Antares Pharma, Inc. (AMEX: AIS) announced that it has signed a worldwide product development and license agreement with Jazz Pharmaceuticals (NASDAQ: JAZZ). Signing this agreement demonstrates the successful completion of a feasibility agreement which was initiated between Antares and Jazz Pharmaceuticals in December 2005.
The product candidate underlying this agreement is being developed to treat a significant CNS disorder and is based on Antares’ proprietary ATD™ (Advanced Transdermal Delivery) system. Approved products from the same class of compounds represented worldwide sales of over $2 billion in 2006, and are projected to achieve sales of at least $3.1 billion in 2010.
Jazz Pharmaceuticals will pay Antares upfront and product development milestone payments in addition to payments for any future development activities. Antares will also receive royalties on product sales upon commercialization, including minimum royalties. Total milestone and minimum royalty payments could add up to $16.5 million or more over the life of the agreement. Jazz Pharmaceuticals is responsible for development and commercialization of this product candidate and will cover the costs of clinical trials, regulatory filings, and all manufacturing and marketing associated with the product candidate.
Jack E. Stover, President & CEO of Antares Pharma said “Moving forward with Jazz Pharmaceuticals is another significant validation of the quality, versatility and commercial potential of our ATD™ delivery system. We are extremely pleased with our progress in a key therapeutic area of CNS and believe it will help patients in an important and meaningful way.”
Advanced Transdermal Delivery Systems (ATD™)
The ATD drug delivery platform is dedicated to the development of gels that offer a cosmetically superior option to patches, while delivering medication efficiently with less potential for skin irritation, minimizing gastrointestinal impact, as well as, the first-pass liver metabolism effect of many orally ingested drugs. Antares’ ATD gels are hydro-alcoholic and contain a combination of permeation enhancers to promote rapid drug absorption through the skin following application typically to the arms, shoulders, abdomen or thighs. The Company’s transdermal ATD gel system provides the options for delivering both systemically (penetrating into and through the subcutaneous tissues and then into the circulatory system) as well as locally (e.g. topically for skin and soft tissue injury, infection and local inflammation). Typically, the gel is administered daily, and is effective on a sustained release basis over approximately a 24-hour period of time.
About Antares Pharma
Antares Pharma is a specialized pharma product development company committed to improving pharmaceuticals through its patented drug delivery systems. Antares has three validated drug delivery platforms: the ATDTM Advanced Transdermal Delivery system, subcutaneous injection technology platforms including both VibexTM disposable mini-needle injection device and ValeoTM/Vision® reusable needle-free injection devices; and Easy TecTM oral fast-melt technology. Two of the platforms have generated FDA approved products. Antares Pharma leverages its multiple drug delivery platforms to add value to existing drugs and to create new pharmaceutical products and injectable devices. The Company’s products are engineered to improve safety and efficacy profiles by minimizing dosing and reducing side effects while enabling improved patient compliance. Antares Pharma has corporate headquarters in Ewing, New Jersey, with subsidiaries performing research, development, manufacturing and product commercialization activities in Minneapolis, Minnesota and Basel, Switzerland.
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, that involve significant risks and uncertainties, including those discussed in this release and others that can be found in the “Risk Factors” section of Antares’ Annual Report on Form 10-K for the year ended December 31, 2006 and in Antares’ periodic reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Antares is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. No forward-looking statement can be guaranteed and actual events and results may differ materially from those projected. Forward-looking statements, including statements regarding the timing of product sales, market estimates and market potential 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 and general financial, economic, regulatory and political conditions affecting the pharmaceutical industry generally.
Contacts:
Stephanie M. Baldwin, 609-359-3020
Investor
Relations Manager
sbaldwin@antarespharma.com
