Document:

<PAGE>

                                                                    EXHIBIT 10.2

                         REGISTRATION RIGHTS AGREEMENT
                         -----------------------------

This Registration Rights Agreement is made and entered into as of the 31st day
of January, 2001, by and among Medi-Ject Corporation, a Minnesota corporation
(the "Company") and Permatec Holding AG, a company organized in Switzerland
("Permatec").

                                   RECITALS

     A.  Permatec and the Company have entered into that certain Stock Purchase
Agreement, dated as of July 14, 2000, as amended as of October 17, 2000 and as
of November 30, 2000, (the "Purchase Agreement") by and among Medi-Ject
Corporation, Permatec Holding AG, Permatec Pharma AG, Permatec Technologie AG
and Permatec NV.

     B.  It is a condition to the transactions contemplated in the Purchase
Agreement that the Company provide the registration rights provided herein and
the parties hereto desire to provide for such rights on the terms and conditions
contained herein.

     NOW, THEREFORE, in consideration of the premises and covenants contained
herein, the parties hereto agree as follows:

1.   Defined Terms.  Unless otherwise noted, all capitalized terms used herein
     -------------
shall have the meanings afforded them in the Purchase Agreement.

2.   Registration Rights.  The Company covenants and agrees as follows:
     -------------------

     2.1  Piggyback Registration. If the Company proposes to claim an exemption
          ----------------------
under Section 3(b) for a public offering of any of its securities or to register
under the Securities Act of 1933 (the "Securities Act") (except by a claim of
exemption or registration statement on a form that does not permit the inclusion
of shares by its security holders) any of its securities, it will give written
notice to Permatec as the registered holder of shares of Common Stock of the
Company received under the Purchase Agreement (the "Shares") (Shares referred to
herein as "Registrable Stock") of its intention to do so and, on the written
request of Permatec given within twenty (20) days after receipt of any such
notice, the Company will cause all shares of Registrable Stock as to which
Permatec has requested registration, to be included in such notification or
registration statement proposed to be filed by the Company; provided, however,
that (i) the Company shall not be required to include any such shares of
Registrable Stock in any such registration if Permatec is able to sell such
Registrable Stock during the three-month period beginning on the date such
notice is received by Permatec, without restriction pursuant to Rule 144(k)
under the Securities Act; (ii) the Company shall not be required to give such
notice with respect to, or to include such Registrable Stock in, any such
registration which is primarily (A) a registration of a stock option plan or
other employee benefit plan or of securities issued or issuable pursuant to any
such plan such as a registration on Form S-8, or (B) a registration of
securities proposed to be issued in exchange for securities or assets of, or in
connection with a merger or consolidation with, another corporation such as a
registration on Form S-4; (iii) the Company may, in its sole discretion, suspend
the
<PAGE>

effectiveness of or withdraw any such registration statement and abandon the
proposed offering in which Permatec had requested to participate; and (iv) if
the offering to which the registration statement relates is to be distributed by
or through an underwriter, Permatec shall agree, as a condition to the inclusion
of its securities in such registration, to sell the securities held by such
holder through such underwriter on the same terms and conditions as the
underwriter agrees to sell securities on behalf of the Company and not to sell,
transfer, pledge, assign or otherwise dispose of any shares of Common Stock not
sold by Permatec in such offering for such period (up to (180) days after the
effective date of the registration statement) as may be required by the
underwriter.

     2.2  Registration - General Provisions.  In connection with the
          ---------------------------------
registration of the Registrable Stock under the Securities Act, the Company
will:

          (a) prepare and file with the Commission a registration statement with
respect to such securities and use its best efforts to cause such registration
statement to become effective as soon as possible after the date it is filed and
keep the prospectus which is a part of such registration statement current until
the earlier of the date on which: (i) all such shares have been sold, or (ii) 90
days after the date it is declared effective by the Commission (the
"Effectiveness Period");

          (b) prepare and file with the Commission such amendments to such
registration statement and supplements to the prospectus contained therein as
may be necessary to keep such registration statement effective for the
Effectiveness Period referred to in Section 2.2(a) above;

