Form of Common Stock Purchase Warrant



 Exhibit 4.7 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER EITHER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE
DISTRIBUTED FOR VALUE UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND SUCH LAWS COVERING SUCH SECURITIES, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY STATING THAT SUCH SALE, TRANSFER,
ASSIGNMENT, OFFER, PLEDGE OR OTHER DISTRIBUTION FOR VALUE IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND SUCH LAWS. 
 FORM OF WARRANT 
 TO PURCHASE
             SHARES OF COMMON STOCK 
 OF 
 Antares Pharma, Inc. 
 THIS CERTIFIES
THAT, for good and valuable consideration,              (the “Agent”), or its registered assigns, is entitled to subscribe for and purchase from Antares Pharma, Inc., a
Minnesota corporation (the “Company”), at any time after the date hereof up to and including 5:00 p.m. Exton, Pennsylvania time on             
            ,              (the “Expiration Date”)
             fully paid and nonassessable shares of Common Stock, par value $.01, of the Company at a price of
$             per share (the “Warrant Exercise Price”), subject to the antidilution provisions of this Warrant. The shares which may be acquired upon exercise of this
Warrant are referred to herein as the “Warrant Shares.” As used herein, the term “Holder” means the Agent, any party who acquires all or a part of this Warrant as a registered transferee of the Agent, or any record holder or
holders of the Warrant Shares issued upon exercise, whether in whole or in part, of the Warrant. 
 This Warrant is subject to the following
provisions, terms and conditions: 
 1. Exercise: Transferability. 
 (a) Subject to the provisions of Section 3 hereof, the rights represented by this Warrant may be exercised by the Holder hereof, in whole or in part
(but not as to a fractional share of Common Stock), by written notice of exercise (in the form attached hereto) delivered to the Company at the principal office of the Company prior to the Expiration Date and accompanied or preceded by the surrender
of this Warrant along with a check in payment of the Warrant Exercise Price for such shares. 
 (b) This Warrant is immediately assignable,
notwithstanding anything herein to the contrary, to officers, directors, employees, registered representatives and sub-agents of Brown Simpson Asset Management, LLC. Each successive holder of this Warrant, or of any portion of the rights represented
thereby, shall be bound by the terms and conditions set forth herein. 









 (c) Notwithstanding anything herein to the contrary, in no event shall the Holder be entitled to exercise
any portion of this Warrant in excess of that portion of this Warrant upon exercise of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its Affiliates (other than shares of Common Stock which may be
deemed beneficially owned through the ownership of the unexercised portion of the Warrant or the unexercised or unconverted portion of any other security of the Holder subject to a limitation on conversion analogous to the limitations contained
herein) and (2) the number of shares of Common Stock issuable upon the exercise of the portion of this Warrant with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its
Affiliates of more than 9.99% of the then outstanding shares of Common Stock. As used herein, the term “Affiliate” means any person or entity that, directly or indirectly through one or more intermediaries, controls or is controlled by or
is under common control with a person or entity, as such terms are used in and construed under Rule 144 under the Securities Act. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in
accordance with Section B(d) of the Securities Exchange Act of 1934, as amended, and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso. The Holder may waive the limitations set forth herein by sixty-one
(61) days written notice to the Company. 
 2. Exchange and Replacement. Subject to Sections 1 and 7 hereof, this Warrant is
exchangeable upon the surrender hereof by the Holder to the Company at its office for new Warrants of like tenor and date representing in the aggregate the right to purchase the number of Warrant Shares purchasable hereunder, each of such new
Warrants to represent the right to purchase such number of Warrant Shares (not to exceed the aggregate total number purchasable hereunder) as shall be designated by the Holder at the time of such surrender. Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction, or mutilation of this Warrant, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon surrender and cancellation of this Warrant, if
mutilated, the Company will make and deliver a new Warrant of like tenor, in lieu of this Warrant; provided, however, that if the Agent shall be such Holder, an agreement of indemnity by such Holder shall be sufficient for all purposes of this
Section 2. This Warrant shall be promptly canceled by the Company upon the surrender hereof in connection with any exchange or replacement. The Company shall pay all expenses, taxes (other than stock transfer taxes), and other charges payable
in connection with the preparation, execution, and delivery of Warrants pursuant to this Section 2. 
 3. Issuance of the Warrant
Shares. 
 (a) The Company agrees that the Warrant Shares purchased upon the exercise hereof shall be and are deemed to be issued to the
Holder as of the close of business on the date on which this Warrant shall have been surrendered and the payment made for such Warrant Shares as aforesaid. Subject to the provisions of the next section, certificates for the Warrant Shares so
purchased shall be delivered to the Holder within a reasonable time, not exceeding fifteen (15) days after the rights represented by this Warrant shall have been so exercised, and, unless this Warrant has expired, a new Warrant representing the
right to purchase the number of Warrant Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be delivered to the Holder within such time. 
 (b) Notwithstanding the foregoing, however, the Company shall not be required to deliver any certificate for Warrant Shares upon exercise of this Warrant
except in accordance with exemptions from the applicable securities registration requirements or registrations under applicable securities laws. Such Holder shall 










