EWING, N.J.--(BUSINESS WIRE)--Antares Pharma, Inc. (Amex:AIS) reported financial and operating results for the first quarter ended March 31, 2007. Revenue totaled $2.8 million for the first quarter of 2007, a year-over-year increase of 347% compared to $637,000 for the first quarter of 2006. In March of 2007 the Company received $1,750,000 under a license agreement with BioSante Pharmaceuticals, Inc. This payment was triggered by the December 2006 FDA approval of Elestrin®, the lowest dose estradiol gel for treating vasomotor symptoms. This approval also triggers an additional payment to the Company of $875,000 to be received in Q4 2007. Product revenue increased in the first quarter by 58% to $626,000 compared to $395,000 in the prior year, due primarily to increases in product sales to Antares’ major European customer.
