Antares second-quarter revenue rises, commercial progress continues

By Lisa Kerner

Charlotte, N.C., Aug. 14 - Antares Pharma, Inc. reported total revenue for the second quarter ended June 30 of $859,000, up from $492,000 for the prior-year period.

Net loss for the quarter rose to $2.5 million, or $0.05 per share, from a net loss of $2.3 million, or $0.06 per share, for the comparable period in 2005.

Total operating expenses of $3.0 million for the quarter were up slightly from the $2.6 million reported for the three months ended June 30, 2005.

For the six-month period, the company's total revenue rose to $1.5 million from $1.0 million for the six months ended June 30, 2005.

Antares said its net loss for the six months ended June 30 was up at $4.8 million, or $0.10 per share, from a net loss of $4.6 million, or $0.11 per share, for the prior-year period.

The company's total operating expenses for the six-month period were up at $5.6 million from $5.1 million in the prior-year period.

At June 30, Antares had $9.4 million in cash, cash equivalents and short-term investments, compared with $2.7 million at Dec. 31, 2005.

During the quarter, Antares said it made good commercial progress, securing additional licensing partnerships with companies including Teva Pharmaceutical and making clinical progress with products in its proprietary ATD gel platform.

In addition, Antares and Eli Lilly filed a joint patent application for a needle-free injection device.

Antares is a specialized pharmaceutical company focused on drug delivery systems and injectable device engineering based in Ewing, N.J.

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