For the quarter ended March 31, 2009, the company reported product revenue increased in the first quarter to $824,000 compared to $738,000 in the prior year due primarily to increases in device and disposable revenues from Ferring Pharmaceuticals. Other revenue increased to $1.2 million from $376,000, due primarily to development work related to the company’s transdermal gel and auto injector technologies.
Total operating expenses were about $3.8 million and $4.1 million for the three months ended March 31, 2009 and 2008, respectively. The decrease was primarily due to efforts to reduce general overhead expenses. Overhead expense reductions were partially offset by increases in research and development expenses, which increased to about $2.2 million in 2009 from $2.0 million in 2008, primarily due to the Phase III study of Anturol™ for the treatment of overactive bladder.
Net cash used in operations was about $2.3 million in the first three months of both 2009 and 2008. At March 31, 2009, Antares held about $10.2 million in cash and cash equivalents, compared to about $13.1 million at December 31, 2008.
Paul K. Wotton, president and chief executive officer, stated, “The first quarter’s revenue exceeded our expectations due to an increase in pharmaceutical and device development revenue projects and in spite of the delayed timing of the TevTropin® hGH needle–free SNDA approval. Together with Teva, we are awaiting FDA approval of our novel VISION® needle–free and reusable device, with TevTropin, which will potentially offer a significantly more convenient and patient-friendly delivery method for patients, namely children. Anturol, our topical gel for the treatment of an overactive bladder, is currently in Phase III trials and we are actively seeking a marketing partner for this promising opportunity. Through our partnership with BioSante, Elestrin™ (estradiol gel) was re-launched in the United States by Azur Pharma in April.
“As our products are patient focused, they typically improve safety and efficacy, reduce side effects and enable more efficient dosing. This was recently validated when our partner, Ferring Pharmaceuticals, was recognized by Frost & Sullivan with an award for its initiatives in providing needle-free injection for hGH, based on our unique VISION drug delivery system. Our advanced drug delivery systems are also well-positioned for “lifecycle extension” options, thereby offering a distinct value to patients, physicians and our shareholders. We believe that we will be able to secure additional revenue and partnering agreements based on the potential of these underlying technology platforms,” concluded Wotton.
Antares is a product development and pipeline company with drug delivery platforms, including Advanced Transdermal Delivery (ATD) gels, disposable pressure assisted auto injection systems (Vibex), reusable needle-free injection systems (VISION), disposable pen injection systems and oral disintegrating (Easy Tec) tablets.
