Antares Pharma, Inc. announced that it has received the final payment of $2.5 million from Ferring Pharmaceuticals in connection with the previously disclosed sale of Antares’ worldwide rights, including certain fixed assets, for the ZOMAJET™ needle-free auto injector device to Ferring.
EWING, N.J., Oct. 31, 2019 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ: ATRS) (“Antares” or “Company”) today announced that it has received the final payment of $2.5 million from Ferring Pharmaceuticals (“Ferring”) in connection with the previously disclosed sale of Antares’ worldwide rights, including certain fixed assets, for the ZOMAJET™ needle-free auto injector device to Ferring. Antares had been the worldwide supplier of ZOMAJET™ devices to Ferring and JCR Pharmaceutical Company Ltd.
“This strategic divestiture has allowed us to continue to focus on developing combination products using our auto injector and pen platforms for ourselves and our partners,” stated Robert F. Apple, President and Chief Executive Officer of the Company. “The sale of this legacy product also brought in $15 million in cash over the past two years which was used in connection with growing our commercial business.”
With the final payment received, the Company will no longer manufacture and supply the devices. The gain on the sale of the needle free product line was previously recorded in the fourth quarter of 2018.
About Antares Pharma
Antares Pharma, Inc. is a combination drug device company focused primarily on the development and commercialization of self-administered parenteral pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals, Inc. and Pfizer Inc. (Pfizer). Antares Pharma’s proprietary products include XYOSTED® (testosterone enanthate) injection, OTREXUP® (methotrexate) injection for subcutaneous use and Sumatriptan Injection USP, which is distributed by Teva.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: market acceptance, adequate reimbursement coverage and commercial success of XYOSTED™ and future revenue from the same; market acceptance of Teva’s generic epinephrine auto-injector product and future revenue from the same;; future market acceptance and revenue from Makena® subcutaneous auto injector; Teva’s ability to successfully commercialize VIBEX® Sumatriptan Injection USP and the amount of revenue from the same; continued growth of prescriptions and sales of OTREXUP®; the timing and results of the Company’s or its partners’ research projects or clinical trials of product candidates in development including projects with Teva and Pfizer and our proprietary programs for ATRS-1701 and our development program for the use of subcutaneous methotrexate for the treatment of ectopic pregnancy; actions by the FDA or other regulatory agencies with respect to the Company’s products or product candidates of its partners; continued growth in product, development, licensing and royalty revenue; achievement of the 2019 revised revenue guidance; the Company’s ability to meet loan extension and interest only payment milestones and the ability to repay the debt obligation to Hercules Capital; successful completion of the transaction with Ferring International Center, S.A.; the Company’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as ''may’’, ''will’’, ''should’’, ''would’’, ''expect’’, ''intend’’, ''plan’’, ''anticipate’’, ''believe’’, ''estimate’’, ''predict’’, ''potential’’, ''seem’’, ''seek’’, ''future’’, ''continue’’, or ''appear’’ or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, and in the Company’s other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.
Contact:
Jack Howarth
Vice President, Corporate Affairs of Antares
609-359-3016
jhowarth@antarespharma.com
