Antares Pharma Reports First Quarter 2007 Financial Results.* Total revenue increases of 347% and product revenue increase of 58% above 2006 * Received Elestrin[R] milestone payment of $1,750,000 * $10 million credit facility secured, $5 million drawn down EWING, N.J. -- Antares Pharma, Inc. (Amex:AIS) reported financial and operating results for the first quarter ended March 31, 2007. Revenue totaled $2.8 million for the first quarter of 2007, a year-over-year increase of 347% compared to $637,000 for the first quarter of 2006. In March of 2007 the Company received $1,750,000 under a license agreement with BioSante Pharmaceuticals, Inc. This payment was triggered by the December 2006 FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval of Elestrin([R]), the lowest dose estradiol gel for treating vasomotor vasomotor /vaso·mo·tor/ (-mo´tor) 1. affecting the caliber of blood vessels. 2. a vasomotor agent or nerve. va·so·mo·tor adj. symptoms. This approval also triggers an additional payment to the Company of $875,000 to be received in Q4 2007. Product revenue increased in the first quarter by 58% to $626,000 compared to $395,000 in the prior year, due primarily to increases in product sales to Antares' major European customer. Gross margins also increased in the quarter to 84% compared to 50% in the prior year periods. The increase was primarily due to the payment received on the approval of Elestrin,[R] along with product gross margins which increased to 42% in 2007 compared to 34% in 2006. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were approximately $2.8 million and $2.6 million for the three months ended March 31, 2007 and 2006, respectively. Net loss was approximately $430,000 and $2.3 million for the quarters ended March 31, 2007 and 2006, respectively. Net loss per common share decreased to $(0.01) for the first quarter of 2007 from $(0.05) in 2006, primarily due to the significantly smaller loss in 2007. At March 31, 2007, Antares held approximately $12.6 million in cash, cash equivalents and short-term investments, compared to approximately $7.7 million at December 31, 2006. In the first quarter of 2007 the Company secured a $10 million credit facility and drew down $5 million with an additional tranche of $5 million to be available by the end of 2007 subject to certain conditions. In the first quarter of 2007 operating activities generated net cash of $95,000 compared to the first quarter of 2006 which resulted in net cash used in operating activities of $2.9 million. Commenting on the first quarter, Jack E. Stover stover stalks of maize plants from which mature corn cobs have been harvested as grain, or grain sorghum plants from which heads have also been removed. The stover is usually fed by turning the cattle into the field and is subject to fungal infection, sometimes causing mycotoxicosis. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Antares Pharma said, "I am pleased with our continued revenue growth in the first quarter resulting from increases in both product and license revenues. It is a pleasure to lead Antares Pharma forward as a product based company that has developed a robust pipeline. We are now looking forward to initiating Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA trials for the next product in our ATD ATD Anthropomorphic Test Dummy ATD Attention to Detail ATD Advanced Technology Demonstration AtD Achieving the Dream ATD Atmospheric Technology Division (US National Center for Atmospheric Research) ATD Assistant Technical Director [TM] gel system, Anturol[R], for the treatment of overactive bladder Overactive Bladder Definition Overactive bladder is the leakage of large amounts of urine at unexpected times, including during sleep. Description ." About Antares Pharma Antares Pharma is a specialized pharma product development company focused on developing patented drug delivery systems and injectable in·ject·a·ble adj. Capable of being injected. Used of a drug. n. A drug or medicine that can be injected. device engineering capabilities. Antares' current technology platforms include its ATD[TM] Advanced Transdermal Delivery system transdermal delivery system: see skin patch. , and its related TecTix[TM] system for topical and transmucosal delivery, its Easy Tec[TM] oral fast-melt technology, and subcutaneous injection Noun 1. subcutaneous injection - an injection under the skin injection, shot - the act of putting a liquid into the body by means of a syringe; "the nurse gave him a flu shot" technology platforms including both Vibex[TM] disposable mini-needle injection device and Valeo[TM]/Vision[R] 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 “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. and Basel, Switzerland. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements regarding the timing of product sales, market estimates, market potential and growth prospects, technology platforms and working capital needs. 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, capital needs 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' 10Q's, 10K's and other filings made 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. FINANCIALS FOLLOW [TABLE OMITTED] [TABLE OMITTED] |
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