1 . Description of Business Antares Pharma, Inc. (the  Company  or  Antares ) is an emerging pharma company that focuses on self-injection pharmaceutical products and technologies and topical gel-based products. The Company s subcutaneous and intramuscular injection technology platforms include VIBEX" disposable pressure-assisted auto injectors, Vision" reusable needle-free injectors, and disposable multi-use pen injectors. In the injector area, the Company has licensed its reusable needle-free injection device for use with human growth hormone ( hGH ) to Teva Pharmaceutical Industries, Ltd. ( Teva ), Ferring Pharmaceuticals BV ( Ferring ) and JCR Pharmaceuticals Co., Ltd. ( JCR ), with Teva and Ferring being the Company s two primary customers. The Company s needle-free injection device is used by Teva with the Tjet ® injector system to administer their 5mg Tev-Tropin ® brand hGH marketed in the U.S. and the Company s needle-free injection device is used by Ferring with their 4mg and 10mg hGH formulations marketed as Zomajet ® 2 Vision and Zomajet ® Vision X, respectively, in Europe and Asia. The Company has also licensed both disposable auto and pen injection devices to Teva for use in certain fields and territories and is engaged in product development activities for Teva utilizing these devices. The Company is currently developing commercial tooling and automation equipment for Teva related to a fixed, single-dose, disposable injector product containing epinephrine using the Company s VIBEX" auto injector platform. In addition to development of products with partners, in August 2011, the Company announced positive results from a clinical study evaluating its proprietary VIBEX" MTX methotrexate injection system being developed for the treatment of rheumatoid arthritis. The Company also continues to support existing customers of its reusable needle-free devices for the administration of insulin in the U.S. market through distributors. In the gel-based area, the Company received notice from the U.S. Food and Dru