect profiles, improving safety, increasing effectiveness, and improving patient compliance and convenience. Antares Pharma has corporate headquarters in Princeton Crossroads Corporate Center in Ewing, NJ, with subsidiaries performing research, development, manufacturing and product commercialization activities in Minneapolis, Minnesota and Basel, Switzerland.
Safe Harbor Statement
In addition to historical facts or statements or current conditions, this press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995,including statements regarding the potential receipt of additional regulatory and sales based milestones and royalty payments and the total of such payments. Forward-looking statements provide Antares' current expectation or forecasts of future events. Antares' results could differ materially from those reflected in these forward-looking statements due to decisions of regulatory authorities, Antares' ability to execute on its development plans, patient and market acceptance of any potential product discussed and general financial, economic, regulatory and political conditions affecting the pharmaceutical industry generally. For a discussion of these and other risks and uncertainties that may effect the forward-looking statements, please see the risk factors in Antares' quarterly reports filed with the Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Antares undertakes no obligation to update publicly any forward-looking statement.
