What is Antares Pharma's primary value proposition?

Antares Pharma focuses on 'making medicines better' through proprietary self-administered injection technology. Their value proposition lies in taking existing drugs (like Methotrexate or Oxybutynin) and improving their delivery via auto-injectors or gels to enhance patient compliance, efficacy, and safety, while simultaneously creating new patent-protected revenue streams for themselves and their partners.

How does the company generate revenue according to the deck?

The company utilizes a multi-stream revenue model. As stated on Slide 10, they receive margins on the sale of their proprietary devices (like the Tjet and VIBEX injectors) and earn royalties on the overall product sales. These royalties range from mid-to-high single digits for some products to mid-teens for others, such as their pen injector global programs.

Which major pharmaceutical companies are partnering with Antares?

Slide 4 and Slide 7 list several high-profile partners, including Teva (US and global), Pfizer (undisclosed project), Watson Pharmaceuticals (Anturol Gel), Ferring (EU), Jazz Pharmaceuticals (Elestrin), and the Population Council (NestraGel). The Teva relationship is the most prominent, covering multiple auto-injector and pen injector programs.

What specific clinical advantages does their VIBEX MTX product offer?

According to Slide 13, the VIBEX MTX auto-injector removes the variable absorption issues associated with oral Methotrexate (MTX). It enables titration to higher doses, provides better efficacy and tolerability compared to oral versions, and features a hidden needle to reduce patient apprehension and accidental needle sticks.

What was the immediate commercial outlook for the company in 2012?

The outlook was focused on commercial launches and regulatory filings. Slide 19 notes the FDA approval of Anturol Gel with a planned launch in Q2 2012. Slide 22 outlines milestones including the approval of VIBEX EPI, the filing of the VIBEX MTX NDA, and the initiation of new pipeline programs like VIBEX QS.

Antares Pharma Pitch Deck (2012): 23-Slide Breakdown

See all 23 slides of the Antares Pharma pitch deck — a 2012 deck — with a slide-by-slide teardown of what the deck does well and where it falls short.

Antares Pharma’s 2012 deck is a textbook example of a 'platform-plus-pipeline' strategy. Instead of betting the company on a single molecule, Antares utilized its proprietary VIBEX and pen injector technologies to create a diversified portfolio of self-administered drugs. The deck highlights three approved products and a deep bench of candidates in advanced development, significantly de-risking the investment through partnerships with industry leaders like Teva, Pfizer, and Watson Pharmaceuticals. By focusing on the transition of biologics to self-injection and the growing biosimilar market—p…

Key takeaways

Antares identifies as a revenue-generating company with three FDA-approved products as of April 2012 (Slide 4).
The company employs a heavy partnership model, listing Teva, Pfizer, Watson, and Ferring as key collaborators (Slide 4).
A comprehensive pipeline chart shows 11 distinct product lines ranging from preclinical to marketed stages (Slide 7).
The Teva collaboration alone covers products with nearly $3 billion in U.S. sales, providing Antares with mid-to-high single-digit royalties (Slide 10).
The VIBEX MTX auto-injector is positioned as a superior alternative to oral MTX, offering better efficacy and tolerability for RA patients (Slide 13).
Antares targets the $50 billion branded biologic market by focusing on the shift toward self-injection and biosimilars (Slide 16).
The Anturol Gel product, approved in December 2011, targeted a U.S. OAB market projected to exceed $2.3 billion by 2014 (Slide 19).
The deck concludes with six specific operational milestones for the upcoming 12-18 months, including the VIBEX MTX NDA filing (Slide 22).

Introduction and Strategy

The April 2012 investor presentation for Antares Pharma (AMEX: AIS) serves as a comprehensive status report for a specialty pharmaceutical company at a major inflection point. Presented by CEO Paul Wotton, Ph.D., the deck moves quickly from high-level investment highlights to granular pipeline data. The overarching theme is diversification; Antares is not a 'binary' biotech play dependent on a single clinical trial, but rather a technology platform with multiple 'shots on goal' through high-tier partnerships.

Slide 1: Title Slide

The title slide establishes the company identity with the tagline "making medicines better." It identifies the presenter as Paul Wotton, Ph.D., President and CEO, and clearly displays the ticker symbol AMEX: AIS, signaling to investors that this is a publicly traded entity seeking to communicate its growth trajectory as of April 2012.

