Antares Pharma (ATRS) 8-K This presentation may contain forward-looking statements which are made pursuant to the safe

1

1st

st

Analysts & Investors Luncheon

Analysts & Investors Luncheon

The Cornell Club, New York

The Cornell Club, New York

May 4, 2006

May 4, 2006

Amex:  AIS 

Amex:  AIS 

www.antarespharma.com

www.antarespharma.com

Strictly Confidential

Exhibit 99.3

Antares Pharma, Inc. ©

2006  Confidential

2

Pharmaceutical Development

The platform technologies and their evolution

The Antares product pipeline development system

Value creation through own clinical development

Value creation through partnerships/alliances

Anturol

ATD (oxybutynin): A “show-case”

example

–

Technology proof-of-concept

Summary of achievements for 2005/2006

Pharma Business Goals for 2006

Agenda

This Presentation is not intended to update investors on each and every project

but to provide an overview of how and where we are headed.

Antares Pharma, Inc. ©

2006  Confidential

3

Pharmaceutical

Technology Platforms

EasyTec™

Orally Disintegrating Tablets

3.

Fast-Melt

Tablet

Technologies

TecTix™

Transdermal/Topical Technology

2.

Eutectics

Semisolid

Technologies

•

Topical Delivery

Technology

Local

•

ATD™

Combination Gels

•

ATD™

Single

Gels

Systemic

Advanced

Transdermal

Delivery (ATD™)

Systems

1.

Transdermal

Gel

Technologies

Antares Pharma, Inc. ©

2006  Confidential

4

Antares’

Platform Technologies and their Evolution

Research Effort Results in 2006

Advanced

Transdermal

Delivery

System

ATD™

ATD™

Permeation Enhancer

•

Constantly upgrading existing

system

•

Researching new novel and dif-

ferent

permeation systems

-

New patents filed

Systemic

TecTix™

•

New topical penetration enhancer;

lipohilic

penetration

•

Alcohol-free

•

Excellent absorption

•

Excellent organoleptic

properties

•

Strong IP position, new patents filed

Topical-

Local

There is constant on-going research on strengthening our technologies and intellectual properties.

Pharmaceutical Development

Antares Pharma, Inc. ©

2006  Confidential

5

Drug Delivery

Target

Antares’

Technologies with

Benefits

Groups

a Reason for Being

The Focus and Research Aim

The Focus and Research Aim

Reduced

Side-Effects

Discretion

Passive Dosing

Possible

Meeting Unmet

Medical Needs

Convenience

Chronic Users

Women’s

Health

Aging/Geriatric

Population

Pediatric

Population

EasyTec™

Superior “Flash”

Oral Disintegrating Tablets

Delivering drugs with reduced side-effects discretely and/or passively is our R&D mission.

Advanced Transdermal

Delivery System

ATD™

Topical Drugs

Systemic Drugs

Pharmaceutical Development

Antares Pharma, Inc. ©

2006  Confidential

6

ATD™

Advanced Transdermal Delivery Technology

ATD™

Transdermal Gel Technology

Antares Pharma, Inc. ©

2006  Confidential

7

Semi-solid formulations containing one or more drugs

A hydro-alcoholic vehicle

Increases drug partitioning into the skin

Increases drug partitioning into the skin

A combination of permeation enhancers

Provides sustained drug delivery

Provides sustained drug delivery

Thickening agents

Allows adequate system application

Allows adequate system application

A pH regulator

Minimizes skin irritation potential

Minimizes skin irritation potential

ATD™

Transdermal Gel Technology

What is it?

Antares Pharma, Inc. ©

2006  Confidential

8

1.

The gel is applied onto the skin

2.

Ethanol evaporates, the drug

concentration increases, forcing

penetration. Co-solvents help avoid

drug crystallization

3.

Penetration enhancers increase skin

permeability resulting in drug delivery

through the skin

4.

