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ANTARES PHARMA

Paul K. Wotton Ph.D. President and Chief Executive Officer

NASDAQ: ATRS

COWEN & COMPANY 34th ANNUAL HEALTH CARE CONFERENCE

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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 anticipated operating losses,

uncertainties associated with research, development, testing and related regulatory approvals, unproven markets, future

capital needs and uncertainty of additional financing, competition, uncertainties associated with intellectual property,

complex manufacturing, high quality requirements, dependence on third-party manufacturers, suppliers and

collaborators, lack of sales and marketing experience, loss of key personnel, uncertainties associated with market

acceptance and adequacy of reimbursement, technological change, and government regulation. For a more detailed

description of the risk factors associated with the Company, please refer to the Company’s periodic reports filed with the

U.S. Securities and Exchange Commission from time to time, including its Annual Report on Form 10-K for the year

ended December 31, 2012. Undue reliance should not be placed on any forward-looking statements, which speak only

as of the date of this presentation. The Company undertakes no obligation to update any forward-looking information

contained in this presentation.

Safe Harbor Statement

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Antares Mission:

To develop and commercialize self-administered parenteral

medicines that optimize clinical benefits with enhanced cost

effective health outcomes

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Overview of Recent Events

PIPELINE UPDATE

• Launched OTREXUP™ for the treatment of RA, Psoriasis and JRA.

• Completed a clinical study evaluating testosterone enanthate administered weekly by subcutaneous injection in testosterone deficient adult

males using the VIBEX® Quick Shot™ auto injector device. Enrolment was completed 11/12/13, audited results reported February 20th.

BUSINESS DEVELOPMENT

• Entered into an exclusive U.S. collaboration agreement with LEO Pharma for OTREXUP™ in Dermatology. LEO launched for the psoriasis

indication on March 3rd.

CORPORATE

• Elected Marvin Samson and Robert P Roche Jr. to the Board of Directors.

• Appointed Dr. Bruce Freundlich as Senior Vice President, Medical. Dr. Freundlich’s experience both in industry and academia as a practicing

and highly regarded rheumatologist will be valuable as we commercialize OTREXUP™.

• Expanded management team - Appointed David H. Bergstrom Ph.D. Senior Vice President Pharmaceutical Development. Dr. Bergstrom has

worked on multiple FDA approved products including 505B2 drug/device combination programs.

• Good cash position - Ended the quarter with $70.0 million in cash and investments and no debt.

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ANTARES PHARMA

DEVICE/GEL SALES

• Royalties

• Royalties from partnered

products

• Elestrin®

• Gelnique™

• TevTropin®

DEVICE BUSINESS

• Teva Partnership

• Pfizer Partnership

• Potential Future Partners

PRODUCT BUSINESS

• OTREXUP™

• LEO Derm Partnership

PIPELINE ENGINE

• QS T 2016

• QS M 2017

• Others TBD

Antares Business Structure

Partnerships Antares Commercial Business

L E O

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Antares Pharma – 505(b)(2) Growth Engine

Novel route of administration

Enhanced Therapeutic

Value

Novel Device Platform

Identify

unmet

patient

need

Combine

technology

with known

molecules

Specialty Target

Segment with

Differentiated

Products

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Powerful Engine and Disciplined Process for Creating Novel Products

~200

Compounds

Screened

>60

Feasible

Candidates

OTREXUP™

~30

Interesting

Evaluation Criteria • Clinical and Patient Benefits

• Health Economic Benefits

• Development Feasibility

• Commercial Attractiveness

(e.g., concentrated market)

Preliminary Assessment • Does candidate meet key

evaluation criteria?

Market and

Technical Input • Assess market acceptance of product

concept

• Determine specific requirements for

development and approval

Development Program • Formalize the development &

commercialization plan

QS T

QS M

Additional Drug

Products

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ATRS Technology Platform Built for Success Create Enhanced Products with Significant Sales Potential

Engineer Established Drugs for Clinical Advantage

Unique Technical Platform with IP Protection

NEEDLE FREE

TevTropin®

TevTropin® 10 mg

MULTI-DOSE PENS

TEVA PEN 1

TEVA PEN 2

MEDI-JET

OTREXUP™

VIBEX® QS T

VIBEX® QS M

VIBEX® Epi

VIBEX® Suma

505(b)(2) Pipeline

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Advanced Product Pipeline PRODUCT PRECLINICAL CLINICAL FILED MARKETED PARTNER APPROVED

TEVA – US

Ferring – EU

JCR – Japan

TevTropin®/

Zomajet®

Meda (US) Elestrin®

Actavis (US)