 
also provide the Company with written representations from the Holder and the proposed transferee satisfactory to the Company regarding the transfer or, at
the election of the Company, an opinion of counsel reasonably satisfactory to the Company to the effect that the proposed transfer of this Warrant or disposition of shares may be effected without registration or qualification (under any Federal or
State law) of this Warrant or the Warrant Shares. Upon receipt of such written notice and either such representations or opinion by the Company, such Holder shall be entitled to transfer this Warrant, or to exercise this Warrant in accordance with
its terms and dispose of the Warrant Shares, all in accordance with the terms of the notice delivered by such Holder to the Company, provided that an appropriate legend, if any, respecting the aforesaid restrictions on transfer and disposition may
be endorsed on this Warrant or the certificates for the Warrant Shares. Nothing herein, however, shall obligate the Company to effect registration under federal or state securities laws. If a registration is not in effect and if an exemption is not
available when the Holder seeks to exercise the Warrant, the Warrant exercise period will be extended, if need be, to prevent the Warrant from expiring, until such time as either registration become effective or an exemption is available, and the
Warrant shall then remain exercisable for a period of at least thirty (30) calendar days from the date the Company delivers to the Holder written notice of the availability of such registration or exemption. The Holder agrees to execute such
documents and make such representations, warranties, and agreements as may be required solely to comply with the exemption relied upon by the Company, or the registration made, for the issuance of the Warrant Shares. 
 4. Covenants of the Company. The Company covenants and agrees that all Warrant Shares will, upon issuance, be duly authorized and issued, fully
paid, nonassessable, and free from all taxes, liens, and charges with respect to the issue thereof except for all taxes, liens and charges imposed by the Holder. The Company further covenants and agrees that during the period within which the rights
represented by this Warrant may be exercised, the Company will at all times have authorized and reserved for the purpose of issue or transfer upon exercise of the subscription rights evidenced by this Warrant a sufficient number of shares of Common
Stock to provide for the exercise of the rights represented by this Warrant. 
 5. Antidilution Adjustment. The provisions of this
Warrant are subject to adjustment as provided in this Section 5. 
 (a) The Warrant Exercise Price shall be adjusted from time to time
such that in case the Company shall hereafter: 
  

	 	(i)	pay any dividends on any class of stock of the Company payable in shares of the Company’s common stock or securities convertible into the Company’s Common Stock;


  

	 	(ii)	subdivide its then outstanding shares of Common Stock into a greater number of shares; or 

  

	 	(iii)	combine outstanding shares of Common Stock, by reclassification or otherwise; 

 then, in any such event, the Warrant Exercise Price in effect immediately prior to such event shall (until adjusted again pursuant hereto) be adjusted immediately after such event to a price (calculated to the nearest full cent) determined
by dividing (a) the number of shares of Common Stock outstanding immediately prior to such event, multiplied by the then existing Warrant Exercise Price, by (b) the total number of shares of Common Stock outstanding immediately after such
event (including the maximum number of shares of Common Stock issuable in respect of any securities convertible into Common Stock), and the resulting quotient shall be the adjusted Warrant 