          (c) at the request of Permatec, provide Permatec's legal counsel with
reasonable opportunities to review and comment on, and otherwise participate in,
the preparation of such registration statement;

          (d) furnish to Permatec and to the underwriters of the securities
being registered, if any, such reasonable number of copies of the registration
statement, preliminary prospectus, final prospectus and such other documents as
Permatec and the underwriters may reasonably request in order to facilitate the
public offering of such securities;

          (e) use its best efforts to register or qualify the securities covered
by such registration statement under such state securities or blue sky laws of
such jurisdictions as Permatec may reasonably request in writing within 30 days
following the original filing of such registration statement, except that the
Company shall not for any purpose be required to execute a general consent to
service of process (which shall not include a "Uniform Consent to Service of
Process" or other similar consent to service of process which relates only to
actions or proceedings arising out of or in connection with the sale of
securities, or out of a violation of the laws of the jurisdiction requesting
such consent) or to qualify to do business as a foreign corporation in any
jurisdiction wherein it is not so qualified;

          (f) notify Permatec, promptly after it shall receive notice thereof,
of the time when such registration statement has become effective or a
supplement to any prospectus forming a part of such registration statement has
been filed with the Commission;

                                       2
<PAGE>

         (g) notify Permatec promptly of any request by the Commission for the
amending or supplementing of such registration statement or prospectus or for
additional information;

         (h) provide Permatec with customary opinions and accountants' cold
comfort letter;

         (i) prepare and file with the Commission, promptly upon the request of
Permatec, any amendments or supplements to such registration statement or
prospectus which, in the opinion of Permatec's legal counsel, if any (and
concurred in by counsel for the Company), is required under the Securities Act
or the rules and regulations promulgated thereunder in connection with the
distribution of the shares of the Company's common stock by Permatec;

         (j) prepare and promptly file with the Commission and promptly notify
Permatec of the filing of such amendment or supplement to such registration
statement or prospectus as may be necessary to correct any statements or
omissions if, at the time when a prospectus relating to such securities is
required to be delivered under the Securities Act, any event shall have occurred
as the result of which any such prospectus or any other prospectus as then in
effect would include an untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the
circumstances in which they were made, not misleading; and

         (k) advise Permatec, and Permatec's legal counsel, if any, promptly
after it shall receive notice or obtain knowledge thereof, of the issuance of
any stop order by the Commission suspending the effectiveness of such
registration statement or the initiation or threatening of any proceeding for
that purpose and promptly use its best efforts to prevent the issuance of any
stop order or to obtain its withdrawal if such stop order should be issued.

    2.3  Registration Expenses.  The Company shall pay all Registration
         ---------------------
Expenses (as defined below) in connection with the inclusion of shares of the
Company's common stock in any registration statement, or application to register
or qualify such shares under state securities laws, filed by the Company
hereunder, other than as set forth herein. For purposes of this Agreement, the
term "Registration Expenses" means the filing fees payable to the Commission,
any state agency and the NASD; the fees and expenses of the Company's legal
counsel and independent certified public accountants in connection with the
preparation and filing of the registration statement (and all amendments and
supplements thereto) with the Commission; and all expenses relating to the
printing of the registration statement, prospectuses and various agreements
executed in connection with the registration statement. Notwithstanding the
foregoing, Permatec will pay the fees and expenses of any legal counsel Permatec
may engage, as well as Permatec's share of any custodian fees or commission or
discounts or transfer taxes which may be payable to any underwriter and any
other expenses incurred by Permatec not expressly included herein.