The drug is absorbed by the dermal

capillaries into the circulatory system

ATD™

Platform Illustration

Mode-of-Action

Antares Pharma, Inc. ©

2006  Confidential

9

ATD™

Platform Summary

Validate technology with products being reviewed by FDA

Most proven versatile transdermal technology (several therapeutic area)

Proven delivery efficiency (Bio-E-Gel vs. Estrasorb)

Several ATD products with extensive clinical experience

High skin tolerability (low irritation potential)

Appealing cosmetic quality of the gel

Competitive cost of goods

ATD

permeation

enhances

have

not

experience

regulatory

barriers.

(GRAS, long

history of safety)

Patented technology

Unique Features

Unique Features

Antares Pharma, Inc. ©

2006  Confidential

10

ATD I

Core formulation patent

–

Estrogens, Progestins or mixture thereof

–

HRT, contraception

PCT 2001

–

extension to 4 additional therapeutic classes

ATD II: Antares/BioSante co-applications

–

Androgens and/or Estrogens or Progestins

–

Hormonal disorders in men and women

ATD III

PCT 2004

–

Numerous actives and therapeutic indications

Oxybutynin

–

Anticholinergic agents

ATD™

Transdermal Gel Intellectual Property Status

The ATD™

Patent Estate

OXY

PCT

2004

Antares

BioSante

PCT

2001

E

and/or

P

Antares Pharma, Inc. ©

2006  Confidential

11

TecTix™

Technology for Dermatology Application

Eutectics Semisolid Technologies

TecTix™

Transdermal/Topical Technology

Antares Pharma, Inc. ©

2006  Confidential

12

Melting point depression of active pharmaceutical ingredients

(API) by Chemical Fragrance & Flavors Ingredients (CFFI)

Versatile technology that is compatible with numerous API’s

Alcohol-free

Patent-pending Technology

What is it?

TecTix™

Technology for Dermatology Application

Antares Pharma, Inc. ©

2006  Confidential

13

CFFI with a long and safe history of use in perfumes and cosmetics

High thermodynamic activity; high concentration of the API in the eutectic

mixture (up to 90% w/w)

Increase of lipophilic properties

increased solubility in lipid membranes

Higher dissolution rate (absence of crystal)

faster onset-of-action

Numerous API already successfully screened:

–

NSAIDs

–

Local anaesthetics

–

Non-opioid analgesics

–

Bronchodilatators/vasoconstrictors

TecTix™

Technology for Dermatology Application

Advantages

Antares Pharma, Inc. ©

2006  Confidential

14

Fast Melt Tablets

Easy Tec™

Orally Disintegrating Tablet Technology

Antares Pharma, Inc. ©

2006  Confidential

15

-

Hygroscopic disintegrant(s)

-

Water-soluble components

-

Large surface

area

(high porosity)

-

Large amount

of disintegrants

BUT leads to soft, friable,

moisture-sensitive tablets

BUT leads to low

drug loading

/

large tablets

The

ideal ODT technology shall simultaneously achieve:

1) Rapid Oral Disintegration

2) Physical Stability

AND

EasyTec ODTs are small

and robust tablets exhibiting

fast disintegration

& good mouth-feel

Easy Tec™

Orally Disintegrating Tablet Technology

What is it?

Antares Pharma, Inc. ©

2006  Confidential

16

Easy Tec™

Orally Disintegrating Tablet Technology

Antares Pharma, Inc. ©

2006  Confidential

17

Simple, cost-effective direct compression technology

Patented technology, new application filed recently

Use of a type-C polymethacrylate coating polymer as the primary

disintegrating agent

Superior palatability

Robust tablets allowing conventional packaging solutions with low

friability and moisture sensitivity

Versatile technology suitable for drug loadings from mg to g

Easy Tec™

Orally Disintegrating Tablet Technology

Advantages

Antares Pharma, Inc. ©

2006  Confidential

18

Fast onset of thera-

peutic

activity

Decreased incidence of side-effects

compared to oral and patch

Lower topical/site irritation

Accurate, improved once-daily

dosing

More dose flexibility than patch

Clinical Phase Summary

Dose proportionality found in the

tested dosing

Steady state achieved after 3

applications (i.e. 3 days)

Efficacy may be comparable to

marketed products

Safety aspects

–

DEO/OXY ratio similar to

transdermal patch with a minimum

incidence of dry mouth side-effects

–

Excellent skin tolerability (few

cases of local irritation)

–

C

max

not higher than oral

ATD™

Oxybutynin Gel: Anturol™

R&D

R&D

Assets in Late Stage Clinical Development

Antares Pharma, Inc. ©

2006  Confidential

19

We are pleased with our plasma profiles.