 
Exercise Price per share. An adjustment made pursuant to this Subsection shall become effective immediately after the record date in the case of a dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. If, as a result of an adjustment made pursuant to this Subsection, the Holder of any Warrant thereafter
surrendered for exercise shall become entitled to receive shares of two or more classes of capital stock and other capital stock of the Company, the Board of Directors (whose determination shall be conclusive) shall reasonably determine the
allocation of the adjusted Warrant Exercise Price between or among shares of such classes of capital stock and other capital stock. All calculations under this Subsection shall be made to the nearest cent or to the nearest 1/100 of a share, as the
case may be. In the event that at any time as a result of an adjustment made pursuant to this Subsection, the Holder of any Warrant thereafter surrendered for exercise shall become entitled to receive any shares of the Company, thereafter the
Warrant Exercise Price of such other shares so receivable upon exercise of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions contained in this Section 5.

 (b) Upon each adjustment of the Warrant Exercise Price pursuant to Section 5(a) above, the Holder of each Warrant shall thereafter
(until another such adjustment) be entitled to purchase at the adjusted Warrant Exercise Price the number of shares, calculated to the nearest full share, obtained by multiplying the number of shares specified in such Warrant (as adjusted as a
result of all adjustments in the Warrant Exercise Price in effect prior to such adjustment) by the Warrant Exercise Price in effect prior to such adjustment and dividing the product so obtained by the adjusted Warrant Exercise Price. 
 (c) In case of any consolidation or merger to which the Company is a party other than a merger or consolidation in which the Company is the continuing
corporation, or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an entirety, or in the case of any statutory exchange of securities with another corporation (including any
exchange effected in connection with a merger of a third corporation into the Company), there shall be no adjustment under Subsection (a) of this Section but the Holder of each Warrant then outstanding shall have the right thereafter to convert
such Warrant into the kind and amount of shares of stock and other securities and property which such Holder would have owned or have been entitled to receive immediately after such consolidation, merger, statutory exchange, sale, or conveyance had
such Warrant been converted immediately prior to the effective date of such consolidation, merger, statutory exchange, sale, or conveyance and in any such case, if necessary, appropriate adjustment shall be made in the application of the provisions
set forth in this Section with respect to the rights and interests thereafter of any Holders of the Warrant, to the end that the provisions set forth in this Section shall thereafter correspondingly be made applicable, as nearly as may reasonably
be, in relation to any shares of stock and other securities and property thereafter deliverable on the exercise of the Warrant. The provisions of this Subsection shall similarly apply to successive consolidations, mergers, statutory exchanges, sales
or conveyances. 
 (d) Upon any adjustment of the Warrant Exercise Price, then and in each such case, the Company shall within ten
(10) days after the date when the circumstances giving rise to the adjustment occurred give written notice thereof, by first-class mail, postage prepaid, addressed to the Holder as shown on the books of the Company, which notice shall state the
Warrant Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of shares of Common Stock purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based. 
 6. No Voting Rights. This Warrant shall not entitle the Holder to
any voting rights or other rights as a shareholder of the Company. 