Slide 4: Investment Highlights

This slide functions as the executive summary. It explicitly states that Antares is a "revenue generating company." Key proof points include three approved products, two filed with the FDA, and five in advanced development. The slide emphasizes their leadership in self-administered injection technology and highlights their "broad multi-product partnership with Teva." By listing Pfizer, Watson, and Ferring alongside Teva, the company establishes immediate institutional credibility.

Slide 7: Diverse and Advanced Product Pipeline

Slide 7 is the most data-dense slide in the deck, providing a visual map of 11 different product programs. It categorizes them by Partner, Product, and Stage (Preclinical through Marketed). Notable entries include Tev-Tropin and Elestrin in the 'Marketed' column, and Anturol in the 'Approved' column. The slide shows a heavy concentration of products in the 'Filed' and 'Clinical' stages, particularly with Teva, illustrating a pipeline that is weighted toward near-term commercialization rather than early-stage R&D.

Slide 10: Teva and Antares Collaboration

This slide focuses on the company's most significant relationship. It notes that the collaboration covers products with "nearly $3 billion in U.S. sales." It breaks down the economics: Antares receives margins on device sales plus royalties on overall product sales. For the Tev-Tropin Tjet, royalties are mid-to-high single digits. For the pen injector programs, which include a generic (ANDA) and a branded (505B2) product with $1.5 billion in current sales, Antares receives royalties in the "single digit to-mid teens %." This slide is crucial for valuation, as it provides the specific percentages investors need to model future cash flows.

Slide 13: The VIBEX MTX Advantage

Antares shifts from corporate strategy to product-specific benefits here. The VIBEX MTX is presented as the first auto-injector for Methotrexate (MTX) for at-home use by Rheumatoid Arthritis (RA) patients. The slide lists clinical benefits (better efficacy/tolerability vs. oral MTX), convenience (3-second injection), and safety (locking needle shield). This slide justifies why a patient or physician would switch from a cheap oral generic to a proprietary injected device.

Slide 16: Biosimilars and Long-Term Growth

This slide addresses the total addressable market (TAM). It notes that branded biologic products compatible with self-injection technology exceed $50 billion in sales. It specifically calls out the biosimilar/biobetter market, projected to be $2-3 billion by 2015. The slide lists drivers for this growth, including patent expirations and mounting pressure on healthcare budgets, positioning Antares as a solution for affordable, accessible medicine.

Slide 19: Oxybutynin Gel (Anturol)

Focusing on a specific recent success, this slide details the FDA approval of Anturol Gel in December 2011. It highlights a partnership with Watson Pharma for a U.S. launch in Q2 2012. The slide quantifies the Overactive Bladder (OAB) market at $2.1 billion in 2010, growing to $2.3 billion by 2014. It also mentions that Antares will receive royalties on combined sales of Anturol and Watson’s existing Gelnique product, showing a strategic consolidation of the transdermal OAB segment.

Slide 22: Potential Milestones for Next 12-18 Months

The final slide in the provided set provides a checklist for investors to track progress. It lists six specific goals: the launch of Anturol, approval of VIBEX EPI and VIBEX 2, filing of the first pen product ANDA, filing of the VIBEX MTX NDA, securing a European partner for VIBEX MTX, and initiating the VIBEX QS program. This creates accountability and a clear roadmap for news flow.

What Antares Pharma Does Well

The deck is exceptionally strong at demonstrating commercial validation . By naming partners like Pfizer and Teva and providing specific royalty ranges (Slide 10), Antares moves beyond the typical 'blue sky' projections of biotech and into the realm of predictable business development. The use of a comprehensive pipeline chart (Slide 7) is a best practice for any multi-product company, as it allows investors to visualize the 'conveyor belt' of assets moving toward the market. Furthermore, the deck does a good job of explaining the clinical 'Why' —specifically on Slide 13, where it explains why an auto-injector is superior to oral medication, providing a clear rationale for market adoption.

What is Missing from the Deck

Despite the strong pipeline data, the provided slides are missing a few critical components for a complete investor picture. First, there is no financial summary slide showing historical revenue, burn rate, or cash on hand. While Slide 4 mentions they are "revenue generating," it doesn't quantify the current top line. Second, there is no team slide in this selection; investors generally want to see the bios of the leadership team managing these complex partnerships. Third, while competitors are alluded to in the biosimilar space, there is no direct competitive landscape analysis comparing VIBEX to other auto-injector technologies from companies like BD or SHL Group. Finally, the specific 'Ask' is missing—it is unclear if the company is looking to raise capital or is simply providing a quarterly update to existing shareholders.

