Antares Pharma, Inc. (Amex:AIS - News) today announced that total revenues for the quarter ended March 31, 2006 increased to approximately $637,000 from approximately $554,000 for the same quarter in 2005. The gross margin percentage also increased in the first quarter of 2006 to 50% from 45% in the comparable quarter of 2005 as the mix of revenues changed and more development revenue, with lower associated costs, were reported in 2006. Total operating expenses increased approximately $93,000 to $2.6 million in the first quarter 2006 from $2.5 million in the same period of 2005. The increase was due primarily to the recognition of approximately $179,000 of stock option expense as a result of adopting SFAS No. 123R on January 1, 2006, along with increases in research and development expenses related to transdermal gel development projects, including Phase II studies of Anturol(TM). Net loss for the quarter increased approximately $32,000 to $2.3 million as compared to the same period in 2005.