 7. Notice of Transfer of Warrant or Resale of the Warrant Shares. 
 (a) Subject to the sale, assignment, hypothecation, or other transfer restrictions set forth in Section 1 hereof, the Holder, by acceptance hereof,
agrees to give written notice to the Company before transferring this Warrant or transferring any Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly upon receiving such written
notice, the Company shall present copies thereof to the Company’s counsel and to counsel to the original purchaser of this Warrant. If in the opinion of each such counsel the proposed transfer may be effected without registration or
qualification (under any federal or state securities laws), the Company, as promptly as practicable, shall notify the Holder of such opinion, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of Warrant Shares received
upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by the Holder to the Company; provided that an appropriate legend may be endorsed on this Warrant or the certificates for such Warrant Shares
respecting restrictions upon transfer thereof necessary or advisable in the opinion of counsel to the Company and satisfactory to the Company to prevent further transfers which would be in violation of Section 5 of the Securities Act of 1933,
as amended (the “1933 Act”), and applicable state securities laws; and provided further that the Holder and prospective transferee or purchaser shall execute such documents and make such representations, warranties, and agreements as may
be required solely to comply with the exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares. 
 (b) If in the opinion of either of the counsel referred to in this Section 7, the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant to this Section 7 may not be
effected without registration or qualification of this Warrant or such Warrant Shares the Company shall promptly give written notice thereof to the Holder, and the Holder will limit its activities in respect to such as, in the opinion of both such
counsel, are permitted by law. 
 8. Fractional Shares. Fractional shares shall not be issued upon the exercise of this Warrant, but
in any case where the Holder would, except for the provisions of this Section, be entitled under the terms hereof to receive a fractional share, the Company shall, upon the exercise of this Warrant for the largest number of whole shares then called
for, pay a sum in cash equal to the sum of (a) the excess, if any, of the Fair Market Value (as defined in Section l0(d)) of such fractional share over the proportional part of the Warrant Exercise Price represented by such fractional share,
plus (b) the proportional part of the Warrant Exercise Price represented by such fractional share. 
 9. Miscellaneous. Whenever
reference is made herein to the issue or sale of shares of Common Stock, the term “Common Stock” shall include any stock of any class of the Company other than preferred stock with a fixed limit on dividends and a fixed amount payable in
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company. 
 The Company will not, by amendment of its
Articles of Incorporation or through reorganization, consolidation, merger, dissolution or sale of assets, or by any other voluntary act or deed, avoid or seek to avoid the observance or performance of any of the covenants, stipulations or
conditions to be observed or performed hereunder by the Company, but will, at all times in good faith, assist, insofar as it is able, in the carrying out of all provisions hereof and in the taking of all other action which may be necessary in order
to protect the rights of the Holder hereof against dilution. 









 Upon request of the Agent, the Company shall provide Agent with detailed quarterly and annual financial
statements as soon as available, in a form reasonably satisfactory to Agent, as well as any other documents as Agent or its counsel may reasonably request in a form satisfactory to Agent, so long as this Warrant or any Warrant Shares are outstanding
and unregistered. 
 The representations, warranties and agreements herein contained shall survive the exercise of this Warrant. References
to the “holder of” include the immediate holder of shares purchased on the exercise of this Warrant, and the word “holder” shall include the plural thereof. This Warrant shall be interpreted under the laws of the State of
Minnesota. 
 All shares of Common Stock or other securities issued upon the exercise of the Warrant shall be validly issued, fully paid and
non-assessable, and the Company will pay all taxes due and payable by the issuer in respect of the issuance thereof. 
 Notwithstanding
anything contained herein to the contrary, the holder of this Warrant shall not be deemed a shareholder of the Company for any purpose whatsoever until and unless this Warrant is duly exercised. 
 Neither this Warrant nor any term hereof may be changed, waived, discharged or terminated orally but only by an instrument in writing signed by the part
against which enforcement of the change, waiver, discharge or termination is sought. 
 IN WITNESS WHEREOF, Antares Pharma, Inc. has caused
this Warrant to be signed by its duly authorized officer and this Warrant to be dated                          ,
            . 
  

			
	ANTARES PHARMA, INC.
		
	By:	 	  











 To: Antares Pharma, Inc. 
  

			
	NOTICE OF EXERCISE OF WARRANT -	 	To Be Executed by the Registered Holder in Order to Exercise the Warrant

 The undersigned hereby irrevocably elects to exercise the attached Warrant to purchase for cash,
                     of the shares issuable upon the exercise of such Warrant, and requests that certificates for such shares (together with a
new Warrant to purchase the number of shares, if any, with respect to which this Warrant is not exercised) shall be issued in the name of 
  

									
				
		 		 		 	  
		 		 		 		 	 (Print Name)

				
	 Please insert social security
 or other identifying number
 of registered Holder of
 certificate
(                    )
	 		 		 	Address:
				
		 		 		 	  
				
		 		 		 	  
				
	Dated:                     	 		 		 	  
		 		 		 		 	Signature*

  

	*	The signature on the Notice of Exercise of Warrant must correspond to the name as written upon the face of the Warrant in every particular without alteration or enlargement or any
change whatsoever. When signing on behalf of a corporation, partnership, trust or other entity, PLEASE indicate your position(s) and title(s) with such entity. 










