Antares Pharma’s subcutaneous and intramuscular injection technology platforms include Vibex disposable pressure-assisted auto injectors, Valeo/Vision reusable needle-free injectors, and disposable multi-use pen injectors.
The payment was related to achieving a development-based milestone under the license and asset purchase agreements which was signed in November 2009 regarding certain intellectual property relating to transdermal gel delivery technology.
Paul Wotton, president and CEO of Antares Pharma, said: “Our agreements with Ferring allowed us to focus on our growing parenteral injector business while retaining the potential upside from our marketed and clinical stage transdermal gel programs.
“At the same time we have been able to reduce our overhead costs and burn rate as we continue to strengthen Antares and execute our strategy.”