Founder Takeaways: What to Copy

Quantify Partnerships: Don't just say you have partners; list the specific brands and, if possible, the economic terms (royalties/margins) as seen on Slide 10. · Use a Pipeline Visual: A horizontal bar chart showing stages from Preclinical to Marketed (Slide 7) is the standard for a reason—it communicates volume and progress simultaneously. · Define the Market Drivers: Slide 16 effectively uses macro trends (patent expirations, healthcare budgets) to explain why the company's specific niche is poised for growth. · Set Clear Milestones: Ending with a 12-18 month roadmap (Slide 22) gives investors a reason to keep following the story and provides a framework for future success. · Focus on User Benefits: Slide 13 translates technical specs into patient benefits (convenience, safety, efficacy), which is vital for understanding commercial viability.

Frequently asked questions

What is Antares Pharma's primary value proposition?: Antares Pharma focuses on 'making medicines better' through proprietary self-administered injection technology. Their value proposition lies in taking existing drugs (like Methotrexate or Oxybutynin) and improving their delivery via auto-injectors or gels to enhance patient compliance, efficacy, and safety, while simultaneously creating new patent-protected revenue streams for themselves and their partners.
How does the company generate revenue according to the deck?: The company utilizes a multi-stream revenue model. As stated on Slide 10, they receive margins on the sale of their proprietary devices (like the Tjet and VIBEX injectors) and earn royalties on the overall product sales. These royalties range from mid-to-high single digits for some products to mid-teens for others, such as their pen injector global programs.
Which major pharmaceutical companies are partnering with Antares?: Slide 4 and Slide 7 list several high-profile partners, including Teva (US and global), Pfizer (undisclosed project), Watson Pharmaceuticals (Anturol Gel), Ferring (EU), Jazz Pharmaceuticals (Elestrin), and the Population Council (NestraGel). The Teva relationship is the most prominent, covering multiple auto-injector and pen injector programs.
What specific clinical advantages does their VIBEX MTX product offer?: According to Slide 13, the VIBEX MTX auto-injector removes the variable absorption issues associated with oral Methotrexate (MTX). It enables titration to higher doses, provides better efficacy and tolerability compared to oral versions, and features a hidden needle to reduce patient apprehension and accidental needle sticks.
What was the immediate commercial outlook for the company in 2012?: The outlook was focused on commercial launches and regulatory filings. Slide 19 notes the FDA approval of Anturol Gel with a planned launch in Q2 2012. Slide 22 outlines milestones including the approval of VIBEX EPI, the filing of the VIBEX MTX NDA, and the initiation of new pipeline programs like VIBEX QS.

Cover slide of the Antares Pharma pitch deck — Public (AMEX: AIS) 2012 — Antares Pharma pitch deck, slide 1 (2012)

Antares Pharma pitch deck: the facts

Company: Antares Pharma
Year: 2012
Stage: Public (AMEX: AIS)
Slides: 23
Sector: Specialty Pharmaceutical / Medical Devices
Deck type: Investor Presentation
Outcome: Active at time of deck; later acquired by Halozyme in 2022
Headquarters: Ewing, New Jersey, USA

Antares Pharma pitch deck PDF

The full Antares Pharma deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the Antares Pharma, Inc. pitch deck was used for

This is Antares Pharma’s April 2012 investor presentation when the company was a publicly listed specialty pharmaceutical and medical device company trading on NYSE Amex under the symbol AIS. The deck highlights its self‑injection and transdermal gel businesses, multiple FDA‑approved products and partnerships with Teva, Pfizer, Watson, and Ferring, positioning Antares as a leader in auto‑injector, pen, and needle‑free technology platforms. Later in 2012, Antares used its shelf registration to pursue a public offering of common stock to fund development of its VIBEX methotrexate (MTX) injection system for rheumatoid arthritis, its VIBEX QS testosterone product, and general corporate purposes. The deck thus served as part of its ongoing investor communications leading up to that public equity financing rather than a private venture round.

Business model: Combination drug–device company focused on self-administered injectable pharmaceutical products and topical/transdermal gels, primarily using proprietary auto‑injector and pen‑injector platforms.

Year: 2012
Investors: Public shareholders purchasing in the underwritten offering led by institutional underwriters (Jefferies & Company, Oppe, Existing and new market investors participating via the shelf registration on the public markets.
Headquarters: Ewing, New Jersey, United States.

Round: Public equity offering (follow‑on offering by a listed company rather than a private venture round).

