November 24, 2008 at 08:15 AM EST
Antares Pharma and Population Council Announce Initiation of Phase II Clinical Trial for a Novel Contraceptive ATD Gel

Antares Pharma, Inc. (AMEX:AIS) and the Population Council (an international, non-profit research organization) announced the initiation of a Phase II trial for a novel contraceptive advanced transdermal delivery (ATD™) gel containing the progestin Nestorone® and a form of estrogen, called estradiol, that is chemically identical to the estrogen made by a woman’s body. Population Council scientists discovered years ago that when Nestorone is orally ingested, the body rapidly inactivates it. The drug remains active, however, when applied to the skin. The new contraceptive candidate uses Antares ATD™ gel system, which is a clear and cosmetically acceptable drug delivery gel. After application, the drug is slowly absorbed across the skin into the systemic circulation.

The previous Phase I study identified an effective dose of the two hormones that consistently resulted in blood levels that would be expected to provide effective contraception and to maintain a woman’s normal estrogen levels and bleeding patterns. Additionally, the gel was well tolerated, with no serious adverse events recorded. The current Phase II trial will determine the lowest safe and effective dose to suppress ovulation. The trial, which involves both US and international study sites, will evaluate three active strengths of the combination gel in eighteen healthy, ovulating women. At different times during the course of the study, each woman will receive different dosages, with appropriate washout periods between doses.

Past studies showed that women using Nestorone experienced fewer side effects, such as acne, weight gain, and altered cholesterol levels, that are often experienced by women who use other common progestins. There are several indications from previous research that using Nestorone in combination with a natural estrogen (such as estradiol) in a transdermal formulation may result in a contraceptive method with fewer side effects than experienced with currently available methods.

Paul K. Wotton, Ph.D., president and CEO of Antares, said, "We are very pleased to initiate this Phase II study with the Population Council for the Nestorone/ estradiol ATD gel. The promising results obtained from our joint Phase I study validated the initial concept of a transdermal gel combining Nestorone with estradiol for contraception. We believe that this potentially represents an important opportunity to provide women with a convenient and easily administered alternative for contraception that is wholly within a woman’s control. Contraception continues to be a large and growing market worldwide. Together with the Population Council, and due to a confirmed medical need for this type of product, we will be seeking a commercialization partner for this product at the appropriate time.”

Regine Sitruk-Ware, MD, executive director of research and development at the Population Council, said, “We have already achieved very encouraging results with a Nestorone gel showing ovulation suppression in a high percentage of subjects. We believe this new formulation combining Nestorone and estradiol is likely to achieve a very high inhibition of ovulation and has the potential to become a safe and effective contraceptive that would be easy to use and convenient for women.”

The National Survey of Family Growth has revealed that 31 percent of women discontinue use of reversible contraceptives within six months of starting for method-related reasons, and 44 percent discontinue within 12 months. The Nestorone/estradiol contraceptive ATD gel may offer a needed and potentially attractive contraceptive option. The formulation, the active compounds, and the drug delivery system are all designed to reduce the serious side effects sometimes seen with current contraceptive methods, potentially increasing women’s ability and desire to continue using the method. Worldwide contraception product sales in 2005 were $3.6 billion, with projections of approximately $4.5 billion by 2010, as reported by Thomson Pharma®.

Under the terms of the joint development agreement, Antares is responsible for research and development activities as they relate to ATD formulation and manufacturing, using the Population Council’s patented and other proprietary information covering the compound. The Population Council is responsible for research on Nestorone and clinical trial design, and management. The parties expect to identify a worldwide or regional commercial development partner together.

About Nestorone®

Nestorone is a novel synthetic progestin that has been shown to be highly effective at stopping ovulation at a low dose. It has no androgenic hormonal effects and has a good safety profile. It is not active when taken orally and is therefore especially appropriate for topical application as well as for use when breastfeeding. Previous studies with Nestorone delivered via implants in women who were breastfeeding did not show any health impact on the infants.

About ATD™ Gel Technology

ATD™ Gel Technology is a hydroalcoholic transdermal gel containing less than 50% ethanol and a patented mixture of penetration enhancers. The matrix including Nestorone and bio-identical estradiol is designed to simultaneously deliver both drugs across the skin in a controlled and sustained fashion over a 24-hour period, and to result in therapeutic blood levels. The gel is clear and cosmetically appealing. It dries readily after application to the abdomen, thighs, arms or shoulders without leaving residues. Since the gel has low ethanol content, the gel is minimally irritating, as demonstrated by a similar FDA-approved formulation using ATD™ Gel Technology, ELESTRIN™ (low-dose estradiol for treating menopausal hot flashes).

About Antares Pharma (www.antarespharma.com)

Antares Pharma is a product development company committed to improving pharmaceuticals through its patented drug delivery systems. Antares has multiple development partnerships with leading pharmaceutical companies. The Company’s products are designed to improve safety and efficacy profiles by minimizing dosing and reducing side effects while enabling improved patient compliance. The Company’s lead product candidate, Anturol™, an oxybutynin ATD™ gel for the treatment of OAB (overactive bladder), is currently under evaluation in a pivotal Phase 3 trial. Antares has three validated drug delivery systems: the ATDTM Advanced Transdermal Gel Delivery system; subcutaneous injection technology platforms, including VibexTM disposable pressure-assisted auto injectors, ValeoTM/Vision® reusable needle-free injectors, and disposable multi-use pen injectors; and Easy TecTM oral disintegrating tablets (ODT). Two of the systems have generated FDA-approved products. 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.

About the Population Council (www.popcouncil.org)

The Population Council is an international, non-profit, nongovernmental research organization that seeks to improve the well-being and reproductive health of current and future generations around the world and to help achieve a humane, equitable, and sustainable balance between people and resources. The Council conducts biomedical, social science, and public health research and helps build research capacities in developing countries. Established in 1952, the Council is governed by an international board of trustees. Its New York headquarters supports a global network of regional and country offices. www.popcouncil.org

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. Such forward-looking statements include statements related to the Company’s future financial performance, and other statements which are other than statements of historical facts. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "intends," "plans," anticipates," "believes," "estimates," "predicts," "projects," "potential," "continue," and other similar terminology or the negative of these terms, but their absence does not mean that a particular statement is not forward-looking. 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: that the Company may experience difficulties or delays in the initiation, progress, or completion of its clinical trials, including the phase 3 trial of Anturol, whether caused by competition, adverse events, investigative site initiation rates, patient enrollment rates, regulatory issues, or other factors; that clinical trials may not demonstrate that Anturol is both safe and effective for the treatment of patients with overactive bladder syndrome; that the safety and/or efficacy results of the phase 3 trial of Anturol may not support an application for marketing approval in the United States or any other country; that an application for marketing approval may not be accepted for priority review or at all by the FDA or any other regulatory authority; and that the Company may lack the financial resources and access to capital to fund future clinical trials. 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, 2007, and in the Company's other periodic reports and filings with the Securities and Exchange Commission. 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.

Contacts:

Antares Pharma
Robert Apple
Chief Financial Officer
609-359-3020
rapple@antarespharma.com
or
Population Council
Melissa May, APR
212-339-0525
mmay@popcouncil.org
or
Gina Duclayan
212-339-0510
gduclayan@popcouncil.org
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