Tuesday, April 28, 2015
Antares Pharma, Inc. (Nasdaq:ATRS) today announced that it has regained U.S. marketing rights to OTREXUP™ (methotrexate) injection for subcutaneous use for the psoriasis indication through the termination of an exclusive promotion and marketing agreement with LEO Pharma A/S ("LEO") for detailing OTREXUP™ to dermatologists for symptomatic control of severe recalcitrant psoriasis in adults. According to Symphony Health Solutions, dermatology prescriptions written for OTREXUP™ in the first quarter of 2015 were below five percent of total OTREXUP™ prescriptions written. The collaboration will end on June 23, 2015.
"While we are disappointed in the psoriasis market penetration to date, we believe there is still an opportunity to establish OTREXUP as an important treatment option for patients with psoriasis, and we will evaluate all of our options, including looking for a new partner, to market OTREXUP to dermatologists," said Eamonn P. Hobbs, President and Chief Executive Officer of Antares Pharma. "In the interim, we plan to retain the psoriasis prescriptions through the use of proactive marketing initiatives."
Antares has previously received a total of $10 million in cash from LEO for the right to commercialize OTREXUP™ to dermatologists. This cash was recorded as deferred revenue and it was being amortized in to licensing revenue over a three-year period. As a result of the termination of the agreement with LEO, Antares expects to recognize the unamortized balance of the deferred revenues related to the agreement ($5.2 million) in the second quarter of 2015.
globenewswire.com
