EXTON, Pa.--(BUSINESS WIRE)--July 18, 2006--Antares Pharma, Inc. (Amex:AIS - News) today announced having signed an agreement with Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA - News) for the development and supply of a new Antares disposable injection device. Under the terms of the exclusive agreement, Teva is obligated to purchase all of its delivery device requirements from Antares for use with an undisclosed product that is subject to approval by regulatory authorities. The finished product is expected to be marketed in the United States and Canada. 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. Teva also received an option for rights in other territories.
Jack E. Stover, President and CEO of Antares Pharma, commented, “Our agreement builds upon the successful relationship which was established with Teva in November of 2005.” Mr. Stover added, “This further confirms the compelling patient benefits offered by our proprietary injection systems, which have the potential to add value to a wide range of injectable pharmaceutical products.”
Antares’ portfolio of injection devices includes the Vibex(TM) mini-needle injectors, and two needle-free injection systems: the Medi-Jector Vision® 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® devices are distributed in more than 30 countries.
About Antares Pharma
Antares Pharma is a specialized pharma product development company focused on developing patented drug delivery systems and injectable device engineering capabilities. Antares’ current technology platforms include its ATD(TM) Advanced Transdermal Delivery system, and its related TecTix(TM) system for topical and transmucosal delivery, its Easy Tec(TM) oral fast-melt technology, and subcutaneous injection technology platforms including both Vibex(TM) disposable mini-needle injection device and Valeo(TM)/Vision® reusable 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 medical needs by reducing side effect profiles, improving safety, increasing effectiveness, and improving patient compliance and convenience. Antares Pharma has corporate headquarters in Exton, Pennsylvania, with subsidiaries performing research, development, manufacturing and product commercialization activities in Minneapolis, Minnesota and Basel, Switzerland.
Safe Harbor Statement
In addition to historical facts or statements or current conditions, this press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of The Private Securities Litigation Reform Act of 1995, including statements regarding the licensing, development and supply agreement with Teva. 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, Antares’ ability to execute on its development plans, patient and market acceptance 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.
Contact: Antares Pharma, Inc. Stephanie M. Baldwin or Robert F. Apple, 610-458-6200 or Equity Communications Steve Chizzik, 973-912-0980
Source: Antares Pharma, Inc.
