Antares Pharma Reports Fourth Quarter and Year End 2005 Financial Results.EXTON Exton is the name of a number of settlements: In the United Kingdom:
-- Highlights --
-- Announced Positive Phase II Results with Anturol(TM) Oxybutynin
ATD(TM) Gel for Overactive Bladder
-- Signed Licensing and Commercial Agreement with Teva Affiliate -
Antares injection devices with an undisclosed injectable product for
the U.S. market
-- Announced NDA Filing by Licensee for Transdermal Estradiol Gel
(Bio-E-Gel(TM))
-- Signed ATD(TM) Gel Development Agreements with Dermatology Firm and
Company Specializing in CNS Products
-- Announced Positive FDA Guidance on Testosterone Therapies
for Female Sexual Dysfunction - potentially opening up the pathway
for completion of Phase III clinical trials and filing an NDA
Antares Pharma, Inc. (Amex:AIS) today announced that total revenues for the quarter ended December December: see month. 31, 2005 increased 3% to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $734,000 from approximately $716,000 for the same quarter in 2004. The gross margin percentage also increased in the fourth quarter of 2005 to 64% from 50% in the comparable quarter of 2004 as the mix of revenues changed and more royalties Not to be confused with Royal family. Royalties (sometimes, running royalties) are usage-based payments made by one party (the "licensee") to another (the "licensor") for ongoing use of an asset, most typically an intellectual property (IP) right. , with minimal costs, were reported in 2005. 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. decreased approximately $546,000 or 18% to $2.4 million in the fourth quarter of 2005 from $3.0 million in the same period of 2004 due to general and administrative cost administrative cost Managed care A cost incurred by the 'business' end of a health care facility or university–eg, staffing and personnel costs, nursing home and hospital administration, insurance, and overhead expenses. Cf Indirect costs. controls. Total operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the quarter decreased approximately $662,000 or 25% to $2.0 million from $2.6 million for the same period in 2004. Net loss per common share decreased to $0.05 per share in the fourth quarter of 2005 from a loss of $0.06 per share in the fourth quarter of 2004 due to a smaller net loss by approximately $652,000 in 2005 and also due to an increase in the average common shares outstanding of approximately 2.7 million shares. For the year 2005, total revenue decreased 19% to $2.2 million from $2.7 million in 2004, due principally to a customer working down inventory levels from prior years. Gross margins as a percent of total revenue decreased slightly to 49% from 50%. Operating expenses increased by approximately $71,000, or 1%, due primarily to increases in clinical development and business development activities that were largely offset by decreases in general and administrative expenses for the year. Net loss per common share for the year 2005 decreased to $0.21 per share from a loss of $0.23 per share for 2004. At December 31, 2005, the Company had $2.7 million in cash, cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments, compared to $9.6 million at December 31, 2004. Additionally, on March 6, 2006 the Company announced completion of an approximately $11 million equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . "I am delighted with the progress we made in 2005 in advancing our programs toward commercialization," said 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. "It was a pleasure also seeing good financial progress throughout the year, especially in the fourth quarter when we increased revenue while continuing to reduce costs as compared to the fourth quarter of 2004," concluded Stover. About Antares Pharma Antares Pharma is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. pharma product development company with 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 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) Advanced Transdermal Delivery system transdermal delivery system: see skin patch. , 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 vibex /vi·bex/ (vi´beks) pl. vi´bices a narrow linear mark or streak; a linear subcutaneous effusion of blood. vibex pl. vibices [L.] a narrow linear mark or streak; a linear subcutaneous effusion of blood. (TM) disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. mini-needle injection device and Valeo Valeo is a French automotive components manufacturer. History The Société Anonyme Française du Ferodo was founded in 1923 in Saint-Ouen, a suburb of Paris. It first distributed brake linings and clutch facings under license of Ferodo UK. (TM)/Vision(R) reusable re·use tr.v. re·used, re·us·ing, re·us·es To use again, especially after salvaging or special treatment or processing. re·us 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 will address unmet un·met adj. Not satisfied or fulfilled: unmet demands. medical needs by reducing side effect profiles, improving safety, increasing effectiveness, and improving patient compliance and convenience. Antares Pharma has corporate headquarters in Exton, Pennsylvania Exton is a census-designated place (CDP) in West Whiteland Township, Chester County, Pennsylvania, United States. The population was 4,267 at the 2000 census. The Exton Square Mall is located within Exton. Transportation Exton lies at the intersection of the U.S. , 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 Basel (bä`zəl) or Basle (bäl), Fr. Bâle, canton, N Switzerland, bordering on France and Germany. , Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. . Statements included in this press release that are not historical in nature are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning 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. The Company cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially and which are identified from time to time in the Company's reports filed with the U.S. Securities and Exchange Commission. Antares Pharma claims the protection of the 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. for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
ANTARES PHARMA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Fourth Quarter
Ended December 31,
-------------------------
2005 2004
------------ ------------
Revenues $ 733,958 $ 715,580
Cost of revenues 261,050 358,346
------------ ------------
Gross margin 472,908 357,234
Operating expenses 2,423,789 2,970,148
------------ ------------
Net operating loss (1,950,881) (2,612,914)
Other income (expense) 30,155 68,580
------------ ------------
Net loss (1,920,726) (2,544,334)
Preferred stock dividends -- (28,571)
------------ ------------
Net loss applicable to common shares $(1,920,726) $(2,572,905)
============ ============
Basic and diluted net loss per common share $ (0.05) $ (0.06)
============ ============
Basic and diluted weighted average common
shares outstanding 42,637,420 39,982,515
============ ============
ANTARES PHARMA, INC.
