EWING, N.J., May 02, 2019 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ: ATRS) today reported operating and financial results for the first quarter ended March 31, 2019. The Company reported revenue of $23.3 million and a net loss per share of $0.03 for the quarter ended March 31, 2019.

“The record revenue we reported today marks the start of what we believe will be an extraordinary year for Antares. We believe the significant growth in revenue validates our strategy to focus on the development of both propriety and partnered products.” said Robert F. Apple, President and Chief Executive Officer of the Company. “This strategy provided six commercial products currently on the market, all contributing to our top-line growth. Our four partnered products with Teva, AMAG and Ferring leverages their commercial experience and infrastructure which allows us to solely focus on the success of XYOSTED and OTREXUP. The XYOSTED launch is off to a strong start with month over month prescription growth since launch. Over time, we believe that revenue from XYOSTED will increase and become a significant contributor to our expanding and diversified commercial business.”

First Quarter 2019 and Recent Highlights

• Reported first quarter 2019 revenue of $23.3 million, an increase of 83% compared to the same period last year. Generated first quarter product revenue of $18.3 million, an increase of 67% compared to the same period last year. First quarter royalty revenue was $4.1 million as compared to $0.5 million reported in the same period last year, a 768% increase. Cash and cash equivalents were $23.2 million at March 31, 2019.
• Announced receipt of orphan drug designation to evaluate the use of subcutaneous methotrexate for the treatment of ectopic pregnancy. The Company plans to design a development program utilizing a proprietary auto injector device with doses of methotrexate not commercially approved or available in an auto injector.
• Appointed Dr. Karen Smith to the Antares Board of Directors, filling the seat vacated by the retirement of Dr. Jacques Gonella. Dr. Smith has over 20 years of biopharmaceutical industry experience in the United States, Europe, Canada and Asia, and currently serves as Chief Executive Officer for Eliminate Cancer (ECI), a cutting-edge oncology R&D and venture organization.

First Quarter 2019 Financial Results

Total revenue represents revenue generated from product sales, development activities and royalties. Total revenue was $23.3 million for the three months ended March 31, 2019, compared to $12.7 million for the comparable period in 2018, an 83% increase.

Product sales represent sales of our proprietary products and devices or device components to our partners. Product sales were $18.3 million for the three months ended March 31, 2019, compared to $10.9 million for the comparable period in 2018. The 67% increase in product revenue was primarily driven by sales of auto injector devices for use with Teva’s generic epinephrine product, needle-free devices to Ferring, multi-dose pens for use in Teva’s generic teriparatide product, XYOSTED^™ and Sumatriptan Injection USP, offset by a decrease in pre-launch inventory stocking of Makena^® auto injectors to AMAG.

Licensing and development revenue includes license fees received from partners for the right to use our intellectual property and amounts earned in joint development arrangements with partners under which we perform development activities or develop new products on their behalf. Licensing and development revenue was $0.9 million for the three months ended March 31, 2019, compared to $1.3 million for the comparable period in 2018. The decrease in development revenue was primarily a result of a reduction in development activities with AMAG for the Makena^® auto injector product, which was approved by the FDA in February 2018 and is now a marketed product. First quarter 2019 development revenue was primarily related to the Teva teriparatide development program as well as the development program with Pfizer.

Royalties are recognized based on in-market sales of products sold by our partners. Royalty revenue was $4.1 million for the three months ended March 31, 2019 compared to $0.5 million for the same period in 2018, a 768% increase. The significant increase in royalties for the first quarter of 2019 was attributable to increased royalties from AMAG’s Makena^® auto injector product and Teva’s generic epinephrine product, which was launched in limited commercial quantities in the fourth quarter of 2018.

Operating expenses were $17.3 million for the first quarter of 2019 compared to $11.1 million in the comparable period of 2018. The increase in operating expenses in the first quarter of 2019 was primarily due to additional sales and marketing expenses associated with the launch of XYOSTED^®.

Net loss was $5.5 million for the first quarter of 2019, compared to $6.2 million in the comparable period in 2018. Net loss per share was $0.03 for the quarter ended March 31, 2019 and $0.04 for the quarter ended March 31, 2018.

At March 31, 2019, cash and cash equivalents were $23.2 million compared to $27.9 million at December 31, 2018. During the first quarter of 2019, we generated $8.1 million in gross proceeds from the sale of common stock at an average price of $3.51 per share through the previously established at-the-market equity offering program, or ATM.

2019 Financial Guidance

The Company reaffirms total revenue guidance of $95.0 million to $105.0 million for 2019.

About Antares Pharma

Antares Pharma, Inc. is a combination drug device company focused on the development and commercialization of self-administered parenteral pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in advanced stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals, Inc. and Pfizer Inc. (Pfizer). Antares Pharma’s proprietary products include XYOSTED^™ (testosterone enanthate) injection, OTREXUP^® (methotrexate) injection for subcutaneous use and Sumatriptan Injection USP, which is distributed by Teva.