Daewoong (SK) Gelnique 3%™

TEVA Vibex™ EPI ANDA

TEVA Vibex™ Sumatriptan ANDA

TEVA Pen 1 ANDA

ANTARES (RA) OTREXUP™

TEVA Pen 2 NDA

Population Council NestraGel™ NDA

Pfizer Branded OTC Gel

Product NDA

ANTARES (TRT)

Vibex™ QS T NDA

TevTropin® 10mg TEVA – US SNDA

ANTARES (Neurology)

Vibex™ QS M NDA

Marketed Products

Pipeline Products

LEO (Psoriasis) OTREXUP™

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Auto-Injector designed, manufactured, assembled, labelled and packaged in the USA

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Otrexup™ (methotrexate) Injection for Subcutaneous Use

First and only approved MTX for SC administration available in the United States for the treatment of RA

Design and Function

• Single-use, disposable, easy to use

• Easy to grip for RA patients

• Fine-gauge needle that patients don’t see

• Lockable needle guard may prevent accidental stick

• Quick delivery speed

• Limited visibility of yellow MTX

• Full dose delivered

• Gentle audible click followed by a red indicator to confirm the injection is complete

Label provides guidance on starting dose of Otrexup

relative to the differences in bioavailability between

oral and SC MTX, but ultimately defers to clinical

expertise of treating rheumatologist to determine

appropriate initial dose for an individual patient.

OTREXUPTM (methotrexate) injection [prescribing information]. Ewing, NJ: Antares Pharma Inc; 2013.

Available in

10-, 15-, 20-, and 25-mg doses

(commonly prescribed doses)

and color-coded by dose.

10-mg dose shown.

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The RA Market has an estimated 1.4M DMARD Treated Patients*

Biologic Naive

700K Patients Biologic

590K Patients

Post Biologic

110K patients

• 420K biologic naive patients

are prescribed MTX

– 392K oral MTX

– 28K SC MTX

• 280K other DMARDS

• 280K Biologic patients are co-

prescribed MTX

– 28K SC MTX

• 56K post biologic patients are

co-prescribed MTX

– 6K SC MTX

*Decision Resources (Pharmacor) 2013. All patients numbers are estimates

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MTX is the Cornerstone of RA Therapy

• Most rheumatologists use oral MTX as first-line therapy for RA – Many patients will have a good to excellent response to MTX monotherapy

• Reasons for discontinuation of oral MTX are usually lack of efficacy or poor tolerability

• Patients who have inadequate response to oral MTX for reasons of tolerability or efficacy may continue to derive benefit from MTX via optimization with SC administration

– Improved bioavailability

– Improved efficacy

– Improved tolerability

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Otrexup: Oral MTX Exposure Plateaus ≥15 mg/week

3000

0

MTX Dose (mg)

Mean A

UC

(n

gh

/mL)

Oral MTX (n=47)

Otrexup SC MTX

Auto Injector(n=47)

2600

2200

1800

1400

1000

10 15 20 25

• Oral MTX has GI absorption

limitations

• Bioavailability following oral dosing

showed a plateau effect at doses of

15mg and greater1

• The systemic exposure of MTX from

Otrexup at doses of 10, 15, 20, and

25mg was higher than that of oral

MTX by 17, 13, 31, and 36%,

respectively1

1. OtrexupTM [prescribing information], 2013. 2. Schiff MH, et al. Arthritis Rheum. 2013; 65 (10 suppl): S337-338

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Otrexup Strategy: Create the Middle

Oral Methotrexate +/-

DMARDs

Methotrexate +/-

DMARDS, Biologics

SC

MTX

Today

End of 2014 & beyond

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The Psoriasis Market in the USA A Compelling Opportunity for Otrexup

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OTREXUP™ In Dermatology – LEO Pharma

Exclusive U.S. collaboration agreement with LEO Pharma for OTREXUP™

in dermatology

LEO is a global leader in dermatology and topical treatments for psoriasis

OTREXUP™ for psoriasis indication launched to dermatologists March 3rd

Antares will record all dermatology related product revenues

LEO will be responsible for promotion and marketing activities in

dermatology supported by a sales force of 75 representatives

LEO has proven capabilities within life-cycle management focusing on

innovative patient solutions in dermatology

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OTREXUP™Polyarticular Juvenile Arthritis

