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1
ANTARES PHARMA
Paul K. Wotton Ph.D. President and Chief Executive Officer
NASDAQ: ATRS
COWEN & COMPANY 34th ANNUAL HEALTH CARE CONFERENCE
2
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
Antares Mission:
To develop and commercialize self-administered parenteral
medicines that optimize clinical benefits with enhanced cost
effective health outcomes
4
Overview of Recent Events
PIPELINE UPDATE
• Launched OTREXUP™ for the treatment of RA, Psoriasis and JRA.
• Completed a clinical study evaluating testosterone enanthate administered weekly by subcutaneous injection in testosterone deficient adult
males using the VIBEX® Quick Shot™ auto injector device. Enrolment was completed 11/12/13, audited results reported February 20th.
BUSINESS DEVELOPMENT
• Entered into an exclusive U.S. collaboration agreement with LEO Pharma for OTREXUP™ in Dermatology. LEO launched for the psoriasis
indication on March 3rd.
CORPORATE
• Elected Marvin Samson and Robert P Roche Jr. to the Board of Directors.
• Appointed Dr. Bruce Freundlich as Senior Vice President, Medical. Dr. Freundlich’s experience both in industry and academia as a practicing
and highly regarded rheumatologist will be valuable as we commercialize OTREXUP™.
• Expanded management team - Appointed David H. Bergstrom Ph.D. Senior Vice President Pharmaceutical Development. Dr. Bergstrom has
worked on multiple FDA approved products including 505B2 drug/device combination programs.
• Good cash position - Ended the quarter with $70.0 million in cash and investments and no debt.
5
ANTARES PHARMA
DEVICE/GEL SALES
• Royalties
• Royalties from partnered
products
• Elestrin®
• Gelnique™
• TevTropin®
DEVICE BUSINESS
• Teva Partnership
• Pfizer Partnership
• Potential Future Partners
PRODUCT BUSINESS
• OTREXUP™
• LEO Derm Partnership
PIPELINE ENGINE
• QS T 2016
• QS M 2017
• Others TBD
Antares Business Structure
Partnerships Antares Commercial Business
L E O
6
Antares Pharma – 505(b)(2) Growth Engine
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
7
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
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
TevTropin®
TevTropin® 10 mg
MULTI-DOSE PENS
TEVA PEN 1
TEVA PEN 2
MEDI-JET
OTREXUP™
VIBEX® QS T
VIBEX® QS M
VIBEX® Epi
VIBEX® Suma
505(b)(2) Pipeline
9
Advanced Product Pipeline PRODUCT PRECLINICAL CLINICAL FILED MARKETED PARTNER 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) OTREXUP™
TEVA Pen 2 NDA
Population Council NestraGel™ NDA
Pfizer Branded OTC Gel
Product NDA
ANTARES (TRT)
Vibex™ QS T NDA
TevTropin® 10mg TEVA – US SNDA
ANTARES (Neurology)
Vibex™ QS M NDA
Marketed Products
Pipeline Products
LEO (Psoriasis) OTREXUP™
11
Otrexup™ (methotrexate) Injection for Subcutaneous Use
First and only approved MTX for SC administration available in the United States for the treatment of RA
Design and Function
• Single-use, disposable, easy to use
• Easy to grip for RA patients
• Fine-gauge needle that patients don’t see
• Lockable needle guard may prevent accidental stick
• Quick delivery speed
• Limited visibility of yellow MTX
• Full dose delivered
• Gentle audible click followed by a red indicator to confirm the injection is complete
Label provides guidance on starting dose of Otrexup
relative to the differences in bioavailability between
oral and SC MTX, but ultimately defers to clinical
expertise of treating rheumatologist to determine
appropriate initial dose for an individual patient.
OTREXUPTM (methotrexate) injection [prescribing information]. Ewing, NJ: Antares Pharma Inc; 2013.
Available in
10-, 15-, 20-, and 25-mg doses
(commonly prescribed doses)
and color-coded by dose.
10-mg dose shown.