                                       3
<PAGE>

     3.  Indemnification; Contribution.
         ------------------------------

         (a) To the extent permitted by law, the Company will indemnify
Permatec, each of its officers, directors, members and partners, and each person
controlling Permatec, with respect to which registration, qualification or
compliance has been effected pursuant to this Agreement, each director and
controlling person of the Company and each officer of the Company who signed the
registration statement, and each underwriter, if any, and each person who
controls any underwriter, against all claims, losses, damages and liabilities
(or actions, proceedings or settlements, if such settlements are effected with
the written consent of the Company, in respect thereof) arising out of or based
on any untrue statement (or alleged untrue statement) of a material fact
contained in any prospectus, offering circular or other document (including any
related registration statement, notification or the like) incident to any such
registration, qualification or compliance, or any omission (or alleged omission)
to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, or any violation by the Company of
the Securities Act or the Securities Exchange Act of 1934 (the "Exchange Act")
or any rule or regulation thereunder applicable to the Company and relating to
action or inaction required of the Company in connection with any such
registration, qualification or compliance, and will reimburse Permatec, each of
its officers, directors, members and partners, and each person controlling
Permatec, each such director, controlling person and officer, each such
underwriter and each person who controls any such underwriter, for any legal and
any other expenses reasonably incurred in connection with investigating and
defending or settling any such claim, loss, damage, liability, action or
proceeding; provided, however, that the Company will not be liable in any such
case to the extent that any such claim, loss, damage, liability or expense
arises out of or is based on any untrue statement or omission made in such
registration statement, prospectus, offering circular or other document in
reliance upon and in conformity with written information furnished to the
Company by Permatec and stated to be specifically for use therein.

        (b) To the extent permitted by law, Permatec will indemnify the Company,
each director, officer and controlling person of the Company and each officer of
the Company who signed the registration statement, and each underwriter, if any,
and each person who controls any underwriter, against all claims, losses,
damages and liabilities (or actions, proceedings or settlements, if such
settlements are effected with the written consent of Permatec, in respect
thereof) arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any prospectus, offering circular or
other document in which Permatec's shares are included (including any related
registration statement, notification or the like) incident to any such
registration, qualification or compliance, or any omission (or alleged omission)
to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, in each case to the extent that any
such claim, loss, damage, liability or expense arises out of or is based on any
untrue statement or omission made in such registration statement, prospectus,
offering circular or other document in reliance upon and in conformity with
written information furnished to the Company by Permatec and stated to be
specifically for use therein, or any violation by Permatec of the Securities Act
or the Exchange Act or any rule or regulation thereunder applicable to Permatec
and relating to action or inaction required of Permatec in connection with any
such registration, qualification or compliance, and will reimburse the Company,
each of its officers, directors, and each person controlling the Company, each
such underwriter and each person who controls any such underwriter, for any

                                       4
<PAGE>

legal and any other expenses reasonably incurred in connection with
investigating and defending or settling any such claim, loss, damage, liability,
action or proceeding.

        (c) The party entitled to indemnification under this Section 3 (the
"Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom, provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or any litigation resulting
therefrom, shall be approved by the Indemnified Party (whose approval shall not
unreasonably be withheld), and the Indemnified Party may participate in such
defense at such party's expense, except that if the defendants in any action
include both the Indemnified Party and the Indemnifying Party and there is a
conflict of interest which would prevent counsel for the Indemnifying Party from
also representing the Indemnified Party, the Indemnified Party or Parties shall
have the right to select separate counsel to participate in the defense of such
action on behalf of such Indemnified Party or Parties and to be indemnified for
the expense of such separate Counsel, and provided further that the failure of
any Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Agreement, unless such failure
to notify materially and adversely affects the Indemnifying Party's ability to
defend such action. No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the consent of each Indemnified Party, consent to
entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect of such claim or
litigation. Each Indemnified Party shall furnish such information regarding
itself or the claim in question as an Indemnifying Party may reasonably request
in writing and as shall be reasonably required in connection with the defense of
such claim and litigation resulting therefrom.

        (d) If the indemnification provided for in this Section 3 shall for any
reason be unenforceable by an Indemnified Party, although otherwise available in
accordance with its terms, then each Indemnifying Party shall, in lieu of
indemnifying such Indemnified Party, contribute to the amount paid or payable by
such Indemnified Party as a result of the losses, claims, damages, liabilities
or expenses with respect to which such Indemnified Party has claimed
indemnification, in such proportion as is appropriate to reflect the relative
fault of the Indemnified Party on the one hand and the Indemnifying Party on the
other in connection with the statement or omissions which resulted in such
losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative benefits received by the Company on one
hand and Permatec on the other shall be deemed to be in the same proportion as
the total net proceeds from the offering (before deducting expenses) received by
the Company bear to the total proceeds received by Permatec, in each case as set
forth in the table on the cover page of the prospectus. The relative fault, in
the case of an untrue statement, alleged untrue statement, omission or alleged
omission, shall be determined by, among other things, whether such statement,
alleged statement, omission or alleged omission relates to information supplied
by the Indemnifying Party or the Indemnified Party, and such parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement, alleged statement, omission or alleged omission. The Company and
Permatec agree