Raising: Firm‑commitment underwritten public offering of common stock conducted under an existing shelf registration statement.

Raised: Gross offering amount of $50.0 million (12,500,000 shares at $4.00 per share), with expected net proceeds of approximately $46.7 million after underwriting commissions and estimated offering expenses.

Lead investor: Jefferies & Company, Inc. and Oppenheimer & Co. Inc. acted as joint book‑running managers for the 2012 public offering of common stock.

Industry: Specialty pharmaceuticals / medical devices (drug–device combination, self‑injection technologies).

Use of funds as presented: Development of the VIBEX methotrexate (MTX) Medi‑Jet injection system for rheumatoid arthritis, advancement of the VIBEX QS product for testosterone deficiency, and general corporate activities, as stated in the proposed offering announcement.

What happened after the Antares Pharma, Inc. deck

After the April 2012 investor presentation, Antares continued to operate as a publicly listed combination drug–device company, expanded its partnered portfolio (e.g., Teva, Pfizer, Watson, Ferring), and completed a significant public offering of common stock in October 2012 to fund VIBEX MTX, VIBEX QS, and general corporate purposes.

Common stock traded on NYSE Amex under symbol AIS before transitioning to NASDAQ under ATRS, reflecting continued public
Entered into an exclusive licensing arrangement with Pfizer Consumer Healthcare in December 2011 for an undisclosed prod
Licensed Anturol gel (oxybutynin for overactive bladder) to Watson Pharmaceuticals for the U.S. and Canada following FDA
Maintained and later expanded strategic alliances with Teva for multiple injection and pen‑injector products, including
Completed in October 2012 a firm‑commitment underwritten public offering of 12,500,000 shares of common stock at $4.00 p

What the Antares Pharma, Inc. deck got right

Clear platform differentiation across auto‑injector, pen, and needle‑free technologies. The deck presents Antares as a fast‑growing pharmaceutical company and positions it as the only US‑based company offering auto‑injector, pen, and needle‑free technology platforms, clearly differentiating its self‑injection platform strategy.
Revenue‑generating status with diversified, advanced pipeline. Investment highlights emphasize that Antares is already revenue‑generating with three products approved, two NDAs on file with the FDA, and five products in advanced development, giving investors multiple shots on goal across both gel and injectable portfolios.
Demonstrated combination product and regulatory expertise backed by IP. The deck credibly underscores Antares’ clinical, regulatory, and IP expertise in drug–device combination products, noting a comprehensive IP portfolio and multiple FDA‑approved products, which supports the claim of a sustainable competitive advantage in self‑injection.
Strong external validation through major pharma partnerships. Antares showcases significant strategic alliances—multi‑product deals with Teva, an exclusive Pfizer Consumer Healthcare licensing agreement, Anturol gel partnered with Watson, and needle‑free devices with Ferring—using recognizable partner brands to validate its platforms.
Compelling flagship programs tied to high‑need chronic indications. The VIBEX‑MTX and VIBEX‑QS programs are framed as patient‑centric enhancements for rheumatoid arthritis and biologic/biosimilar therapies, aligning the technology story with clear disease indications and chronic‑care use cases rather than abstract device claims.
Diversified product modalities and commercial pathways within one company. By including both a transdermal gel business (two FDA‑approved products and one in development) and a self‑injection business (one FDA‑approved product and several in development, some to be self‑marketed), the deck presents Antares as diversified across modalities and commercialization models.

What could have been stronger

Unsubstantiated leadership/exclusivity claim. The deck claims Antares is “the ONLY US-based company offering auto-injector, pen and needle-free technology platforms,” but does not provide market data or competitive analysis to substantiate exclusivity, which could raise questions for investors familiar with other injection technology players.
Limited financial detail and unit economics in the highlighted slides. While investment highlights mention that Antares is a revenue-generating company with multiple approved products and partnerships, the slides referenced do not show concrete revenue figures, margin profiles, or unit economics for device and gel businesses, limiting insight into financial traction and scalability.
Pipeline visibility without clear timelines or economics. The pipeline overview and description of five value‑added injectable products via Teva (including an EpiPen alternative and three additional high‑value injectables) lack timelines, regulatory status, and economics per program, which makes it hard to assess risk and expected value by asset from the deck alone.
Market opportunity discussion not fully quantified in excerpts. The deck emphasizes a “deep pipeline” and market research suggesting the greatest opportunity is in self‑injection, but the excerpts do not show quantified market size, adoption assumptions, or comparative data versus standard of care, constraining market validation for investors.
Partnership strategy presented without key contract and concentration details. The deck highlights Antares’ broad partnerships and IP portfolio as de‑risking factors, yet offers little detail on contract terms, duration, exclusivity, or dependency risks (e.g., revenue concentration in a small number of partners) in the visible slides, which are key diligence points for a partner‑driven model.

