Dawson James Securities Upgrades Antares Pharma to Strong Buy With $4.00 Price Target

BOCA RATON, Fla., March 16 /PRNewswire/ -- Dawson James Securities, a full-service investment firm covering the healthcare and biotechnology industry, issued an upgrade report raising their investment recommendation for Antares Pharma to Strong Buy and reiterated the 12-18 month price target of $4.00. Stephen M. Dunn, Director of Research, issued the report.

The upgrade report titled "Antares starting to Gel" states that FDA approval for Bio-E-Gel is expected in Q4 2006 by Antares Pharma development partner Biosante Pharmaceuticals , who recently filed the NDA. In addition, based on the recent strong Phase II results for Anturol in overactive bladder syndrome patients, Antares Pharma expects to begin Phase III in Q3 2006 under 505(b)(2) rules.

Finally, the upgrade report describes Antares Pharma's intention to file an IND in H1 2006 for AP-1081, a contraceptive gel formulation of Johnson & Johnson's Ortho-McNeil ORTHO EVRA patch. The report notes the recent FDA warning that the patch delivers 60% more estrogen than a birth control pill, which potentially increases risk of stroke. The analyst believes Antares Pharma's AP-1081 gel bioavailability curve is significantly different from the patch and could capture a significant portion of the non-pill market.

For a copy of the report, contact the Dawson James Institutional Sales Desk at 561-208-2952

About Dawson James Securities: Dawson James Securities is a full-service investment firm with deep expertise in healthcare and biotechnology and having a staff of over 50 investment professionals providing institutional research, investment banking and high net worth services to our clients. More information is available at http://www.dawsonjames.com/

Disclosures: The analyst certifies that 1) all of the views expressed in the report accurately reflect his personal views about any and all of the subject securities or issuers discussed; and 2) no part of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in the research report; and 3) the analyst responsible for preparing this research report receives compensation based upon various factors, including total revenues of Dawson James and its affiliates, a portion of which is generated by investment banking activities.

Neither the research analyst whose name appears on this report nor any member of his household is an officer, director or advisory board member of the company. The analyst whose name appears on the research report and/or members of their immediate family own warrants for the common stock of the company.

Dawson James has received investment banking compensation from the company mentioned in the report and actively seeks compensation for investment banking services in the future. Dawson James has received non-investment banking compensation in the previous 12 months. Dawson James does not make a market in this security.

As of March 16, 2006, Dawson James Securities does not beneficially own 1% or more of any class of common equity securities of Antares Pharma. The Firm and/or its directors and employees may own securities of the company(s) in this report and may increase or decrease holdings in the future.

The above information is not intended to be used as a primary basis of investment decisions. It is not a representation by Dawson James Securities Inc. or an offer or the solicitation of an offer to buy any security. Before investing in Antares Pharma, you should carefully consider your risk tolerance and financial objectives.

Contact: Stephen M. Dunn Director of Research Dawson James Securities http://www.dawsonjames.com/ Phone: 561-391-5555 Fax: 561-391-57

Dawson James Securities is a member of the National Association of Securities Dealers, CRD number 130645