Antares Pharma, Inc. (Amex:AIS) reported financial results for the three and nine months ended September 30, 2007.
Total revenue was $1.2 million for the third quarter of 2007, a year-over-year increase of 63% compared to $757,000 for the third quarter of 2006. For the nine months ended September 30, 2007, total revenues were approximately $5.9 million compared to $2.3 million in 2006. The increase in the quarter was due primarily to increases in product sales to Antares’ European customers. The increase in total revenues for the nine month period was due primarily to a payment of $1.75 million under a license agreement which was triggered by the December 2006 FDA approval of Elestrin™, along with increases in product revenue and development revenue including receipt of the first royalties related to the June 2007 launch of Elestrin. The product gross margin percentage also increased in the nine-month period of 2007 to 47% from 41% in the same period of 2006 and was unchanged at 43% for the third quarter of 2007 compared to 2006.
“Our continuing growth and positive results are enabling us to move forward with clinical trials, further product development and expansion of commercial resources accelerating our specialty pharma strategy” commented Jack E. Stover, President & CEO.
Total operating expenses were approximately $3.4 million and $2.4 million for the three months ended September 30, 2007 and 2006, respectively, and were approximately $9.6 million and $8.1 million for the nine months ended September 30, 2007, and 2006 respectively. The increases were due primarily to activity related to initiating a pivotal study of ANTUROL™ for the treatment of overactive bladder. Net loss was approximately $2.6 million and $1.9 million for the three-month periods ended September 30, 2007 and 2006, respectively, and was approximately $5.3 million and $6.7 million for the nine-month periods ended September 30, 2007 and 2006, respectively. Net loss per common share was unchanged at $0.04 for the third quarter of 2007 compared to 2006 and decreased in the nine-month period of 2007 to $0.09 from $0.13 in 2006, primarily due to the reduction in net loss in 2007.
At September 30, 2007, cash, cash equivalents and short-term investments totaled approximately $25.3 million, compared to approximately $7.7 million at December 31, 2006. The increase was primarily due to gross proceeds of $16.0 million received through a private placement of common stock in July of 2007.
About Antares Pharma
Antares Pharma is a specialized pharma product development company committed to improving pharmaceuticals through its patented drug delivery systems. Antares has three validated drug delivery platforms: the ATD™ Advanced Transdermal Delivery system, subcutaneous injection technology platforms including both Vibex™ disposable mini-needle injection device and Valeo™/Vision® reusable needle-free injection devices; and Easy Tec™ oral fast-melt technology. Two of the platforms have generated FDA approved products. Antares Pharma leverages its multiple drug delivery platforms to add value to existing drugs and to create new pharmaceutical products and injectable devices. The Company’s products are engineered to improve safety and efficacy profiles by minimizing dosing and reducing side effects while enabling improved patient compliance. Antares Pharma has corporate headquarters in Ewing, New Jersey, with subsidiaries performing research, development, manufacturing and product commercialization activities in Minneapolis, Minnesota and Basel, Switzerland.
Safe Harbor Statement
This press release contains forward-looking statements, within the meaning of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995, that involve significant risks and uncertainties, including those discussed in this release and others that can be found in the “Risk Factors” section of Antares’ Annual Report on Form 10-K for the year ended December 31, 2006 and in Antares’ periodic reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Antares is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. No forward-looking statement can be guaranteed and actual events and results may differ materially from those projected. Forward-looking statements, including statements regarding the timing of product sales, market estimates and market potential 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 and general financial, economic, regulatory and political conditions affecting the pharmaceutical industry generally.
ANTARES PHARMA, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(amounts in thousands)
|September 30,||December 31,|
|Cash and investments||$||25,344||$||7,659|
|Liabilities and Stockholders’ Equity|
|Accounts payable and accrued expenses||$||2,621||$||1,884|
|Notes payable and capital lease||4,692||-|
|Total Liabilities and Stockholders’ Equity||$||29,919||$||11,534|
ANTARES PHARMA, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands except share amounts)
For the Three Months
For the Nine Months
|Cost of revenue||552||320||1,587||1,072|
|Research and development||1,652||893||3,998||2,862|
|Sales, marketing and business development||369||279||1,186||987|
|General and administrative||1,347||1,260||4,462||4,220|
|Total Operating Expenses||3,368||2,432||9,646||8,069|
|Other income and expenses||78||70||15||203|
|Deemed dividend to warrant holders||―||―||―||(100||)|
|Net loss applicable to common shares||$||(2,611||)||$||(1,925||)||$||(5,337||)||$||(6,786||)|
|Basic and diluted net loss per common share||$||(0.04||)||$||(0.04||)||$||(0.09||)||$||(0.13||)|
|Basic and diluted weighted average common shares outstanding|