Antares Pharma Announces Receipt of Final Payment From Sale of Zomajet™ Needle-Free Delivery System
October 31 2019 - 7:00AM
Antares Pharma, Inc. (NASDAQ: ATRS) (“Antares” or “Company”) today
announced that it has received the final payment of $2.5 million
from Ferring Pharmaceuticals (“Ferring”) in connection with the
previously disclosed sale of Antares’ worldwide rights, including
certain fixed assets, for the ZOMAJET™ needle-free auto injector
device to Ferring. Antares had been the worldwide supplier of
ZOMAJET™ devices to Ferring and JCR Pharmaceutical Company Ltd.
“This strategic divestiture has allowed us to
continue to focus on developing combination products using our auto
injector and pen platforms for ourselves and our partners,” stated
Robert F. Apple, President and Chief Executive Officer of the
Company. “The sale of this legacy product also brought in $15
million in cash over the past two years which was used in
connection with growing our commercial business.”
With the final payment received, the Company
will no longer manufacture and supply the devices. The gain on the
sale of the needle free product line was previously recorded in the
fourth quarter of 2018.
About Antares Pharma
Antares Pharma, Inc. is a combination drug
device company focused primarily on the development and
commercialization of self-administered parenteral pharmaceutical
products using advanced drug delivery auto injector technology. The
Company has a portfolio of proprietary and partnered commercial
products with several product candidates in various stages of
development, as well as significant strategic alliances with
industry leading pharmaceutical companies including Teva
Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals, Inc.
and Pfizer Inc. (Pfizer). Antares Pharma’s proprietary products
include XYOSTED® (testosterone enanthate) injection, OTREXUP®
(methotrexate) injection for subcutaneous use and Sumatriptan
Injection USP, which is distributed by Teva.
SAFE HARBOR STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to certain risks and
uncertainties that can cause actual results to differ materially
from those described. Factors that may cause such differences
include, but are not limited to: market acceptance, adequate
reimbursement coverage and commercial success of XYOSTED™ and
future revenue from the same; market acceptance of Teva’s generic
epinephrine auto-injector product and future revenue from the
same;; future market acceptance and revenue from Makena®
subcutaneous auto injector; Teva’s ability to successfully
commercialize VIBEX® Sumatriptan Injection USP and the amount of
revenue from the same; continued growth of prescriptions and sales
of OTREXUP®; the timing and results of the Company’s or its
partners’ research projects or clinical trials of product
candidates in development including projects with Teva and Pfizer
and our proprietary programs for ATRS-1701 and our
development program for the use of subcutaneous methotrexate for
the treatment of ectopic pregnancy; actions by the FDA or other
regulatory agencies with respect to the Company’s products or
product candidates of its partners; continued growth in product,
development, licensing and royalty revenue; achievement of the 2019
revised revenue guidance; the Company’s ability to meet loan
extension and interest only payment milestones and the ability to
repay the debt obligation to Hercules Capital; successful
completion of the transaction with Ferring International Center,
S.A.; the Company’s ability to obtain financial and other resources
for its research, development, clinical, and commercial activities
and other statements regarding matters that are not historical
facts, and involve predictions. These statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance, achievements or prospects to be
materially different from any future results, performance,
achievements or prospects expressed in or implied by such
forward-looking statements. In some cases you can identify
forward-looking statements by terminology such as ''may'',
''will'', ''should'', ''would'', ''expect'', ''intend'', ''plan'',
''anticipate'', ''believe'', ''estimate'', ''predict'',
''potential'', ''seem'', ''seek'', ''future'', ''continue'', or
''appear'' or the negative of these terms or similar expressions,
although not all forward-looking statements contain these
identifying words. 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, 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.
Contact:
Jack HowarthVice President, Corporate Affairs of
Antares609-359-3016jhowarth@antarespharma.com
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