Antares Pharma Receives Second Milestone Payment from LEO Pharma in OTREXUP Collaboration
March 12 2014 - 7:00AM
Business Wire
Antares Pharma, Inc. (NASDAQ: ATRS) today announced the receipt
of a second milestone payment of $5 million from LEO Pharma. The
milestone payment was received in connection with the launch of
OTREXUP and the achievement of a specific percentage of patient
lives covered by managed care organizations. To date, Antares has
received $10 million in milestone payments from LEO Pharma.
“We are excited that our partnership with LEO Pharma continues
to evolve quickly,” said Paul Wotton, Ph.D., President and Chief
Executive Officer of Antares Pharma. “In just four short months
since the approval of OTREXUP, our collaboration has achieved a
second significant milestone while still very early in the
rheumatoid arthritis launch phase. We look forward to a successful
launch of OTREXUP for the psoriasis indication, and the expertise
LEO’s dedicated U.S. sales force of 75 representatives will bring
to the overall commercialization plan.”
On November 14, 2013, the Company announced an exclusive license
and promotion agreement with LEO Pharma for detailing OTREXUP
(methotrexate) to dermatologists for symptomatic control of severe
recalcitrant psoriasis in adults. Under the terms of the agreement,
Antares may receive up to a total of $20 million in milestone
payments. LEO Pharma will be responsible for all promotion and
marketing costs in dermatology. Antares Pharma will record all
product revenue associated with future dermatology prescriptions
and pay LEO Pharma a percentage of OTREXUP net sales generated in
dermatology.
About Psoriasis
Psoriasis is a chronic autoimmune skin disease that most
commonly appears as raised, red patches with a white build-up of
dead skin cells. Psoriasis can affect the skin on any part of the
body and occurs when the immune system sends out faulty signals
that speed the growth cycle of skin cells. Psoriasis is generally
considered to be severe if it covers more than 5%-10% of body
surface, recalcitrant when it does not adequately respond to
treatment and disabling when it interferes with basic functions
such as self-care, walking, sleep, etc.
About LEO Pharma
LEO Pharma helps people achieve healthy skin. By offering care
solutions to patients in more than 100 countries globally, LEO
Pharma supports people in managing their skin conditions. Founded
in 1908 and owned by the LEO Foundation, the healthcare company has
devoted decades of research and development to delivering products
and solutions to people with skin conditions. LEO Pharma is
headquartered in Denmark and employs 4,800 people worldwide. For
more information, visit www.leo-pharma.com.
About Antares Pharma
Antares Pharma focuses on self-administered parenteral
pharmaceutical products. The Company has received marketing
approval from the U.S. Food and Drug Administration for OTREXUP
(methotrexate) injection for the treatment of adults with severe
active rheumatoid arthritis, children with active polyarticular
juvenile idiopathic arthritis and adults with severe recalcitrant
psoriasis. Antares Pharma is also developing VIBEX QS T for
testosterone replacement therapy. The Company's technology
platforms include VIBEX disposable Medi-Jet, disposable multi-use
pen injectors and reusable needle-free injectors marketed as Tjet
and Zomajet by Teva Pharmaceutical Industries, Ltd (Teva) and
Ferring Pharmaceuticals (Ferring), respectively. Antares Pharma has
a multi-product deal with Teva that includes Tev-Tropin [somatropin
(rDNA origin) for injection] human growth hormone (hGH), VIBEX
epinephrine and several other products. Antares Pharma’s
partnership with Ferring includes Zomacton hGH (somatropin)
injection. In the U.S. Antares has received FDA approval for
Gelnique 3% (oxybutynin) gel, a treatment for overactive bladder
that is marketed by Actavis. Elestrin (estradiol gel) is FDA
approved for the treatment of moderate-to-severe vasomotor symptoms
associated with menopause, and is marketed in the U.S. by Meda
Pharma. Antares Pharma has two facilities in the U.S. The
Parenteral Products Group located in Minneapolis, Minnesota directs
the manufacturing and marketing of the Company’s reusable
needle-free injection devices and related disposables, and develops
its disposable pressure-assisted Medi-Jet and pen injector systems.
The Company’s corporate office and Product Development and
Commercial Groups are located in Ewing, New Jersey.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements are indicated by
the words “may,” “will,” “plans,” “intends,” “believes,” “expects,”
“anticipates,” “potential,” “could,” “would,” “should,” and similar
expressions. Such forward-looking statements are not guarantees of
future performance and are subject to risks and uncertainties that
may cause actual results to differ materially from those
anticipated by the forward-looking statements. These risks and
uncertainties include, among others, changes in revenue growth,
market acceptance by physicians and patients of new products,
delays in product development and changes or delays in the
regulatory process for existing or new product candidates.
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 for the year
ended December 31, 2012, 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.
Antares Pharma, Inc.Jack HowarthVice President, Corporate
Affairs+1 609-359-3016jhowarth@antarespharma.com
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