How an investor would read this deck

What draws attention

Public‑equity investors would focus on Antares’ transition from a technology platform company to a revenue‑generating combination drug–device business, with three FDA‑approved products, two NDAs on file, and five advanced development programs, all supported by recognizable pharma partners.
The prominence of the VIBEX‑MTX program for rheumatoid arthritis and VIBEX‑QS for biologics and biosimilars positions Antares as a levered play on self‑injection trends in chronic autoimmune and endocrine diseases, which could be compelling if clinical data and regulatory pathways are robust.
Investors would pay close attention to the breadth of the Teva relationship (human growth hormone, an EpiPen alternative, and three additional injectables), as well as the Pfizer and Watson deals, viewing these as external validation while also assessing dependence on a small set of large partners.
The 2012 public offering at $4.00 per share and stated net proceeds of approximately $46.7 million provides a concrete financing milestone, giving investors visibility into capital available to execute on pipeline and device commercialization.

Risks that stand out

Revenue and growth are significantly tied to a limited number of large‑pharma partners (Teva, Pfizer, Watson, Ferring), creating exposure to partner decisions, renegotiations, and competitive products.
Key growth drivers in the 2012 deck—VIBEX MTX for rheumatoid arthritis, VIBEX QS for testosterone, and multiple Teva‑linked injectables—carry typical clinical, regulatory, and market adoption risks inherent to combination drug–device products.
Claims of unique positioning as the only US‑based company with auto‑injector, pen, and needle‑free platforms could face competitive challenges and may not guarantee durable moat if other device companies or pharma‑owned platform technologies expand.
Reliance on public equity markets for significant funding, as evidenced by the 2012 common stock offering, exposes shareholders to dilution and market‑condition risks in financing future pipeline development.

Questions this deck invites

What proportion of Antares’ revenue in 2012 and subsequent years came from each product category (transdermal gels vs. self‑injection devices) and from each major partner (Teva, Watson, Pfizer, Ferring), and how concentrated is the revenue
For the VIBEX‑MTX rheumatoid arthritis program and VIBEX QS testosterone product, what were the key clinical endpoints, trial results, regulatory interactions, and timelines from 2012 onward, and did these assets achieve approval or commerc
What are the specific economic terms (royalty rates, device supply margins, milestones) and duration/exclusivity details of the Teva, Pfizer, Watson, and Ferring agreements highlighted in the deck, and how do they impact Antares’ long‑term
How did the 2012 public offering–financed programs (VIBEX MTX and VIBEX QS) affect Antares’ subsequent financial performance, and were there any material deviations from the stated use of proceeds or unexpected setbacks (regulatory, manufac
What is the competitive landscape in auto‑injectors, pen injectors, and needle‑free devices in the US, and is the deck’s claim of being the only US‑based company offering all three platforms still accurate or defensible over time?

What founders can take from the Antares Pharma, Inc. deck

A specialty pharma/device company can use a public‑company investor deck to position its technology platforms (auto‑injectors, pens, needle‑free devices) as the core moat while grounding the story in specific FDA‑approved products and NDAs on file, which helps bridge platform narrative to concrete a
Highlighting partnerships with well‑known pharma companies (Teva, Pfizer, Watson, Ferring) provides external validation and perceived de‑risking, but investors will still seek detailed economics and concentration metrics beyond the logos shown in the deck.
Clearly articulating a flagship program (e.g., VIBEX‑MTX for rheumatoid arthritis) and a broader pipeline (VIBEX QS for biologics/biosimilars, multiple Teva‑partnered injectables) allows a company to present multiple shots on goal, which can be attractive to investors in platform businesses.
Including both gel‑based and self‑injection businesses in one presentation demonstrates diversification of revenue sources; however, without quantified financials on each segment, the diversification benefit remains qualitative rather than analytically demonstrable.
Linking an investor deck to a subsequent public offering with clearly stated uses of proceeds (advancing specific VIBEX programs and general corporate purposes) shows how narrative and financing strategy align, which can help investors track execution against stated objectives.
Ambitious positioning claims (such as being the only US‑based company with certain technology platforms) can strengthen differentiation in a deck but require supporting competitive analysis to withstand investor scrutiny over time.