Polyarticular Juvenile Arthritis refers to a form of juvenile arthritis that causes joint

inflammation and stiffness for more than six weeks in children under 16

About 30% of all children with juvenile arthritis have polyarticular disease and girls are two

times more likely to have the disease than boys

Children with polyarticular juvenile arthritis are unlikely to outgrow the disease, therefore initial

drug therapy should be aggressive in order to control the inflammatory process and relieve

symptoms as quickly as possible

It is rare for NSAIDS alone to control the inflammatory process of polyarticular disease –

methotrexate has been recognized as the standard therapy for children with this form of

juvenile arthritis

OTREXUP™ label includes Juvenile Indication – 80% of prescriptions in this area written by

same physicians as for Adult RA

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OTREXUP™ Launch Update

• Reached almost all rheumatologist customers since launch on February 3

– Majority have indicated their intent to prescribe soon

– High demand for samples and “Step Up-Start Up” kits

– Insurance Verification and Co-Pay cards utilization popular & increasing

• Favorable position with Managed Care

– Recognize the cost offset / value proposition of OTREXUP™

– Most commercial plans now cover OTREXUP™ as a PA/ST/Tier 3 benefit

• TRx uptake steadily growing as projected and expected

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VIBEX QS Testosterone

• First testosterone auto injector for treatment of Low T

• Single use, disposable VIBEX™ QS device engineered to deliver high viscosity products through

fine (27 gauge) needle with 1 ml capacity

• Quick, easy and painless – less than 5 seconds to inject

• Once a week injection optimizes blood levels

Peak: Trough ratio reduced compared to once or twice a month administration

• Many untreated Low-T patients in the U.S. with

growing awareness

• Three-year development program to NDA –

Projected launch in 2016

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QS T Competing in Changing TRT Market

0

1

2

3

4

5

6

2008 2009 2010 2011 2012 2013

0.5 0.7

1.0

1.5

2.1

2.7 2.7

3.1 3.4

3.9

5.1 5.3

Pre

scri

pti

on

s in

Mil

lio

ns

Year Injectable Testosterone

Topical TestosteroneSource: Bloomberg/Wolters Kluwer Prescription Data

TRT Market Overview

• Injectables continue to show strong

growth - ~40% CAGR since 2008

• Antares well positioned to take

advantage of the injectables growth

segment with QuickShot™

Testosterone

• Gel market growth is slowing in 2013

due in large part to: – Switching of patients from gels to

injectables

– Significant formulary changes

– Side effect (transference) issues

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VIBEX QS T – Testosterone Replacement Therapy (TRT)

U.S. sales of testosterone replacement therapies exceeded $2.7 billion* in 2013 – ~8 million Rx’s,

growing at ~20% annually and projected to exceed $5 Billion in 2017**

Studies have shown that gel patients do not achieve adequate absorption or therapeutic

response, injection patients bear the cost and inconvenience of in-office deep intramuscular

injections every 2 to 4 weeks

Physicians surveyed believe weekly self-injection will improve patient compliance and deliver

optimized serum testosterone levels

Self contained Auto-injector avoids the transference issues seen with Gels (Black Box)

Pre-IND meeting held with FDA on 12/5/12 – clinical path forward agreed upon with agency

First patients dosed 9/16/13 – Phase 2 pharmacokinetic data released 2/20/14

2015 NDA filing on track

Expected to go to market in 2016

Sources: *Bloomberg **Global Industry Analysts

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Phase 2 (QST-13-002) Overview

• QST dosed at 50 mg and 100 mg.

• 6 weekly doses

– Cmin and C24h measured weekly

– Full PK sampling following 1st, 5th and 6th dose

– Additional 4 weeks of sampling following 6th dose

• Standard PK endpoints plus estimates supporting an approvable exposure profile in phase 3

– 29 adult males with low T and testosterone blood levels below 300 ng/dL were randomized

into two groups – one group receiving 50 mg testosterone and the other 100 mg testosterone

– At week one, both doses produced normal mean testosterone concentrations at 24 hours

post-dose, 434 ng/dL in the 50 mg group and 572 ng/dL in the 100 mg group

– During week six, the 50 mg and 100 mg groups had average plasma testosterone levels

within the normal range at 422.4 ng/dL and 895.5 ng/dL, respectively

– The study demonstrated rapid restoration and consistent maintenance of steady testosterone

blood levels with a once-weekly subcutaneous injection using the QuickShot device

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The normal range for testosterone is bracketed by QST

100 mg and 50 mg (mean +/- SEM) weeks 1- 6

To

tal p

lasm

a te

sto

ste

rone

ng

/dL

Study Hour

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Financial Overview

Cash Position

As of September 30th 2013 cash and investments of $70 million

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 total revenues $22.6 million (37% over 2011)

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Priority Goals for Next 12-18 Months

OTREXUP™ partnership – Completed

OTREXUP™ launched in Q1 2014 for RA and Psoriasis (LEO)

• VIBEX™ QS T (testosterone) will complete a Phase 3 clinical study

• VIBEX™ QS M to begin clinical studies

• Teva programs – two multi-dose pen products filed

• TevTropin® 10 mg approval and launch

• Add three more pipeline projects to drive shareholder value

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