Antares Pharma product sales soared 41 percent in the first nine months of 2011 to $5.8 million, helped in part by customers Teva (NASDAQ: TEVA) and Ferring Pharmaceutical.
The Ewing, New Jersey company focuses on needle-free self-injection pharmaceutical products and topical gel-based medicines and partners with larger companies such as Teva and Watson Pharmaceuticals (NYSE: WPI) to market them.
It is currently waiting for FDA approval for its overactive bladder gel, Anturol and for phase 3 efficacy data for LibiGel for the treatment of female sexual dysfunction in menopausal women for which it partnered with BioSante (NASDAQ: BPAX). The overactive bladder market is worth $2.1 billion, according to Seeking Alpha.
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Royalty revenues rose more than 50 percent in the nine month period to $1.9 million over the previous year from royalties received from Teva sales of human growth hormone, or hGH Tev-Tropin(R) and royalties on increased device sales to Ferring.
Paul K. Wotton, Antares Pharma CEO, said the company continued to make substantial headway its VIBEX MTX auto injector device for the large rheumatoid arthritis market. “We have multiple value-creating catalysts in the near term, including potential FDA approval for Anturol for the treatment of over-active bladder and expected Phase 3 efficacy data for LibiGel, our partnered program with BioSante, for the treatment of female sexual dysfunction,” Wotton added.
Antares had products sales of $3.9 million for the three months to the end of September, a 26 percent increase over the same period last year.