                                       5
<PAGE>

that it would not be just and equitable if contribution pursuant hereto were to
be determined by pro rata allocation or by any other method of allocation which
does not take into account such equitable consideration. The amount paid or
payable by an Indemnified Party as a result of the losses, claims, damages,
liabilities or expenses referred to herein shall be deemed to include any legal
or other expense reasonably incurred by such Indemnified Party in connection
with investigating or defending against any action or claim which is the subject
hereof. In no case, however, shall Permatec be responsible for a portion of the
contribution obligation in excess of the net proceeds to Permatec of securities
sold as contemplated herein. No person guilty of fraudulent misrepresentation
(within the meaning of Section11(f) of the Securities Act) shall be entitled to
contribution from any person who is not guilty of such fraudulent
misrepresentation.

     4.  Miscellaneous.
         -------------

         (a) Except as otherwise provided herein, the provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents
to or departures from the provisions hereof may not be given or made unless the
Company has obtained the written consent of Permatec.

         (b) All notices and other communications provided for or permitted
hereunder shall be made by hand delivery, facsimile, overnight courier or
registered first-class mail to the address of the party set forth on the
signature page. All such notices and communications shall be deemed to have been
duly given: when delivered, if by hand, overnight courier or mail; or when
transmission is confirmed by the sending unit, if by facsimile.

         (c) This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.

         (d) The headings to this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.

         (e) This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Minnesota without giving effect to the
principles of conflicts of law thereof.

                                       6
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized representatives as of the date indicated
above.

                                     MEDI-JECT CORPORATION

                                     /s/ Franklin Pass
                                     --------------------------------------
                                     By:  Franklin Pass, M.D.
                                     Its: President and Chief Executive Officer

                                     Address:  161 Cheshire Lane, Suite 100
                                               Minneapolis, MN 55441

                                     PERMATEC HOLDING AG

                                     /s/ Dr. Jacques Gonella
                                     --------------------------------------
                                     By:  Dr. Jacques Gonella
                                     Its: Chairman

                                     Address:  Gewerbestrasse 18
                                               CH-4123, Allschwil, Switzerland

                                       7<PAGE>

                                                                    Exhibit 10.3

                         REGISTRATION RIGHTS AGREEMENT
                         -----------------------------

This Registration Rights Agreement ("Agreement") is made and entered into as of
the 5/th/ day of February, 2001, by and among Antares Pharma, Inc. (formerly
known as Medi-Ject Corporation), a Minnesota corporation (the "Company"), and
the investors listed on the signature page hereof, with the exception of Lombard
Odier & Cie, in which case this Agreement is made and entered into as of the
5/th/ day of March, 2001 (collectively, the "Investors").

                                   RECITALS

     A.   The Investors have subscribed to purchase shares of the Company's
common stock, $.01 par value (the "Common Stock") and warrants to purchase
shares of Common Stock (the "Warrants").

     B.   It is a condition to such purchase that the Company provide the
registration rights provided herein and the parties hereto desire to provide for
such rights on the terms and conditions contained herein.

     NOW, THEREFORE, in consideration of the premises and covenants contained
herein, the parties hereto agree as follows:

1.   Registration Rights.  The Company covenants and agrees as follows:
     -------------------

     1.1  Registration.  On or prior to June 3, 2001, the Company will file with
          ------------
the Securities and Exchange Commission (the "Commission") a registration
statement on Form S-3 (or, if the Company is ineligible to use Form S-3, then on
Form S-1) registering the resale of the shares of the Common Stock and the
shares of Common Stock underlying the Warrants (the "Registrable Stock") under
the Securities Act of 1933, as amended (the "Securities Act") and shall
thereafter take all necessary steps to qualify such resale under such state laws
as the holders of Registrable Stock may reasonably request. The costs and
expenses directly related to such registration pursuant to this section,
including but not limited to legal fees of the Company's counsel, audit fees,
printing expense, filing fees and fees and expenses relating to qualifications
under state securities or blue sky laws shall be borne entirely by the Company;
provided, however, that the persons for whose account the securities covered by
such registration are sold shall bear the brokerage fees and commissions
applicable to their shares and the fees and expenses of their own legal counsel
and other advisors.  The Company shall keep effective and maintain any
registration, qualification, notification or approval specified in this
paragraph for such period as may be necessary for the holders to dispose of such
securities (not to exceed two (2) years) and, from time to time shall amend or
supplement the prospectus or offering circular used in connection therewith to
the extent necessary in order to comply with applicable law.

     1.2  Registration--General Provisions.  In connection with the registration
          --------------------------------
of the Registrable Stock under the Securities Act, the Company will:
<PAGE>

          (a)  prepare and file with the Commission a registration statement
with respect to such securities and use its best efforts to cause such
registration statement to become effective as soon as possible after the date it
is filed and keep the prospectus which is a part of such registration statement
current until the earlier of the date on which: (i) all such shares of
Registrable Stock have been sold, or (ii) two (2) years after the date it is
declared effective by the Commission (the "Effectiveness Period"); provided,
however, that if at any time the Company shall obtain a written opinion of legal
counsel reasonably satisfactory to Investors to the effect that the Registrable
Shares may be publicly offered for sale in the United States by the Investors
without restriction as to manner of sale and amount of securities sold and
without registration under the Securities Act, the Company shall no longer by
obligated to file or maintain a registration statement with respect to the
Registrable Shares pursuant to this Agreement, unless at a later date, an
Investor delivers to the Company an opinion of counsel to such Investor, which
opinion is reasonably satisfactory in form and substance to counsel to the
Company, that registration is then required as a result of a change in
applicable law;

          (b)  prepare and file with the Commission such amendments to such
registration statement and supplements to the prospectus contained therein as
may be necessary to keep such registration statement effective for the
Effectiveness Period referred to in Section 1.2(a) above;

          (c)  at the request of Investors holding a majority of the Registrable
Stock, provide legal counsel for such Investors (referred to herein as
"Investor's Counsel") with reasonable opportunities to review and comment on,
and otherwise participate in, the preparation of such registration statement;

          (d)  furnish to the Investor of the securities being registered such
reasonable number of copies of the registration statement, preliminary
prospectus, final prospectus and such other documents as the Investor may
reasonably request in order to facilitate the public offering of such
securities;

          (e)  use its commercially reasonable efforts to register or qualify
the securities covered by such registration statement under such state
securities or blue sky laws of such jurisdictions as the Investor may reasonably
request in writing within 30 days following the original filing of such
registration statement, except that the Company shall not for any purpose be
required to execute a general consent to service of process (which shall not
include a "Uniform Consent to Service of Process" or other similar consent to
service of process which relates only to actions or proceedings arising out of
or in connection with the sale of securities, or out of a violation of the laws
of the jurisdiction requesting such consent) or to qualify to do business as a
foreign corporation in any jurisdiction wherein it is not so qualified;

          (f)  notify the Investor, promptly after it shall receive notice
thereof, of the time when such registration statement, or any post-effective
amendment thereto, has become effective or a supplement to any prospectus
forming a part of such registration statement has been filed with the
Commission;
<PAGE>

          (g)  notify the Investor promptly of any request by the Commission for
the amending or supplementing of such registration statement or prospectus or
for additional information;

          (h)  prepare and file with the Commission, promptly upon the request
of the Investor, any amendments or supplements to such registration statement or
prospectus which, in the opinion of Investor's Counsel, if any (and concurred in
by counsel for the Company), is required under the Securities Act or the rules
and regulations promulgated thereunder in connection with the distribution of
the shares of the Company's common stock by the Investor;

          (i)  prepare and promptly file with the Commission and promptly notify
the Investor of the filing of such amendment or supplement to such registration
statement or prospectus as may be necessary to correct any statements or
omissions if, at the time when a prospectus relating to such securities is
required to be delivered under the Securities Act, any event shall have occurred
as the result of which any such prospectus or any other prospectus as then in
effect would include an untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the
circumstances in which they were made, not misleading;

