Antares Pharma, Inc. (Amex:AIS) today reported financial and operating results for the fourth quarter and year ended December 31, 2006.

• FDA Approves Elestrin®, Triggering Milestone Payment from Partner of $875,000 Received in the Fourth Quarter and an Additional $2.6 Million in 2007
• Total Revenue Increases 175% and 92% in the Quarter and YTD Periods Over 2005
• Product Revenue Increases 45% Year Over Year

Total revenue was $2.0 million for the fourth quarter of 2006, a year-over-year increase of 175% compared to $734,000 for the fourth quarter of 2005. Total revenue for 2006 was $4.3 million, a year-over-year increase of 92% compared to $2.2 million for 2005. Product revenue increased in the fourth quarter by 99% to $720,000 compared to $361,000 in the prior year, and increased in the full year by 45% to $2.2 million compared to $1.5 million in 2005. The product revenue increases were due primarily to increases in product sales to Antares’ major European customer. In the fourth quarter of 2006 the Company received $875,000 under a license agreement with BioSante Pharmaceuticals, Inc. In December 2006 the FDA approved Elestrin®, the lowest dose estradiol gel for treating hot flashes in menopausal women, for marketing in the U.S. This approval triggers additional payments from Bradley Pharmaceuticals of $2.6 million in 2007, of which $1.75 million was received in March 2007.

Gross margins also increased in the quarter and full year to 76% and 64%, respectively, compared to 64% and 49%, respectively, in the prior year periods. The increases were mainly due to increases in license fee revenue in each period, although product gross margins also increased in each period. Total operating expenses were approximately $2.9 million and $2.4 million for the three months ended December 31, 2006 and 2005, respectively, and were approximately $11.0 million and $9.7 million for the year ended December 31, 2006, and 2005, respectively. The increases were due primarily to an increase of approximately $1.0 million for the non-cash recognition of stock option expense as a result of adopting SFAS No. 123R on January 1, 2006. Net loss was approximately $1.4 million and $1.9 million for the quarters ended December 31, 2006 and 2005, respectively, and was approximately $8.1 million and $8.5 million for the years ended December 31, 2006 and 2005, respectively.

Net loss per common share decreased to $0.03 for the fourth quarter of 2006 from $0.05 in 2005 and decreased for the year to $0.16 in 2006 from $0.21 in 2005, primarily due to an increase in weighted average common shares outstanding resulting from the private placement of common stock in the first quarter of 2006.

At December 31, 2006, Antares had approximately $7.7 million in cash, cash equivalents and short-term investments, compared to approximately $2.7 million at December 31, 2005. Subsequent to year end the Company secured an additional $10 million credit facility and drew down $5 million with an additional tranche of $5 million to be available by the end of 2007 subject to certain conditions.

Net cash used in operating activities in the fourth quarter of 2006 decreased to $0.5 million from $1.0 million in the fourth quarter of 2005, and for the year decreased to $6.1 million from $7.2 million in 2005.

Commenting on the fourth quarter, Jack E. Stover, President and Chief Executive Officer of Antares Pharma said, “We are pleased with our revenue growth in the fourth quarter, as well as the year, resulting from both solid product revenue growth and licensing revenue related to Elestrin. The approval of Elestrin was an important event not only from a revenue and cash flow standpoint, but also in validating our ATD gel system with the FDA for potential products in the future. We are pleased to have effectively managed our spending while we continued to make considerable progress with the development of products in all of our platforms. We are now looking forward to beginning our pivotal trials for the next product in our ATD gel system, Anturol™, for the treatment of overactive bladder.”

About Antares Pharma

Antares Pharma is a specialized pharma product development company focused on developing patented drug delivery systems and injectable device engineering capabilities. Antares’ current technology platforms include its ATD™ Advanced Transdermal Delivery system, and its related TecTix™ system for topical and transmucosal delivery, its Easy Tec™ oral fast-melt technology, and subcutaneous injection technology platforms including both Vibex™ disposable mini-needle injection device and Valeo™/Vision® 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, if approved, will address unmet medical needs by reducing side effect profiles, improving safety, increasing effectiveness, and improving patient compliance and convenience. Antares Pharma has corporate headquarters in Princeton Crossroads Corporate Center in Ewing, NJ, with subsidiaries performing research, development, manufacturing and product commercialization activities in Minneapolis, Minnesota and Basel, Switzerland.

Safe Harbor Statement

In addition to historical facts or statements or current conditions, this press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of The Private Securities Litigation Reform Act of 1995, including statements regarding the timing of product sales, market estimates, market potential and growth prospects, technology platforms and working capital needs. Forward looking statements provide Antares’ current expectation or forecasts of future events. Antares’ results could differ materially from those reflected in these forward looking statements due to decisions of regulatory authorities, Antares’ ability to execute on its development plans, capital needs and general financial, economic, regulatory and political conditions affecting the pharmaceutical industry generally. For a discussion of these and other risks and uncertainties that may effect the forward looking statements, please see the risk factors in Antares’ 10Q’s, 10K’s and other filings made with the Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward looking statements may prove to be incorrect. Antares undertakes no obligation to update publicly any forward looking statement.