Antares Pharma, Inc. (NYSE Amex: AIS) today reported financial and operating results for the second quarter ended June 30, 2009.

Recent Highlights

• Second quarter 2009 revenue increased 20% to $1.7 million from $1.4 million in the same quarter in 2008. For the six months ended June 30, 2009, the Company’s total revenue increased 47% to $3.7 million from $2.5 million in the first six months of 2008.
• Teva Pharmaceutical Industries Ltd. (Teva), along with Antares, announced the approval of a Supplemental New Drug Application (sNDA), which added “needle-free injection” to its Tev-Tropin® [somatropin (rDNA) for injection] brand human growth hormone (hGH) drug label. Teva will market the Antares needle-free device as the Tev-Tropin Tjet Injector system.
• The Company raised gross proceeds of $8,500,000 in a registered direct offering of an aggregate of 10,625,000 units, each unit consisting of (i) one share of common stock and (ii) one warrant to purchase 0.4 shares of common stock at an exercise price of $1.00 per share, for a purchase price of $0.80 per unit.
• Antares received a payment of approximately $4,000,000 from Teva for the commercial development of an auto-injector device, which is the second in a series of products to move forward with Teva for an undisclosed product using Antares’ Vibex™ Autoinjector platform.
• Antares announced, together with the Population Council, initial positive results from a phase 2 clinical trial with a Transdermal Contraceptive ATD™ Gel containing Nesterone.

Paul K. Wotton, Ph.D., President and Chief Executive Officer, stated, “The second quarter was one defined by significant progress and important achievements for Antares from both a corporate and operational level, giving us confidence in our ability to evolve the company from a developmental stage company to a growing commercial enterprise.”

Dr. Wotton also noted that revenue growth in the second quarter was partially driven by initial sales of devices and disposable components in advance of the expected launch of the Tev-Tropin® Tjet by Teva.

“With the pending launch of the Tev-Tropin Tjet needle-free system, the recent receipt of a $4 million payment for our second product with Teva using our Vibex™ Autoinjector platform along with our strengthened balance sheet, we have created a robust platform for growth and we look forward to an exciting second half of 2009 for Antares,” concluded Wotton.

For the quarter ended June 30, 2009, the Company’s reported total revenue increased to $1.7 million from $1.4 million in the second quarter of 2008. For the six months ended June 30, 2009, the Company’s total revenue increased to $3.7 million from $2.5 million in the first six months of 2008. Product revenue increased in the second quarter to $1.2 million compared to $945,000 in the prior year and increased to $2.0 million in the first six months of 2009 from $1.7 million in the prior year.

Total operating expenses were approximately $3.1 million and $4.0 million for the three months ended June 30, 2009 and 2008, respectively, and were approximately $7.0 million and $8.1 million for the first six months of 2009 and 2008, respectively. The decreases were primarily due to efforts to reduce general overhead expenses.

For the quarter ended June 30, 2009, the Company reported a net loss of $2.3 million, or $0.03 per share, compared to a net loss of $3.3 million, or $0.05 per share for the same period in 2008. For the six months ended June 30, 2009 the Company reported a net loss of $5.0 million, or $0.07 per share, compared to a net loss of $6.8 million, or $0.10 per share for the same period in 2008. At June 30, 2009 Antares held approximately $7.0 million in cash and cash equivalents before taking into effect the $8,500,000 of gross proceeds of the registered direct offering completed in July 2009.

Conference Call, Call Replay and Webcast

Dr. Paul K. Wotton, President and Chief Executive Officer, and Robert F. Apple, Executive Vice President and Chief Financial Officer, will provide a company update and review second quarter 2009 results via webcast and conference call on Thursday, August 13, 2009, at 8:30 AM Eastern Daylight Time (EDT). A webcast of the call will be available from the investors/media section of the Company's web site at www.antarespharma.com. Alternatively, callers may participate in the conference call by dialing 1-877-941-1467 (US), or 1-480-629-9677 (International). Participants should reference the Antares Pharma conference call. Webcast and telephone replays of the conference call will be available approximately two hours after the completion of the call through 12 PM (EDT) on August 27, 2009. To access the replay, callers should dial 1-800-406-7325 (US) or 1-303-590-3030 (International) and enter passcode 4134644.

About Antares Pharma

Antares Pharma is a product development company committed to improving pharmaceuticals through its patented drug delivery systems.Antares has multiple development partnerships with leading pharmaceutical companies. The Company’s products are designed to improve safety and efficacy profiles by minimizing dosing and reducing side effects while enabling improved patient compliance. Antares has three validated drug delivery systems: the ATDTM Advanced Transdermal Gel Delivery system, injection technology platforms including both VibexTM disposable pressure assisted auto injectors and Vision® reusable needle-free injectors; and Easy TecTM oral disintegrating tablets (ODT). Two of the systems have generated FDA approved products. Antares Pharma leverages its multiple drug delivery systems to add value to existing drugs and to create new products. 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. Such forward-looking statements include statements related to the Company’s future financial performance, and other statements which are other than statements of historical facts. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "intends," "plans," anticipates," "believes," "estimates," "predicts," "projects," "potential," "continue," and other similar terminology or the negative of these terms, but their absence does not mean that a particular statement is not forward-looking. 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 statements that the Company created a robust platform for growth, difficulties or delays in the initiation, progress, or completion of its clinical trials, including the phase 3 trial of Anturol, whether caused by competition, adverse events, investigative site initiation rates, patient enrollment rates, regulatory issues, or other factors; that clinical trials may not demonstrate that Anturol is both safe and effective for the treatment of patients with overactive bladder syndrome; that the safety and/or efficacy results of the phase 3 trial of Anturol may not support an application for marketing approval in the United States or any other country; that an application for marketing approval may not be accepted for review or at all by the FDA or any other regulatory authority; and that the Company may lack the financial resources and access to capital to fund clinical trials. 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, 2008, 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.