2. Our mission is to develop and commercialize self-
administered parenteral medicines that optimize
clinical benefits with enhanced cost effective
health outcomes
2
3. This presentation may contain forward-looking statements which are made pursuant to the
safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that statements which are
not strictly historical statements, including, without limitation, statements regarding the
plans, objectives and future financial performance of Antares Pharma, constitute forward-
looking statements which involve risks and uncertainties. The Company’s actual results
may differ materially from those anticipated in these forward-looking statements based
upon a number of factors, including anticipated operating losses, uncertainties associated
with research, development, testing and related regulatory approvals, unproven markets,
future capital needs and uncertainty of additional financing, competition, uncertainties
associated with intellectual property, complex manufacturing, high quality requirements,
dependence on third-party manufacturers, suppliers and collaborators, lack of sales and
marketing experience, loss of key personnel, uncertainties associated with market
acceptance and adequacy of reimbursement, technological change, and government
regulation. For a more detailed description of the risk factors associated with the Company,
please refer to the Company’s periodic reports filed with the U.S. Securities and Exchange
Commission from time to time, including its Annual Report on Form 10-K for the year
ended December 31, 2012. Undue reliance should not be placed on any forward-looking
statements, which speak only as of the date of this presentation. The Company undertakes
no obligation to update any forward-looking information contained in this presentation.
Safe Harbor Statement
3
4. Antares Background
4
Antares is a growing Specialty Pharmaceutical Company with a late stage
505(b)(2) pipeline of drug/device combination products
Significant clinical and regulatory expertise in proprietary drug/device
combination products coupled with a comprehensive IP portfolio gives us a
sustainable competitive advantage
Comprehensive IP portfolio covering injection technology platform
including auto injector, pen injector and needle-free injector systems – 43
patents filed and 9 granted in the past 18 months
Internal wholly owned 505(b)(2) development programs include:
OTREXUP™ – NDA submitted and accepted 02/26/13 – PDUFA 10/14/13
VIBEX QS T – entering the clinic in Q3 2013
New pipeline program – VIBEX QS M
Strong Partnership Experience with Leading Organizations Including:
Pfizer, Actavis, Daewoong, Ferring and Meda Pharma providing pipeline
diversity and income stream
Teva Partnership Covers 5 Products with nearly $3 billion in U.S. Sales
5. ATRS Technology Platform Built for Success
Create Enhanced Products with Significant Sales Potential
Engineer Established Drugs for Clinical Advantage
Unique Technical Platform with IP Protection
Needle-free
Multi-dose
Pens
Medi-Jet
505(b)(2) Pipeline
5
6. Antares Pharma – 505(b)(2) Business Model
Novel route of
administration
Enhanced
Therapeutic
Value
Novel Device
Platform
Identify
unmet
patient
need
Combine
technology
with
known
molecules
Specialty
Target
Segment with
Differentiated
Products
6
7. Antares Therapeutic Product (ATP™) Strategy
Lower risk
Compressed development time – 2-3 years
Optimized clinical spend
Targeted commercial footprint
7
8. Powerful Engine and Disciplined Process for
Creating Novel Products
~200
Compounds
Screened
>60
Feasible
Candidates
OTREXUP™
~30
Interesting
Evaluation Criteria
• Clinical and Patient Benefits
• Health Economic Benefits
• Development Feasibility
• Commercial Attractiveness
(e.g., concentrated market)
Preliminary
Assessment
• Does candidate meet key
evaluation criteria?
Market and
Technical Input
• Assess market acceptance of
product concept
• Determine specific
requirements for development
and approval
Development Program
• Formalize the development &
commercialization plan
QS T
QS M
Additional
Drug Products
8
9. Diverse and Advanced Product Pipeline
PRODUCT PRECLINICAL CLINICAL FILED MARKETEDPARTNER APPROVED
TEVA – US
Ferring – EU
JCR – Japan
TevTropin®/
Zomajet®
Meda (US) Elestrin®
Actavis (US)
Daewoong (SK)
Gelnique 3%™
TEVA Vibex™ EPI ANDA
TEVA
Vibex™
Sumatriptan
ANDA
TEVA Pen 1 ANDA
ANTARES
(RA/Psoriasis)
OTREXUP™ NDA
TEVA Pen 2 NDA
Population
Council
NestraGel™ NDA
Pfizer
Undisclosed
OTC Product NDA
ANTARES
(TRT)
Vibex™ QS T NDA
TevTropin®
10mg
TEVA – US SNDA
ANTARES
(Neurology)
Vibex™ QS M NDA
Marketed Products
Pipeline Products
ATRS LONG TERM
GOAL: LAUNCH AT
LEAST ONE PRODUCT
PER YEAR
9
11. A Compelling Opportunity
First and only SC MTX product for self-
administration
Single use, once weekly disposable device
Dosages: 10, 15, 20 and 25mg
Convenience – easy to use even for RA patients with moderate to
severe hand impairment