CONSOLIDATED BALANCE SHEETS
December 31,
-------------------------
2005 2004
------------ ------------
Assets
Current Assets:
Cash and cash equivalents $ 2,718,472 $ 1,652,408
Short-term investments -- 7,971,625
Accounts receivable, less allowance for
doubtful accounts of $20,800 and $22,500,
respectively 223,944 277,606
Other receivables 48,185 64,359
Inventories 36,022 92,344
Prepaid expenses and other current assets 286,185 81,009
------------ ------------
Total current assets 3,312,808 10,139,351
Equipment, furniture and fixtures, net 477,608 611,920
Patent rights, net 936,939 947,459
Goodwill 1,095,355 1,095,355
Other assets 343,654 383,518
------------ ------------
Total Assets $ 6,166,364 $13,177,603
============ ============
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 945,028 $ 476,509
Accrued expenses and other liabilities 798,468 626,583
Deferred revenue 604,143 547,006
------------ ------------
Total current liabilities 2,347,639 1,650,098
Deferred revenue - long term 3,062,076 3,338,666
------------ ------------
Total liabilities 5,409,715 4,988,764
------------ ------------
Stockholders' Equity:
Series A Convertible Preferred Stock:
$0.01 par; authorized 10,000 shares; 0
and 1,500 issued and outstanding at
December 31, 2005 and 2004, respectively -- 15
Series D Convertible Preferred Stock:
$0.01 par; authorized 245,000 shares; 0
and 63,588 issued and outstanding at
December 31, 2005 and 2004, respectively -- 636
Common Stock: $0.01 par; authorized
100,000,000 shares; 43,019,486 and
40,418,406 issued and outstanding at
December 31, 2005 and 2004, respectively 430,195 404,184
Additional paid-in capital 95,253,209 94,479,402
Prepaid license discount (2,502,178) (2,698,427)
Accumulated deficit (91,123,107) (82,575,151)
Deferred compensation (706,104) (759,342)
Accumulated other comprehensive loss (595,366) (662,478)
------------ ------------
756,649 8,188,839
------------ ------------
Total Liabilities and Stockholders'
Equity $ 6,166,364 $13,177,603
============ ============
ANTARES PHARMA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31,
---------------------------------------
2005 2004 2003
------------ ------------ -------------
Revenues:
Product sales $ 1,511,929 $ 1,834,431 $ 2,646,628
Development revenue 183,760 196,648 310,035
Licensing fees 374,021 634,542 695,244
Royalties 155,036 80,335 134,937
------------ ------------ -------------
Total revenue 2,224,746 2,745,956 3,786,844
Cost of revenues:
Cost of product sales 1,042,504 1,304,504 1,917,647
Cost of development revenue 94,241 67,798 90,236
------------ ------------ -------------
Total cost of revenues 1,136,745 1,372,302 2,007,883
------------ ------------ -------------
Gross profit 1,088,001 1,373,654 1,778,961
------------ ------------ -------------
Operating expenses:
Research and development 3,409,486 2,635,635 2,108,634
Sales, marketing and
business development 1,160,752 675,878 462,376
General and administrative 5,106,937 6,436,807 7,841,991
------------ ------------ -------------
9,677,175 9,748,320 10,413,001
------------ ------------ -------------
Operating loss (8,589,174) (8,374,666) (8,634,040)
------------ ------------ -------------
Other income (expense):
Interest income 128,832 120,292 16,541
Interest expense (576) (100,471) (920,130)
Foreign exchange gains
(losses) (36,718) (6,849) 1,926
Loss on debt extinguishments -- -- (885,770)
Loss on conversions of debt
to equity -- -- (16,283,677)
Loss on common stock
warrants -- -- (5,960,453)
Other, net (320) 13,162 (152,361)
------------ ------------ -------------
91,218 26,134 (24,183,924)
------------ ------------ -------------
Net loss (8,497,956) (8,348,532) (32,817,964)
Preferred stock dividends (50,000) (100,000) (142,857)
------------ ------------ -------------
Net loss applicable to common
shares $(8,547,956) $(8,448,532) $(32,960,821)
============ ============ =============
Basic and diluted net loss per
common share $ (0.21) $ (0.23) $ (2.18)
============ ============ =============
Basic and diluted weighted
average common shares
outstanding 41,459,533 36,347,892 15,092,803
============ ============ =============
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