          (j)  advise the Investor, and the Investor's Counsel, if any, promptly
after it shall receive notice or obtain knowledge thereof, of the issuance of
any stop order by the Commission suspending the effectiveness of such
registration statement or the initiation or threatening of any proceeding for
that purpose and promptly use its best efforts to prevent the issuance of any
stop order or to obtain its withdrawal if such stop order should be issued;

          (k)  at the request of the Investor, furnish on the effective date of
the registration statement: (i) opinions, dated such respective dates, of the
counsel representing the Company for the purposes of such registration and to
the Investor making such request, covering such matters as the Investor may
reasonably request, and (ii) letters, dated such respective dates, from the
independent certified public accountants of the Company, addressed to the
Investor, covering such matters as the Investor may reasonably request.

          (l)  Notwithstanding the foregoing, following the effectiveness of
such registration statement, the Company may, based upon the reasonable
determination of the Company's Board of Directors, suspend the effectiveness of
such registration statement for up to no longer than ninety (90) days in any
365-day period, as appropriate (a "Suspension Period"), by giving notice to the
Investor, if (i) the Company, with the advice of its counsel, shall have
determined that the Company may be required to disclose any material corporate
development; (ii) based upon advice from the Company's investment banker or
financial advisor, if the Company shall be involved in a pending or contemplated
financing or offering which could be adversely affected or (iii) in the good
faith judgment of the Board of Directors, the registration would impede, delay,
or otherwise interfere with any pending or contemplated material acquisition,
corporate reorganization or otherwise interfere with any pending or contemplated
material acquisition, corporate reorganization or other similar material
transaction involving the Company. The Company will use its best efforts to
minimize the length of any Suspension
<PAGE>

Period. Further, the Effectiveness Period referred to in Section 1.2(a) shall be
extended by the number of days such registration is subject to any Suspension
Period. The Investor agrees that, upon receipt of any notice from the Company of
a Suspension Period, it will not sell (subject to the limitations on the Company
set forth above) any Registrable Stock pursuant to such registration statement
until (x) the Investor is advised in writing by the Company that the use of the
applicable prospectus may be resumed, (y) the Investor has received copies of
any additional or supplemental or amended prospectus, if applicable, and (z) the
Investor has received copies of any additional or supplemental filings which are
incorporated or deemed to be incorporated by reference in such prospectus. Upon
notice by the Company to the Investors of any determination under subclauses (i)
or (iii) above, the Investors shall keep the fact and content of such notice
strictly confidential.

     1.3  Registration Expenses.  The Company shall pay all Registration
          ---------------------
Expenses (as defined below) in connection with the inclusion of shares of the
Company's common stock in any registration statement, or application to register
or qualify such shares under state securities laws, filed by the Company
hereunder, other than as set forth herein.  For purposes of this Agreement, the
term "Registration Expenses" means the filing fees payable to the Commission,
any state agency and the NASD and any securities exchange; the fees and expenses
of the Company's legal counsel and independent certified public accountants in
connection with the preparation and filing of the registration statement (and
all amendments and supplements thereto) with the Commission; and all expenses
relating to the printing of the registration statement, prospectuses and various
agreements executed in connection with the registration statement. Each Investor
will pay its proportionate share of any custodian fees or commission or
discounts or transfer taxes which may be payable to any broker and any other
expenses incurred by the Investor not expressly included herein.

     1.4  Indemnification. With respect to the registration of the resale of the
          ---------------
shares of Registrable Stock:

          (a)  To the extent permitted by law, the Company will indemnify and
hold harmless the Investors, the trustees, partners, officers and directors of
the Investors, any underwriter or broker for the Investors and each person, if
any, who controls the Investor or any underwriter, broker within the meaning of
the Securities Act or the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), against any losses, claims, damages, or liabilities (joint or
several) to which they may become subject under the Securities Act, the Exchange
Act or other federal or state law, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
of the following statements, omissions or violations (collectively a
"Violation") by the Company: (i) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement, including
any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto, (ii) the omission or alleged omission to
state therein a material fact required to be stated therein, or necessary to
make the statements therein not misleading, (iii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act, any state
securities law or any rule or regulation promulgated under the Securities Act,
the Exchange Act or any state securities law in connection with the offering
covered by the Registration Statement, or (iv) any failure of the
<PAGE>

