EXTON, Pa., Jan. 10 /PRNewswire-FirstCall/ -- On November 23, 2005, Antares Pharma, Inc. issued 400,000 shares of its common stock in connection with a Stock Purchase Agreement relating to a product licensing, supply and development agreement and inadvertently failed to submit an Additional Listing Application and receive Amex approval of such application prior to such stock issuance. Accordingly, on January 5, 2006, the Company received notice from The American Stock Exchange ("Amex") that it was not in compliance with Section 301 of the Amex Company Guide. On December 7, 2005, the Company submitted an Additional Listing Application, with respect to the newly issued shares, to Amex and upon approval the Company will regain compliance with all applicable Amex listing standards.
"Antares has only been listed with The American Stock Exchange since September 23, 2004 and has not had a previous transaction subject to Section 301; accordingly, Antares has reviewed and updated its procedures in relation to Amex filings as appropriate," states Lawrence Christian, Vice President- Finance and CFO.
About Antares Pharma
Antares Pharma is a specialized pharma product development company with patented drug delivery systems and injectable device engineering capabilities. Antares' current technology platforms include its ATD(TM) Advanced Transdermal Delivery system, 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(R) 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 will address unmet medical needs by reducing side effect profiles, improving safety, increasing effectiveness, and improving patient compliance and convenience.
Antares has active partnering programs with several pharmaceutical and distribution companies for a number of indications and applications, including diabetes, growth disorders, obesity, female sexual dysfunction and other hormone therapy. Its needle-free injector system is distributed in more than 30 countries for the administration of insulin and is marketed for use with human growth hormone through licensees in most major regions of the world. Licensees also market an ibuprofen gel in several major European countries. In addition, Antares Pharma is undertaking development or is conducting research on several product opportunities that it expects will form the basis of its specialized pharma program.
Antares Pharma has corporate headquarters in Exton, Pennsylvania, with subsidiaries performing research, development, manufacturing and product commercialization activities in Minneapolis, Minnesota and Basel, Switzerland.
Statements included in this press release that are not historical in nature are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially and which are identified from time to time in the Company's reports filed with the U.S. Securities and Exchange Commission. Antares Pharma claims the protection of the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
For more information, please contact: Steve Chizzik / Ira Weingarten, Equity Communications: 973.912.0980 Jack E. Stover, President and CEO: 610.458.6200 Lawrence M. Christian, CFO and Vice President, Finance: 610.458.6200
Additional information is available online at http://www.antarespharma.com and http://www.mediject.com. Information included on the Company's websites is not incorporated herein by reference or otherwise.
Antares Pharma, Inc.CONTACT: Steve Chizzik or Ira Weingarten, Equity Communications,+1-973-912-0980, for Antares Pharma; or Jack E. Stover, President and CEO,+1-610-458-6200, or Lawrence M. Christian, CFO and Vice President, Finance,+1-610-458-6200, both of Antares Pharma