Virtually painless administration (dose volume always 400
microliters)
Safety – avoid dosing errors and inadvertent exposure to cytotoxic
agent through accidental needle sticks
OTREXUP™ addresses a large and growing RA and Psoriasis market
22% of patients discontinue oral treatment due to GI side effects
alone*
11
OTREXUP™ Overview
*Decision Resources Group
12. 12
Rheumatoid Arthritis – Market Overview
RA is an autoimmune disorder and a life-altering disease that progressively
causes destruction of the joints affecting the daily activities of patients
In 2014, there will be ~2.4 million cases of RA in the US, of which ~60% will be
drug treated*
Approximately 1.4 million of these patients will suffer from moderate to severe
RA*
RA is expected to grow at a steady rate of 1.7% annually, with population growth
and aging*
MTX is the foundation of RA treatment – used
alone or in combination with biologic agents
(e.g., Humira, Enbrel)
Often biologics are added to MTX treatment, a
practice which has been validated by the guidelines
Extensive European head to head literature citing
role of MTX as first line DMARD in treatment of RA
*Decision Resources Group Consulting
Rheumatoid
Arthritis
(Late stage)
14. Rheumatoid Arthritis: The Unmet Need
The Greatest Unmet Needs in Rheumatoid Arthritis Are :
Therapy with Better Efficacy
More Reasonably Priced Alternatives to Biologics
Subcutaneous Device for Methotrexate to provide Precise Dosing
Rheumatologists would consider using OTREXUP™ in patients needing ≥15
mg/week of oral MTX, likely because they recognize the benefit of using
subcutaneous MTX at higher doses
“It is a safe device with easy administration. You don’t have to handle the
needle, and getting the medication is easy too.” – US Rheumatologist
speaking about OTREXUP™
Decision Resources Group Consulting
14
15. Psoriasis
Psoriasis is a common chronic skin disorder affecting men and women
equally beginning at any age between 20 and 30, or 50 and 60
Both topical and systemic therapies are available for the treatment of
psoriasis
Mild-to-moderate skin disease can often be managed with topical
agents while patients with severe disease potentially need systemic
therapy with methotrexate
Methotrexate has been used successfully in the treatment of psoriasis
for over 30 years and is usually administered in an intermittent regimen
such as once weekly – similar regimens are currently in use in patients
with RA – It is also highlighted as a therapeutic option after topical
therapies and light therapy (where applicable)
According to the National Psoriasis Foundation, as many as 7.5 million
Americans have psoriasis , and injectable MTX is recommended as part
of treatment guidelines
15
16. Polyarticular Juvenile Arthritis
Polyarticular Juvenile Arthritis refers to a form of juvenile arthritis that causes
joint inflammation and stiffness for more than six weeks in children under 16
About 30% of all children with juvenile arthritis have polyarticular disease and
girls are two times more likely to have the disease than boys
Children with polyarticular juvenile arthritis are unlikely to outgrow the
disease, therefore initial drug therapy should be aggressive in order to control
the inflammatory process and relieve symptoms as quickly as possible
It is rare for NSAIDS alone to control the inflammatory process of polyarticular
disease - methotrexate has been recognized as the standard therapy for
children with this form of juvenile arthritis
Alsufyani, et.al. – Journal of Rheumatology 2004 Jan;31(1):179-82 The role of
subcutaneous administration of methotrexate in children with juvenile
idiopathic arthritis who have failed oral methotrexate*
“Our results suggest that for patients failing oral MTX either because of
inefficacy or toxicity, the use of SC MTX has a high likelihood of success
with more than 70% of patients achieving clinically significant
improvement, without clinically significant toxicity.”
16*Division of Rheumatology, Department of Pediatrics, University of British Columbia, Vancouver, BC, Canada
17. MTX – Teaching an Established Drug New Tricks
MTX Use Associated with a 70% Reduction in Mortality in RA Patients
Wasko, et.al. – Arthritis & Rheumatism Vol. 65, No. 2, February 2013 – pp 334-
342
A study was conducted of 5,626 RA patients prospectively for 25 years to
determine the risk of death associated with Methotrexate use
“In summary, we report the protective relationship between use of
MTX and mortality in a large cohort of RA patients followed up
prospectively for 25 years. These findings have implications for the
use of MTX in the treatment of RA. Our results support the ongoing
use of MTX as a cornerstone of RA treatment, with a survival
benefit independent of its effects on pain and functional
limitations. For patients in whom MTX monotherapy does not
achieve complete control, add-on therapy may be more appropriate
than switching to other medications, as MTX may still carry a
survival benefit.”