Company to perform its material obligations under this Agreement; and the
Company will reimburse the Investor, trustee, partner, officer, director,
underwriter, broker, or controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, the Company
shall not be liable in any such case for any such loss, claim, damage, liability
or action to the extent that it is indirect, incidental, consequential, special,
or punitive or to the extent that it arises out of or is based upon a Violation
which occurs (a) in reliance upon and in conformity with written information
furnished to it expressly for use in connection with such registration by the
Investor, trustee, partner, officer, director, or controlling person of the
Investor, (b) by the Investors' failure to furnish the Company, upon request,
with information with respect to the Investors, any broker of an Investor, or
the Investors' intended method of distribution required to be stated in the
Registration Statement or necessary to make the statements therein in light of
the circumstance under which they were made not misleading, or (c) if the
Company shall sustain the burden of proving that the Investors or such broker
sold securities to the person alleging such Violations without sending or
giving, at or prior to the written confirmation of such sale, a copy of the
applicable prospectus, as then amended or supplemented (excluding any documents
incorporated by reference therein), if the Company had within a reasonable
period of time prior to such written confirmation furnished copies thereof to
such Investor or such broker, and such prospectus corrected such untrue
statement or alleged untrue statement or omission or alleged omission made in
such registration statement.

          (b)  To the extent permitted by law, each Investor will indemnify the
Company, each director, officer and controlling person of the Company and each
officer of the Company who signed the registration statement against all claims,
losses, damages and liabilities (or actions, proceedings or settlements, if such
settlements are effected with the written consent of the Investor, in respect
thereof) arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any prospectus, offering circular or
other document in which the Investor's shares are included (including any
related registration statement, notification of the like) incident to any such
registration, qualification or compliance, or any omission (or alleged omission)
to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading in each case to the extent that any
such claim, loss, damage, liability or expense arises out of or is based on any
untrue statement or omission made in such registration statement, prospectus,
offering circular or other document in reliance upon and in conformity with
written information furnished to the Company by such Investor and stated to be
specifically for use therein, or any violation by the Investor of the Securities
Act or the Exchange Act or any rule or regulation thereunder applicable to the
Investor and relating to action or inaction required of the Investor in
connection with any such registration, qualification or compliance, provided,
however, that the Investor shall not be liable for any such untrue statement (or
alleged untrue statement) or omission (or alleged omission) of which the
Investor has delivered to the Company in writing a correction before the
occurrence of the transaction from which such loss was incurred and Investor
will reimburse the Company, each of its officers, directors, and each person
controlling the Company, each such underwriter and each person who controls any
such underwriter, for any legal and any other expenses reasonably incurred in
connection with investigating and defending or settling any such claim, loss,
damage, liability, action or proceeding.
<PAGE>

          (c)  Promptly after receipt by an indemnified party under this Section
of notice of the commencement of any action (including any governmental action),
such indemnified party shall, if a claim in respect thereof is to be made
against any indemnifying party under this Section, deliver to the indemnifying
party a written notice of the commencement thereof and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed,
to assume the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that an indemnified party shall have the right to retain its
own counsel, with the reasonable fees and expenses to be paid by the
indemnifying party; and provided further, that if there is more than one
indemnified party, the indemnifying party shall pay for the reasonable fees and
expenses of one counsel for any and all indemnified parties to be mutually
agreed upon by such indemnified parties, unless representation of an indemnified
party by the counsel retained by the other indemnified parties would be
inappropriate due to actual or potential differing interests between such
indemnified parties. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action, if
materially prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section,
but the omission so to deliver written notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party other than
under this Section.

