EWING, N.J. -- Shares of Antares Pharma Inc. fell more than 9 percent in after-hours trading Tuesday after the drugmaker said it plans to sell more of its stock.
The company did not say how many shares it might sell and it did not set a price for the shares. Proceeds from the sale will be used to fund development of its Vibex QST gel, an experimental treatment for low testosterone in men, and the Medi-Jet injection system that is designed to deliver Vibex as a treatment for rheumatoid arthritis. The company makes self-injectable drugs.
Antares had 109.7 million shares on the market as of Sept. 30.
The company also said Tuesday that it received a $750,000 milestone payment from its partner Pfizer Inc.
Antares said the payment was related to the development of an undisclosed consumer health care product. In December 2011 Antares licensed drug delivery technology to Pfizer. Pfizer agreed to give Antares an upfront payment and milestone payments related to development and sales of the product, as well as royalties on any sales made in the first three years after product approval.
Shares of Antares Pharma fell 41 cents, or 9.3 percent, to $3.99 in aftermarket trading.