Exclusive License, Development and Supply Agreement
EWING, N.J.--(Business Wire)--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(TM) mini-needle
injectors, and two needle-free injection systems: the Medi-Jector
Vision(R) and Medi-Jector Valeo(TM). The Vibex(TM) 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(R) 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 ATD(TM) Advanced Transdermal Delivery system, subcutaneous
injection technology platforms including both Vibex(TM) disposable
mini-needle injection device and Valeo(TM)/Vision(R) reusable
needle-free injection devices; and Easy Tec(TM) 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.
Antares Pharma, Inc.
Stephanie M. Baldwin, 609-359-3032
Investor Relations Manager
sbaldwin@antarespharma.com
Copyright Business Wire 2008