 ASSIGNMENT FORM 
 To be signed only upon authorized transfer of Warrants. 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto                      the right
to purchase the securities of Antares Pharma, Inc. to which the within Warrant relates and appoints                      attorney, To transfer
said right on the books of Antares Pharma, Inc. with full power of substitution in the premises. 
  

					
			
	Dated: ____________________	 		 	   
		 		 	(Signature)
			
		 		 	Address:
			
	 	 		 	   
			
	 	 		 	   










 Related Schedule of Holders and Other Terms 
  

												
	 Holder
	  	Date Issued	  	Expiration	  	Exercise
Price	  	Number of
Warrants	  	 
	 Sabbatical Ventures, LLC
	  	11/29/05	  	11/28/08	  	$	1.35	  	50,000	  	
	 Sabbatical Ventures, LLC
	  	10/15/03	  	10/14/06	  	$	1.82	  	83,333	  	
		  		  		  			  	 	  	
		  		  		  			  	133,333	  	
		  		  		  			  	 	  	
	 David C. Cavalier
	  	11/29/05	  	11/28/08	  	$	1.35	  	50,000	  	
	 David C. Cavalier
	  	10/15/03	  	10/14/06	  	$	1.82	  	83,333	  	
	 David C. Cavalier
	  	1/15/0004	  	01/14/07	  	$	1.10	  	83,333	  	
		  		  		  			  	 	  	
		  		  		  			  	216,666	  	
		  		  		  			  	 	  	
	 Alfred Mansour
	  	10/15/03	  	10/14/06	  	$	1.82	  	25,000	  	
	 Alfred Mansour
	  	1/15/04	  	01/14/07	  	$	1.10	  	25,000	  	
		  		  		  			  	 	  	
		  		  		  			  	50,000	  	
		  		  		  			  	 	  	
	 Alan Tuchman
	  	10/15/03	  	10/14/06	  	$	1.82	  	25,000	  	
	 Alan Tuchman
	  	1/15/04	  	01/14/07	  	$	1.10	  	25,000	  	
		  		  		  			  	 	  	
		  		  		  			  	50,000	  	
		  		  		  			  	 	  	
	 Richard Burgoon
	  	10/15/03	  	10/14/06	  	$	1.82	  	25,000	  	
	 Richard Burgoon
	  	1/15/04	  	01/14/07	  	$	1.10	  	25,000	  	
		  		  		  			  	 	  	
		  		  		  			  	50,000	  	
		  		  		  			  	 	  	
	 Anne K. Abramczyk
	  	11/29/05	  	11/28/08	  	$	1.35	  	5,000	  	
	 Anne K. Abramczyk
	  	10/15/03	  	10/14/06	  	$	1.82	  	8,334	  	
	 Anne K. Abramczyk
	  	1/15/04	  	01/14/07	  	$	1.10	  	8,334	  	
		  		  		  			  	 	  	
		  		  		  			  	21,668	  	
		  		  		  			  	 	  	
						
		  		  		  			  		  	Purchased from
Sabbatical Ventures,
LLC
	 Crestview Capital Master,L.L.C.
	  	1/15/04	  	1/14/2007	  	$	1.10	  	83,333	  	
	 Barry M. Pearl
	  	6/22/04	  	6/22/2009	  	$	1.00	  	80,000	  	
	 Neovest Trading, Inc.
	  	6/22/04	  	6/22/2009	  	$	1.00	  	20,000	  	
		  		  		  			  	 	  	
	 Total
	  		  		  			  	705,000