12
The RA Market has an estimated 1.4M DMARD Treated Patients*
Biologic Naive
700K Patients Biologic
590K Patients
Post Biologic
110K patients
• 420K biologic naive patients
are prescribed MTX
– 392K oral MTX
– 28K SC MTX
• 280K other DMARDS
• 280K Biologic patients are co-
prescribed MTX
– 28K SC MTX
• 56K post biologic patients are
co-prescribed MTX
– 6K SC MTX
*Decision Resources (Pharmacor) 2013. All patients numbers are estimates
13
MTX is the Cornerstone of RA Therapy
• Most rheumatologists use oral MTX as first-line therapy for RA – Many patients will have a good to excellent response to MTX monotherapy
• Reasons for discontinuation of oral MTX are usually lack of efficacy or poor tolerability
• Patients who have inadequate response to oral MTX for reasons of tolerability or efficacy may continue to derive benefit from MTX via optimization with SC administration
– Improved bioavailability
– Improved efficacy
– Improved tolerability
14
Otrexup: Oral MTX Exposure Plateaus ≥15 mg/week
3000
0
MTX Dose (mg)
Mean A
UC
(n
gh
/mL)
Oral MTX (n=47)
Otrexup SC MTX
Auto Injector(n=47)
2600
2200
1800
1400
1000
10 15 20 25
• Oral MTX has GI absorption
limitations
• Bioavailability following oral dosing
showed a plateau effect at doses of
15mg and greater1
• The systemic exposure of MTX from
Otrexup at doses of 10, 15, 20, and
25mg was higher than that of oral
MTX by 17, 13, 31, and 36%,
respectively1
1. OtrexupTM [prescribing information], 2013. 2. Schiff MH, et al. Arthritis Rheum. 2013; 65 (10 suppl): S337-338
15
Otrexup Strategy: Create the Middle
Oral Methotrexate +/-
DMARDs
Methotrexate +/-
DMARDS, Biologics
SC
MTX
Today
End of 2014 & beyond
17
OTREXUP™ In Dermatology – LEO Pharma
Exclusive U.S. collaboration agreement with LEO Pharma for OTREXUP™
in dermatology
LEO is a global leader in dermatology and topical treatments for psoriasis
OTREXUP™ for psoriasis indication launched to dermatologists March 3rd
Antares will record all dermatology related product revenues
LEO will be responsible for promotion and marketing activities in
dermatology supported by a sales force of 75 representatives
LEO has proven capabilities within life-cycle management focusing on
innovative patient solutions in dermatology
18
OTREXUP™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
OTREXUP™ label includes Juvenile Indication – 80% of prescriptions in this area written by
same physicians as for Adult RA
19
OTREXUP™ Launch Update
• Reached almost all rheumatologist customers since launch on February 3
– Majority have indicated their intent to prescribe soon
– High demand for samples and “Step Up-Start Up” kits
– Insurance Verification and Co-Pay cards utilization popular & increasing
• Favorable position with Managed Care
– Recognize the cost offset / value proposition of OTREXUP™
– Most commercial plans now cover OTREXUP™ as a PA/ST/Tier 3 benefit
• TRx uptake steadily growing as projected and expected
20
VIBEX QS Testosterone
• First testosterone auto 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 U.S. with
growing awareness
• Three-year development program to NDA –
Projected launch in 2016
21
QS T Competing in Changing TRT Market
0
1
2
3
4
5
6
2008 2009 2010 2011 2012 2013
0.5 0.7
1.0
1.5
2.1
2.7 2.7
3.1 3.4
3.9
5.1 5.3
Pre
scri
pti
on
s in
Mil
lio
ns
Year Injectable Testosterone
Topical TestosteroneSource: Bloomberg/Wolters Kluwer Prescription Data
TRT Market Overview
• Injectables continue to show strong
growth - ~40% CAGR since 2008
• Antares well positioned to take
advantage of the injectables growth
segment with QuickShot™
Testosterone
• Gel market growth is slowing in 2013
due in large part to: – Switching of patients from gels to
injectables
– Significant formulary changes
– Side effect (transference) issues
22
VIBEX QS T – Testosterone Replacement Therapy (TRT)
U.S. sales of testosterone replacement therapies exceeded $2.7 billion* in 2013 – ~8 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 12/5/12 – clinical path forward agreed upon with agency
First patients dosed 9/16/13 – Phase 2 pharmacokinetic data released 2/20/14
2015 NDA filing on track
Expected to go to market in 2016
Sources: *Bloomberg **Global Industry Analysts
23
Phase 2 (QST-13-002) Overview
• QST dosed at 50 mg and 100 mg.
• 6 weekly doses
– Cmin and C24h measured weekly
– Full PK sampling following 1st, 5th and 6th dose
– Additional 4 weeks of sampling following 6th dose
• Standard PK endpoints plus estimates supporting an approvable exposure profile in phase 3
– 29 adult males with low T and testosterone blood levels below 300 ng/dL were randomized
into two groups – one group receiving 50 mg testosterone and the other 100 mg testosterone
– At week one, both doses produced normal mean testosterone concentrations at 24 hours
post-dose, 434 ng/dL in the 50 mg group and 572 ng/dL in the 100 mg group
– During week six, the 50 mg and 100 mg groups had average plasma testosterone levels
within the normal range at 422.4 ng/dL and 895.5 ng/dL, respectively
– The study demonstrated rapid restoration and consistent maintenance of steady testosterone
blood levels with a once-weekly subcutaneous injection using the QuickShot device
24
The normal range for testosterone is bracketed by QST
100 mg and 50 mg (mean +/- SEM) weeks 1- 6
To
tal p
lasm
a te
sto
ste
rone
ng
/dL
Study Hour
25
Financial Overview
Cash Position
As of September 30th 2013 cash and investments of $70 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
Priority Goals for Next 12-18 Months
OTREXUP™ partnership – Completed
OTREXUP™ launched in Q1 2014 for RA and Psoriasis (LEO)
• VIBEX™ QS T (testosterone) will complete a Phase 3 clinical study
• VIBEX™ QS M to begin clinical studies
• Teva programs – two multi-dose pen products filed
• TevTropin® 10 mg approval and launch
• Add three more pipeline projects to drive shareholder value