Approval Triggers Cash Infusion

The FDA approval of Antares’ Elestrin resulted in a $1.75 million milestone payment from Bradley Pharmaceuticals. The payment was received pursuant to a marketing agreement Bradley signed with Biosante Pharmaceuticals (a licensee of Antares). Elestrin, used to treat hot flashes in menopausal women, is a low dose transdermal estradiol therapy delivered using a proprietary gel delivery system. $2.6 million is due in 2007; additional regulatory and sales milestones could bring total payments to more than $13 million. Antares will also receive a portion of the royalties of third-party sales.

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