EXTON, Pa., Jan. 6 /PRNewswire-FirstCall/ -- Antares Pharma, Inc. (BULLETIN BOARD: ANTR) today announced that it signed an exclusive development and license agreement with NPMG for a topical anesthetic product, to be sold under the brand name Alevia(TM), based on Antares Pharma's proprietary ATD(TM) gel technology. The product will contain lidocaine and tetracaine at low levels to allow distribution and use without a medical prescription and will rely on the ATD gel technology to provide a product with a rapid anesthetic effect. The fast-acting anesthetic gel will be initially targeted for professional use in the field of cosmetic procedures such as hair removal. Financial terms of the agreement were not disclosed.
Dr. Roger G. Harrison, Chief Executive Officer and President of Antares Pharma, said, "Antares Pharma's ATD transdermal gel technology has already been well established in the field of prescription pharmaceutical products where we have licensed several products to pharmaceutical companies that are now in various stages of clinical development. This latest license agreement demonstrates the additional opportunity of applying our gel technology to the very large market of OTC products."
Commenting on the agreement, Richard Trowe, President of NPMG, said, "We are excited by the agreement with Antares Pharma as this will provide the opportunity to develop a well-differentiated product for our customers." He added, "There is a significant opportunity for a product that can achieve a rapid anesthetic effect, thereby reducing waiting time in a myriad of otherwise painful cosmetic procedures." Dr. Susan Marron, M.D., Chief Medical Officer of NPMG, believes that the product may be applied in a wide variety of other cosmetic and minor medical procedures, including hair removal, dermabrasion and laser procedures.
NPMG is a privately-held company that has developed and marketed products for use in the cosmetic field under the brand name Alevia and as private label products for major cosmetic companies.
About Antares Pharma
Antares Pharma develops pharmaceutical delivery systems, including needle- free and mini-needle injector systems and transdermal gel technologies. These delivery systems are designed to improve both the efficiency of drug therapies and the patient's quality of life. The Company currently distributes its needle-free injector systems in more than 20 countries. In addition, Antares Pharma conducts research and development with transdermal gel products and currently has several products in clinical evaluation with partners in the U.S. and Europe. The Company is also conducting ongoing research to create new products that combine various elements of the Company's technology portfolio. Antares Pharma has corporate headquarters in Exton, Pennsylvania, with manufacturing and research facilities in Minneapolis, Minnesota, and research facilities in Basel, Switzerland.
Statements included in this press release that are not historical in nature are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act 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 for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
For more information, visit Antares Pharma's web site at http://www.antarespharma.com/. Information included on the Company's website is not incorporated herein by reference or otherwise.
Antares Pharma, Inc.
CONTACT: Dr. Roger G. Harrison, CEO/President, or Lawrence M. Christian,CFO/Vice President - Finance, both of Antares Pharma, +1-610-458-6200