Antares Pharma reports fourth-quarter revenues up 3%, 2005 revenues down 19%

By Lisa Kerner

Erie, Pa., March 21 - Antares Pharma, Inc. said that total revenues for the fourth quarter ended Dec. 31 increased 3%, to $734,000 from $716,000 for the same quarter in 2004.

For 2005, total revenue decreased 19% to $2.2 million from $2.7 million in 2004.

The company attributed the decrease primarily to a customer working down inventory levels from prior years.

Net loss decreased to $0.05 per share in the fourth quarter of 2005 from a loss of $0.06 per share in the fourth quarter of 2004.

Antares attributed the loss to a smaller net loss of about $652,000 in 2005 and to an increase in the average common shares outstanding of 2.7 million shares.

Net loss for 2005 decreased to $0.21 per share from a net loss of $0.23 per share for 2004.

The company had $2.7 million in cash, cash equivalents and short-term investments on Dec. 31, compared with $9.6 million at Dec. 31, 2004.

"I am delighted with the progress we made in 2005 in advancing our programs toward commercialization," president and chief executive officer Jack E. Stover said in a company news release.

Antares Pharma, based in Exton, Pa., is a specialized pharmaceutical product development company with patented drug delivery systems and injectable device engineering capabilities.

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