Issuer:

Antares Pharma, Inc., a Delaware corporation (“we,” “us,” or the “Company”).

Securities Offered:

Up to 10,625,000 units (the “Units”), for a maximum aggregate purchase price of $8,500,000, each consisting of an aggregate of (i) one share (the “Shares”) of the Company’s common stock, $0.01 par value per share (the “Common Stock”), and (ii) a warrant to purchase 0.4 of a share of Common Stock (the “Warrants”, and together with the Shares, the “Securities”) (the “Offering”).

Warrants:

The exercise price of the Warrants shall be $1.00 per share. The Warrants are exercisable beginning any time on or after the date six months following the Closing Date (as defined below) and expire on the fifth anniversary of the Closing Date.

Purchase Price:

$0.80 per Unit

Use of Proceeds to Company:

We intend to use the net proceeds from this Offering for general corporate purposes.

Subscription and Closing Date:

We and each investor participating in the Offering (each an “Investor” and collectively the “Investors”) will execute a Subscription Agreement.

It is expected that the closing of the Offering will occur, and the Securities will be issued to the Investors and funds paid to us therefor, on or about July 29, 2009 (the “Closing Date”).

Risk Factors:

The Securities offered involve a high degree of risk. See the disclosure relating to the risks affecting us set forth in the base prospectus included in the registration statement relating to this Offering and the documents filed by the Company with the SEC under the Securities Exchange Act of 1934, as amended.

NYSE Amex Symbol:

AIS

Confidential Information:

The recipient of this Term Sheet agrees with the Company, Cowen and Company, LLC, Oppenheimer & Co., Inc. and Ladenburg Thalmann & Co. Inc. to maintain in confidence this disclosed information, together with any other non-public information regarding the Company obtained from the Company, Cowen and Company, LLC, Oppenheimer & Co., Inc. and Ladenburg Thalmann & Co. Inc. or their agents during the course of the proposed Offering, and to comply with the recipient’s obligations under U.S. and state securities laws.

Placement Agents:

The Company has engaged Cowen and Company, LLC to act as lead placement agent and Oppenheimer & Co., Inc. and Ladenburg Thalmann & Co. Inc. to act as co-placement agents in connection with the Offering. The placement agents will receive an aggregate amount equal to $0.056 per Unit sold in the Offering.