Antares Pharma, Inc. (Amex: AIS) announced they have entered into a fourth agreement with Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) under which Antares will develop and will supply a new disposable pen injector for use with two patient-administered pharmaceutical products.
Teva will purchase all of its requirements for the pen injector from Antares for use with the two undisclosed products (both products are subject to FDA approval). Antares will receive an upfront cash payment, milestone fees, and an undisclosed percentage of the selling price of the combined pharmaceutical and device product, net of certain costs. Antares is the manufacturer of record and will also receive the selling price for each injector device from Teva. In addition, Antares retains rights to the new pen injector for use with other pharmaceutical and biological products not covered under the agreement.
Jack Stover, CEO and President of Antares commented, “This latest collaboration with Teva, demonstrates the quality and innovation of our products in meeting the unique needs of our pharmaceutical partners and patients. These potential new products contribute further confidence to our sales ramp up and royalty growth plans with four new product introductions possible between 2008 through 2012. We also now have a strong competitive entry in a new growth segment of the injectable pen market.” Mr. Stover added, “We believe the expansion of our Teva relationship is another step forward to our becoming a major specialty pharma company.”
In addition to the new pen injector announced above, Antares’ portfolio of injection devices includes the Vibex™ mini-needle injectors, and two needle-free injection systems: the Medi-Jector Vision® and Medi-Jector Valeo™. The Vibex™ mini-needle injectors utilize a very short 2.5 mm needle to reduce the pain sensation and avoid the unintended intra-muscular injections that can occur with conventional needle-based injection systems, such as auto-injectors and pen-injectors, and are protected by several issued and pending United States patents. The Company’s needle-free injectors are currently marketed for insulin delivery in the treatment of diabetes, and for growth hormone delivery in the treatment of short stature in children in many major markets around the world. Antares Pharma has been a leader in the field of injection delivery systems for over 25 years, and its Medi-Jector® devices are distributed in more than 30 countries.
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.