Antares Pharma, Inc. pitch deck: common questions

What does Antares Pharma do?

Antares Pharma is a combination drug–device company that develops and commercializes self‑administered injectable pharmaceutical products (using auto‑injectors and pen injectors) and topical/transdermal gel medicines, with a focus on partnering its technologies with large pharma companies like Teva, Pfizer, Watson, and Ferring.

What was the purpose of Antares Pharma’s April 2012 investor presentation?

The April 2012 investor deck was used while Antares was trading on NYSE Amex under the ticker AIS to showcase its revenue‑generating status, advanced injectable and gel product pipeline, and major strategic partnerships; it was part of its public‑company investor relations, not a private venture fundraise.

What financing did Antares Pharma complete around 2012?

In 2012 Antares completed a firm‑commitment underwritten public offering of 12,500,000 shares of common stock at $4.00 per share, with expected net proceeds of approximately $46.7 million after commissions and expenses; Jefferies & Company and Oppenheimer & Co. acted as joint book‑running managers, and Cowen and Company and Ladenburg Thalmann acted as co‑managers.

What were the key uses of proceeds for Antares Pharma’s 2012 public offering?

According to Antares’ 2012 financing announcement, the company intended to use proceeds to advance development of its VIBEX methotrexate (MTX) injection system for rheumatoid arthritis, its VIBEX QS product for testosterone deficiency, and for general corporate purposes.

Which major partners did Antares Pharma highlight in the 2012 deck?

Antares’ partnerships around the time of the 2012 deck included Teva (multi‑product deal covering human growth hormone and other injectables), Pfizer’s Consumer Healthcare unit (exclusive license of an Antares drug delivery technology for an undisclosed product in North America), Watson for Anturol gel (oxybutynin for overactive bladder), and Ferring for Zomajet needle‑free growth hormone delivery devices.

Sources

Funding and outcome facts on this page were researched on 2026-08-21 from the pages below.

Antares Pharma pitch deck slides

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What each slide of the Antares Pharma pitch deck says

Slide 1

pharma making medicines better™ Paul Wotton Ph.D. President and Chief Executive Officer April 2012 AMEX: AIS

Slide 2

P 4 Safe Harbor Statement 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 anticipat…

Slide 3

P Antares Background V 4] » Antares is a fast growing Pharmaceutical Company and the ONLY US-based company offering auto-injector, pen and needle-free technology platforms. » We have demonstrated significant clinical and regulatory expertise in drug/device combination products coupled with a comprehensive IP portfolio which gives us a sustainable competitive advantage in this field. * Our transdermal gel business has yielded two FDA approved products and one in development. * Our self-injection business has yielded one FDA approved product, a deep pipeline with several products in development, some of which we may elect to market ourselves. » Our market research demonstrates our greatest op…

Slide 4

e Investment Highlights Antares is a revenue generating company with an advanced product pipeline and multiple shots on goal Three products approved, two on file with the FDA, and five in advanced development Recognized leader in fast-growing self-administered injection technology Proprietary VIBEX MTX successfully completed clinical trial Anturol Gel NDA approved and partnered with Watson Pharmaceuticals Broad multi-product partnership with Teva HGH Needle free product commercialized in Europe and US Growing intellectual property portfolio Multiple partnerships with leading companies — Pfizer, Teva, Watson and Ferring

Slide 5

yp 4 Financial Overview EE EE BF es FE Es EH BE EE CT a Se CE BCR EERIE + Cash Position = As of December 31% 2011 cash and investments of $34.4 million = No debt + 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 revenue expected to grow 30% — 50% * Reducing Burn Rate = Operating Cash burn in 2011 was approximately $1.9 million vs. $6.1 million in 2010

Slide 8

P - Advanced Injectable Products Portfolio ¢ Our VIBEX-MTX program is designed to enhance the performance of MTX for patients who need and depend on it for their health and well-being for the treatment of rheumatoid arthritis. » Our VIBEX-QS program aims to enhance the injection performance of biological and biosimilar products for patients who depend on them for effectively treating complex diseases including rheumatoid arthritis and other autoimmune disorders. « Through our partnership with Teva we are developing five value added injectable products: — Tjet for Teva's recombinant human growth hormone — TevTropin — An alternative to the Epipen epinephrine auto-injector — Three additional h…

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