Antares Pharma Reports Second Quarter 2006 Financial Results; Company Reports Improved Revenues and Enhanced Operating Performance.EWING, N.J. -- Antares Pharma, Inc. (Amex:AIS) today reported financial results for the three and six months ended June 30, 2006 and recent accomplishments. "We are pleased with the solid results for the second quarter and year to date as we are demonstrating both revenue growth and cost management in support of our business model," 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 Pharma, Inc. "We have also made good commercial progress during the quarter, most notably expanding our near term priority of securing additional licensing partnerships with important companies like Teva while making further clinical progress with products in our proprietary 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 platform. Additionally, our pipeline of potential products continues to expand." Total revenues were approximately $859,000 and $492,000 for the three months ended June 30, 2006 and 2005, respectively, and were approximately $1.5 million and $1.0 million for the six months ended June 30, 2006 and 2005, respectively. The increases were due primarily to increases in product sales to Antares' major European customer and due to increases in development revenue. The gross margin percentage also increased in the second quarter of 2006 to 50% from 46% in the same quarter of 2005 and increased to 50% in the six month period of 2006 from 45% in the same period of 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. were approximately $3.0 million and $2.6 million for the three months ended June 30, 2006 and 2005, respectively, and were approximately $5.6 million and $5.1 million for the six months ended June 30, 2006, and 2005 respectively. The increases were due primarily to the non-cash recognition of stock option expense as a result of adopting SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 123R on January 1, 2006. Net loss was approximately $2.5 million and $2.3 million for the three-month periods ended June 30, 2006 and 2005, respectively, and was approximately $4.8 million and $4.6 million for the six-month periods ended June 30, 2006 and 2005, respectively. Net loss per common share decreased to $0.05 for the second quarter of 2006 from $0.06 in 2005 and decreased in the six-month period of 2006 to $0.10 from $0.11 in 2005, primarily due to an increase in weighted average common shares outstanding resulting from the private placement of common stock in the first quarter of 2006. At June 30, 2006, Antares had approximately $9.4 million in cash, cash equivalents and short-term investments, compared to approximately $2.7 million at December 31, 2005. Net cash used in operating activities in the second quarter of 2006 decreased to $1.3 million from $2.1 million in the second quarter of 2005, and for the six-month period decreased to $4.2 million from $4.8 million in 2005. Recent Accomplishments --Antares announced signing an exclusive licensing agreement with Teva Pharmaceuticals for the supply and development of a new Antares disposable injection device. Under the terms of the agreement Antares will receive an upfront cash payment, milestone fees, and a negotiated percentage of the gross profit as well as a transfer price for the device. --Antares signed a joint development agreement with the Population Council to develop contraceptive contraceptive /con·tra·cep·tive/ (-sep´tiv) 1. diminishing the likelihood of or preventing conception. 2. an agent that so acts. formulation products containing Nestorone(R), using the Council's patented and other proprietary information covering the compound, and Antares' proprietary advanced transdermal transdermal /trans·der·mal/ (-der´m'l) entering through the dermis, or skin, as in administration of a drug via ointment or patch. trans·der·mal adj. Through or by way of the skin. delivery (ATD(TM)) gel platform. Clinical studies are expected to begin in 2007. --Antares reported on the end of Phase II meeting with the 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. for Anturol(TM), its oxybutynin gel product 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 (OAB OAB Ordem dos Advogados do Brasil (Brazil) OAB Offline Address Book OAB Over-Active Bladder (urology) OAB Outlook Address Book (Microsoft) OAB Ocean Affairs Board ). The 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 protocol is currently being defined to support an optimized regulatory strategy. --Antares and Eli Lilly Eli Lilly can refer to:
--Antares announced the FDA acceptance of their licensee's NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any . The transdermal estradiol estradiol /es·tra·di·ol/ (es?trah-di´ol) (es-tra´de-ol) the most potent estrogen in humans; pharmacologically, it is often used in the form of its esters (e.g., e. cypionate, e. gel is Antares' first ATD(TM) gel product which is potentially approvable by the FDA. 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 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, if approved, 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 at 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 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 "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 Antares Phase III clinical trial Noun 1. phase III clinical trial - 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 for Anturol and NDA filing and Antares' expectations for the product candidate as well as plans to enter in to clinical trials with Nesterone in 2007. 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 Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , Antares' ability to execute on its development plans, patient and market acceptance of Anturol 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' quarterly reports filed 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
ANTARES PHARMA, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(amounts in thousands)
June 30, December 31,
2006 2005
------------ ------------
Assets
Cash and investments $9,390 $2,718
Accounts receivable 273 224
Other receivables 126 48
Inventories 53 36
Prepaid expenses and other assets 677 630
Fixed assets 439 478
Patent rights 969 937
Goodwill 1,095 1,095
------------ ------------
Total Assets $13,022 $6,166
============ ============
Liabilities and Stockholders' Equity
Accounts payable and accrued expenses $1,720 $1,743
Deferred revenue 3,751 3,666
Stockholder's Equity 7,551 757
------------ ------------
Total Liabilities and Stockholders'
Equity $13,022 $6,166
============ ============
ANTARES PHARMA, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands except share amounts)
For the For the
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2006 2005 2006 2005
--------- --------- --------- ---------
Product sales $603 $387 $998 $793
Development revenue 200 34 361 83
Licensing fees and royalties 56 71 136 171
--------- --------- --------- ---------
Total Revenue 859 492 1,496 1,047
Cost of revenue 431 268 753 576
--------- --------- --------- ---------
Gross Profit 428 224 743 471
Research and development 959 923 1,821 1,712
Sales, marketing and business
development 348 354 708 641
General and administrative 1,689 1,293 3,108 2,766
--------- --------- --------- ---------
Total Operating Expenses 2,996 2,570 5,637 5,119
--------- --------- --------- ---------
Operating loss (2,568) (2,346) (4,894) (4,648)
Other income and expenses 111 18 133 47
--------- --------- --------- ---------
Net loss (2,457) (2,328) (4,761) (4,601)
Preferred stock dividend -- (50) -- (50)
Deemed dividend to warrant
holders -- -- (100) --
--------- --------- --------- ---------
Net loss applicable to common
shares $(2,457) $(2,378) $(4,861) $(4,651)
========= ========= ========= =========
Basic and diluted net loss per
common share $(0.05) $(0.06) $(0.10) $(0.11)
========= ========= ========= =========
Basic and diluted weighted
average common shares
outstanding 52,962 40,540 49,984 40,499
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