Antares Pharma, Inc. (AMEX: AIS) announced that the Company has received an additional milestone payment of $875,000 from BioSante Pharmaceuticals Inc. (NASDAQ: BPAX) pursuant to a marketing agreement with Bradley Pharmaceuticals, Inc. (NYSE: BDY) for Elestrin™, a low dose transdermal estradiol therapy delivered in our proprietary Advanced Transdermal Delivery (ATD™) gel system. Elestrin is used for the treatment of hot flashes in menopausal women. Additional sales based milestone payments could bring the total payments to Antares to more than $13 million. Antares also receives an important portion of the royalties on third party sales.
"We look forward to continued marketing progress with Elestrin in 2008. The December 2006 FDA approval of this product has validated our ATD gel system and that has been a significant milestone for Antares and our potential pipeline products including ANTUROL™ (our proprietary ATD gel based overactive bladder product) currently in pivotal trials,” said Jack Stover, President and CEO of Antares Pharma.
Advanced Transdermal Delivery Systems (ATD™)
The ATD drug delivery platform is dedicated to the development of gels that offer a cosmetically superior option to patches, while delivering medication efficiently with less potential for skin irritation, minimizing gastrointestinal impact, as well as, the first-pass liver metabolism effect of many orally ingested drugs. Antares’ ATD gels are hydro-alcoholic and contain a combination of permeation enhancers to promote rapid drug absorption through the skin following application typically to the arms, shoulders, abdomen or thighs. The Company’s transdermal ATD gel system provides the options for delivering both systemically (penetrating into and through the subcutaneous tissues and then into the circulatory system) as well as locally (e.g. topically for skin and soft tissue injury, infection and local inflammation). Typically, the gel is administered daily, and is effective on a sustained release basis over approximately a 24-hour period of time.
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 ATDTM Advanced Transdermal Delivery system, subcutaneous injection technology platforms including both VibexTM disposable mini-needle injection device and ValeoTM/Vision® reusable needle-free injection devices; and Easy TecTM 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.