ATD™

Oxybutynin Gel: Anturol™

–

Phase II Results

0

2

4

6

8

10

0

24

48

72

96

120

144

168

192

216

240

264

288

312

336

360

384

408

432

456

480

504

528

552

576

600

Time (Hours)

High

Intermediate

Low

Dose Proportionality OXY Average Plasma Profiles

(After Topical Application)

0

2

4

6

8

10

0

24

48

72

96

120

144

168

192

216

240

264

288

312

336

360

384

408

432

456

480

504

528

552

576

600

Time (Hours)

Low

High

Intermediate

Dose Proportionality DEO Average Plasma Profiles

(After Topical Application)

1.9

2.3

1.7

1.8

High/Low = 2.0

1.8

1.8

1.2

1.3

High/Intermediate = 1.4

1.1

1.3

1.4

1.4

Intermediate/Low = 1.4

C

max

Ratio

C

avg

Ratio

C

max

Ratio

C

avg

Ratio

DEO

OXY

Dose

Ratio

R&D

R&D

Assets in Late Stage Clinical Development

Antares Pharma, Inc. ©

2006  Confidential

20

ATD™

Oxybutynin Gel: Anturol™

–

Phase II Results

DEO and OXY C

avg

(Surrogates of Efficacy)

10.1

60.4

4.5

12.7

4.2

5.8

3.0

3.0

4.3

4.0

5.4

7.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

DITROPAN IR

tablet 15mg/d

DITROPAN XL

tablet 15mg/d

OXYTROL

patch 36mg

ANTUROL gel

low dose

ANTUROL gel

intermediate

dose

ANTUROL gel

high dose

OXY

DEO

J&J

Watson

Antares

[12]

17.2

2.8

12.7

4.5

DITROPAN XL tablet 15mg/d

[12]

70.5

6.0

68.4

10.1

DITROPAN IR tablet 15mg/d

[7]

6.8

1.3

3.8

3.0

OXYTROL patch 36mg

(delivers 3.9mg/d)

[11]

10.0

1.4

5.8

4.2

OXYTROL patch 36mg

(delivers 3.9mg/d)

[14]

12.4

1.3

7.0

5.4

ANTUROL gel high dose

[14]

8.3

0.9

4.0

4.3

ANTUROL gel interm. dose

[14]

6.0

1.0

3.0

3.0

ANTUROL gel low dose

Ref.

C

avg

DEO+OXY

[ng/ml]

C

avg

DEO/OXY

C

avg

DEO

[ng/ml]

C

avg

OXY

[ng/ml]

Product

Results

R&D Assets in Late Stage Clinical Development

The surrogates of efficacy are excellent!

