Antares Pharma, Inc. (ANTR) Receives Milestone Payment and Additional Patent Related to Elestrin(R)
1/6/2009 8:44:32 AM
EWING, N.J.--(BUSINESS WIRE)--Antares Pharma, Inc. (AMEX:AIS) announced that the company received a milestone payment of $450,000 from BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) related to an agreement with AZUR Pharma for the marketing of Elestrin (estradiol gel) to treat moderate to severe hot flashes in menopausal women in the United States. BioSante received $3.325 million on signing with AZUR, of which approximately $1.5 million was purchased inventory. Antares is entitled to 25 percent of any upfront and milestone payments as well as a percentage of product royalties. AZUR has agreed to market Elestrin using its women’s health and urology sales force of approximately 50 sales people that target estrogen prescribing physicians in the U.S. comprised mostly of gynecologists.