17
18. OTREXUP™ Commercial Team – Broad Healthcare
and Rheumatology Experience
>100 Years of Combined Commercial Experience
Senior Vice President, Sales and Marketing
LeRoux Jooste – Cephalon, Wyeth, Lilly – Launched Enbrel
26 years
Executive Director, Managed Markets (Wyeth) 40 years
Director of Marketing (UCB, BMS) 20 years
Director of Sales (Wyeth) 31 years
18
20. Explosive Annual Growth in Testosterone Prescriptions
0
1
2
3
4
5
6
2008 2009 2010 2011 2012
0.5
0.7
1.0
1.5
2.1
2.7
3.1
3.4
3.9
5.1
PrescriptionsinMillions
Year
Injectable Testosterone
Topical Testosterone
Source: Bloomberg/Wolters Kluwer Prescription Data
2.1
5.1
2012
In Millions
20
21. VIBEX QS T – Testosterone Replacement Therapy (TRT)
U.S. sales of testosterone replacement therapies exceeded $2.5 billion* in 2012 –
7.2 million Rx’s, growing at 20% annually and projected to exceed $5 Billion in
2017**
Studies have shown that gel patients do not achieve adequate absorption or
therapeutic response, injection patients bear the cost and inconvenience of in-
office deep intramuscular injections every 2 to 4 weeks
Physicians surveyed believe weekly self-injection will improve patient
compliance and deliver optimized serum testosterone levels
Self contained Auto-injector avoids the transference issues seen with Gels
(Black Box)
Pre-IND meeting held with FDA on 12/5 – clinical path forward agreed upon
with agency
Expected to go to market in 2016
21
Sources: *Bloomberg **Global Industry Analysts
22. VIBEX QS Testosterone
First testosterone jet-injector for treatment of Low T
Single use, disposable VIBEX™ QS device engineered to deliver
high viscosity products through fine (27 gauge) needle with 1 ml
capacity
Quick, easy and painless – less than 5 seconds to inject
Once a week injection optimizes blood levels
Peak: Trough ratio reduced compared to once or twice a month
administration
Many untreated Low-T patients in the
US with growing awareness
Three-year development program to
NDA – Projected launch in 2016
22
23. Powerful Engine and Disciplined Process for
Creating Novel Products
~200
Compounds
Screened
>60
Feasible
Candidates
OTREXUP™
~30
Interesting
Evaluation Criteria
• Clinical and Patient Benefits
• Health Economic Benefits
• Development Feasibility
• Commercial Attractiveness
(e.g., concentrated market)
Preliminary
Assessment
• Does candidate meet key
evaluation criteria?
Market and
Technical Input
• Assess market acceptance of
product concept
• Determine specific
requirements for development
and approval
Development Program
• Formalize the development &
commercialization plan
QS T
QS M
Additional
Drug Products
23
24. Potential Drug Product Combination/ Four Examples
With a Combined Range of $250 - $500 Million in Revenues
Glucagon for Hypoglycemic Rescue
Hypoglycemia can be an emergency situation where the time to
receiving treatment is critical and the available care provider has limited
or no formal training. The patient may or may not be able to self-
administer a precise dose with currently available options. An auto-
injector device that is easy to use increases speed and access to effective
treatment. Any institution involved in caring for diabetic patients
should make certain that all individuals (including family members) are
trained and have ready access to a VIBEX-Glucagon device in the event
of encountering a hypoglycemic emergency
Diazepam for Epileptic Seizures
Cluster seizure, if not promptly resolved can result in status epilepticus
and death. Effective treatment typically requires administration of
diazepam or similar drug by injection or rectal gel – both for prompt
onset and because the patient is unable to self-administer. A study
comparing IV vs. IM administration by first responders favored IM
primarily as a result of reducing the time to injecting. VIBEX Diazepam
shortens the time to injection vs. IV or conventional needle and syringe
dosed from vials. VIBEX Diazepam also enables minimally trained
persons, e.g., parents or teachers, to administer rescue medicine to the
patient prior to arrival of first responders
Currently available
options are not quick
& easy to use
24
25. Lovenox For Post Surgical Care
Administered via Sub-Q injections to inpatient for prophylaxis of
thromboembolic complications in patients undergoing surgical
procedures, for treatment of DVT, and post-MI. Currently available in
vials and PFS, an auto injector offers a precise, faster and more
convenient administration option with potential for outpatient use.
Ketorolac for Short Term Moderate to Severe Pain
NSAID Indicated for short term use (5 days) for moderate to severe
pain that would otherwise require narcotic analgesia. Commonly used
in institutional setting for post-surgical pain management.
Demonstrated opioid-sparing effect. Can be administered via IM
injections, IV, intranasally or orally.
Luitpold is marketing a ketorolac nasal spray to emergency
departments as a non-narcotic alternative for pain management. An
IM auto injector offers a fast and easy alternative, with precise dosing,
to nasal spray or conventional injections from vials.
Currently available
options are not quick
& easy to use
Potential Drug Product Combination/ Four Examples
With a Combined Range of $250 - $500 Million in Revenues
25
26. Financial Overview
Cash Position
As of June 30th 2013 cash and investments of $75 million
Growing Revenue Base
2008 total revenues $4.6 million
2009 total revenues $8.3 million (47% over 2008)
2010 total revenues $12.8 million (54% over 2009)
2011 total revenues $16.5 million (28% over 2010)
2012 total revenues $22.6 million (37% over 2011)
26
27. Priority Goals for Next 12-18 Months
• OTREXUP™ approval and launch
• VIBEX™ QS T (testosterone) to complete clinical studies
• VIBEX™ QS M to begin clinical studies
• Teva programs advance including both multi-dose pen
products filed
• TevTropin® 10 mg approval and launch
• International OTREXUP™ partnership
• OTREXUP™ partnership - Psoriasis
27