Antares Pharma, Inc. ©

2006  Confidential

21

ATD™

Oxybutynin Gel: Anturol™

–

Market Positioning

Our innovative Overactive Bladder

product will have…

Fast onset of therapeutic activity

Decreased incidence of systemic SE

Lower incidence of local irritation

Once-daily dosing

More flexibility and discretion than patch

R&D Assets in Late Stage Clinical Development

Antares Pharma, Inc. ©

2006  Confidential

22

Easy to apply and excellent skin tolerability: anticipated

better patient compliance

Phase III trial design and dosing confirmed at the FDA

meeting

Worldwide rights controlled by Antares Pharma

US market expected to exceed $3.0 Billion in 2008

R&D Assets in Late Stage Clinical Development

Overview

Antares Pharma, Inc. ©

2006  Confidential

23

Formulation development

Completed

First PK study in human

Completed

IND filing

Completed

Phase II study and report

Completion in Jan 06

Tech-transfer

Completion in Apr 06

End of Phase II meeting

Completion in May 06

Anturol ATD™

Gel

R&D Assets in Late Stage Clinical Development

Antares Pharma, Inc. ©

2006  Confidential

24

Pharma ATD™

Partnered Products

Pre-clinical

Company not disclosed

Dermal field

Undisclosed

AP-1120

Pre-clinical work is being

finalized

Phase I  planned in 3Q

06

Company not disclosed

CNS disorder

Undisclosed

AP-1117

Phase I/II completed

BioSante (NA)

Solvay (EU)

HRT

Estradiol + NETA

AP-1018

Launched

Out licensing in 10 countries

(except NA and Japan)

Boots, Pfizer, etc.

Sprains and strains

Ibuprofen

Various

Names

Phase II completed

BioSante (NA)

FSD

Testosterone

Libigel

Completed Phase III

NDA accepted in Apr. 06

BioSante (NA)

HRT

Estradiol

Bio-E-Gel

Status

Partner

Indication

Active

Name

Antares Pharma, Inc. ©

2006  Confidential

25

Rationale –

Antares’

ATD™

formulation for a combination

contraceptive product with existing active compound will allow

improved patient compliance.

The transdermal contraceptive market has been a rapidly growing

segment of the U.S. contraceptive market.  Ortho-Evra®, which was

launched in May 2002, had U.S. sales of approximately $420 million or

15% of the U.S. market in 2005.

2006 / 2007 Formulation & CTM Product Development (AIS)

Internal funding

2006 / 2007 Product Licensing (AIS, Partner)

Partnering for Phase I / II clinical programs

Pipeline Development –

Women’s Health Product

Antares Pharma, Inc. ©

2006  Confidential

26

Rationale –

Antares’

ATD™

formulation for a combination

contraceptive product with new active compound will allow

improved patient compliance.

The U.S. market was worth $2.5 billion in 2005.  While oral

contraceptives are expected to continue to dominate, product

differentiation remains key in gaining a competitive edge in the

market.

2006 Formulation & CTM Product Development (AIS)

Investment interest

2006 DMF Completion & Conduct of Phase I Program (Partner)

2007 Product Licensing (AIS, Partner)

Partnering for Phase II / III clinical programs

Co-Development -

Women’s Health Product

Antares Pharma, Inc. ©

2006  Confidential

27

J&J

22%

Sonstige

14%

Barr

11%

Wyeth

9%

Akzo Nobel

9%

Schering AG

26%

Watson

9%

2005 Global Market Share of Hormonal Contraceptives

IMS and Kalorama Estimate

Global market for contraceptives was estimated at $5.5 billion in 2005,

with Schering AG as the market leader.

Market Situation -

Women’s Health Products

Antares Pharma, Inc. ©

2006  Confidential

28

Rationale –

Antares’

ATD™

formulation demonstrates lowest

effective dose and therapy of choice in treating postmenopausal

symptoms.

The U.S. and European estradiol market, in treating hot flashes and

vaginal atrophy, is worth $1.4 billion.  Approximately 54% of patients

using oral products prefer transdermal gel.

2006 NDA Filed (February) & Accepted (April) by FDA

Phase III completed in 485 patients

Antares Controls Product Rights Outside U.S.

EU partnering and filing targeted –

2006

EU patient population –

27 million

Pharma ATD™

Product Partnering –

Bio-E-Gel™

Antares Pharma, Inc. ©

2006  Confidential

29

Rationale –

Antares’

ATD™

formulation demonstrates  almost 240%

increase in frequency of sexual activity.

Presently no approved product in U.S. however P&G’s

Intrinsa™

patch

can provide basis for approval.

2006 Phase III Targeted by Partner

Phase II completed in 46 hysterectomized women, efficacious

Phase III clinical program design being confirmed with FDA

Antares Controls Product Rights Outside U.S.

Pharma ATD™

Product Partnering –

Libi-Gel™

Antares Pharma, Inc. ©

2006  Confidential

30

Rationale –

Antares’

ATD™

system will benefit the specific CNS

population allowing preferred dosing & elimination of first pass

metabolism.

Since being launched in the U.S., the volume of new prescriptions for

oral innovator product has quadrupled resulting in sales of $280

million in 2005, up 34% from the prior year.  Approval in Europe

for

RLS is expected before end 1H2006.

1H2006 –

Complete Feasibility & CTM Development

FTE, 4-5 months to complete feasibility

3Q2006 –

Complete Definitive Agreement

FTE, 2 months to complete pharmacokinetic

Pharma ATD™

Product Partnering –

CNS Product

Antares Pharma, Inc. ©

2006  Confidential

31

Market Situation -

CNS Product

Targeted Disease Market is Forecasted to Grow to $3.3 Billion.

Antares Pharma, Inc. ©

2006  Confidential

32

Rationale for AP-1002 –

Antares’

ATD™

system will benefit anxiety

/ phobia population allowing once daily dosing & elimination of

first pass metabolism.

Consistent and potentially lower dose release of alprazolam

throughout the day, offering patients who suffer from anxiety and

panic attacks a safer and more effective alternative.

2H2006 –

Final Design of Formulation & CTM

4-6 months to complete formulation

3Q2006 –

Identify Co-Development Partner

Upfront, FTE, milestones, royalty

Pipeline Development –

CNS Product

Antares Pharma, Inc. ©

2006  Confidential

33

U.S. Benzodiazepine Market was approximately $600 million in 2004

Diazepam

14%

Lorazepam

20%

Clonazepam

16%

Temazepam

10%

Alprazolam

40%

Market Situation -

CNS Product

Antares Pharma, Inc. ©

2006  Confidential

34

Pharma ATD™

Pharma ATD™

Preclinical Pipeline

Preclinical Pipeline

Expired

Market: $1.6 Bil

Oncology

AP-1077

Expired

Total soft-tissue injury market: $2.5

Bil

Rheumatology

AP-1100

Expired

Market: $2.3 Bil

16% market share

Oncology

AP-1121

Expired

~5% of prescriptions for its main

indication

CNS

AP-1041

Market: > $2 Bil

Market: $2.2 Bil

Antihypertensive: $30 Bil

NRT market: $2 Bil

Growing market >1 Bil

Global Market

Feb. 2014

CNS

AP-1088

March 2011

CNS

AP-1126

Expired

Cardiovascular

AP-1095

Expired

Smoking cessation

AP-1124

Expired

CNS

AP-1006

Patent

Indication

Active

Antares Pharma, Inc. ©

2006  Confidential

35

Pharma Easy Tec™

Tablet Product

Formulation development

Completed

In vitro dissolution test on final prototype

Completed  April 06

Manufacturing Tech-transfer

Completed  April 06

AP-159 ODT Accomplishments

Antares Pharma, Inc. ©

2006  Confidential

36

Pharma Achievements

Pharma Achievements

Continued to develop new intellectual property for both oral and

transdermal

platforms.

Focused on reduced side-effects while providing discrete and passive delivery.

Researched

and

selected

a

pipeline

of

molecules

with

“blockbuster”

potential for

clinical

development

and

partnering

(high

volume

and

unsatisfied

or unmet

needs).

Created value by progressing products into Phase II/III, then partnering.

Continued to develop the number of value-added partnerships from co-

development to out-licensing collaborations.

Summary of Development Achievements

Antares Pharma, Inc. ©

2006  Confidential

37

Summary of Objectives

Initiation of Phase III clinical study for Anturol ATD™

gel

File ANDA for AP-159 Easy Tec™

tablet

Identify ex-U.S. partner for Bio-E-Gel

Initiation of Phase I for AP-1117

Initiation of Phase I program(s) currently in pre-clinical phase

New co-development program(s) to be executed

Pharma Business Objectives 2006

Strictly Confidential