          (d)  If the indemnification provided for in this Section is held by a
court of competent jurisdiction to be unavailable to an indemnified party with
respect to any losses, claims, damages or liabilities referred to herein, the
indemnifying party, in lieu of indemnifying such indemnified party thereunder,
shall to the extent permitted by applicable law, contribute to the amount paid
or payable by such indemnified party as a result of such loss, claim, damage or
liability in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the other
in connection with the Violation(s) that resulted in such loss, claim, damage or
liability, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined
by a court of law by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission. No person or entity guilty of fraudulent misrepresentation (within the
meaning of Section 11 of the Securities Act) shall be entitled to contribution
from any person or entity who shall not have been guilty of such fraudulent
misrepresentation.

2.   Covenants of the Investors.  Each Investor agrees that, for a period of 180
     --------------------------
days following the effective date of a registration statement of the Company
under the Securities Act, such Investor will not sell, offer to sell, grant any
option to purchase or otherwise transfer or dispose of any securities of the
Company held by such Investor except for shares of Common Stock included in such
registration pursuant to the terms of this Agreement.  Each Investor further
agrees that it will promptly notify the Company of any changes in the
information set forth in the Registration Statement regarding the Investor or
its plan of distribution.
<PAGE>

3.   Information Rights.  The Company hereby covenants and agrees as follows:
     ------------------

     3.1  Information Available.  So long as the registration statement covering
the resale of Registrable Stock owned by any Investor is effective, the Company
will furnish to such Investor the following items including any exhibits
thereto:

          (a)  as soon as practicable after available (but in the case of the
Company's Annual Report to Stockholders, within 90 days after the end of each
fiscal year of the Company), one copy of:

               (i)    its Annual Report to Stockholders (which shall contain
financial statements audited in accordance with generally accepted accounting
principles by a national firm of certified public accountants);

               (ii)   if not included in substance in the Annual Report to
Stockholders, its Annual Report on Form 10-K;

               (iii) its quarterly reports on Form 10-Q; and

               (iv)  a full copy of the particular registration statement
covering the Registrable Stock.

          (b)  upon the request of an Investor, a reasonable number of copies of
the Prospectus to supply to any other party requiring the Prospectus.

     3.2  Rule 144 Information.  For two years after the date of this Agreement,
          --------------------
the Company shall file all reports required to be filed by it under the
Securities Act, the Rules and Regulations and the Exchange Act and shall take
such further action to the extent required to enable the Investors to sell the
Registrable Stock pursuant to Rule 144 under the Securities Act.

4.   Miscellaneous.
     -------------

     4.1  Amendments.  Except as otherwise provided herein, the provisions of
          ----------
this Agreement may not be amended, modified or supplemented, and waivers or
consents to or departures from the provisions hereof may not be given or made
unless the Company has obtained the written consent of Investors holding a
majority of the Registrable Stock.

     4.2  Notices.  All notices and other communications provided for or
          -------
permitted hereunder shall be made by hand delivery, facsimile, overnight courier
or registered first-class mail to the address of the Investor and the Company as
set forth in the Company's records. All such notices and communications shall be
deemed to have been duly given:  when delivered, if by hand, overnight courier
or mail or when transmission is confirmed by the sending unit, if by facsimile.
<PAGE>

     4.3  Counterparts.  This Agreement may be executed in any number of
          ------------
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     4.4  Headings.  The headings to this Agreement are for convenience of
          --------
reference only and shall not limit or otherwise affect the meaning hereof.

     4.5  Governing Law.  This Agreement shall be governed by and construed and
          -------------
enforced in accordance with the laws of the State of Minnesota without giving
effect to the principles of conflicts of law thereof.

     4.6  Severability.  In the event that any one or more of the provisions
          ------------
contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of such provision in every other respect and of the
remaining provisions contained herein shall not be in any way impaired thereby,
it being intended that all of the rights and privileges of the Investors and the
Company shall be enforceable to the fullest extent permitted by law.

     4.7  Remedies.  The remedies provided for in this Agreement shall be
          --------
cumulative and in addition to all other remedies available, at law or in equity,
and nothing herein shall limit a holder's right to pursue actual damages for any
failure by the Company to comply with the terms of this Agreement.

     4.8  Consent to Jurisdiction.  In connection with any suite, claim, action
          -----------------------
or proceeding arising out of this Agreement, the parties hereby consent to the
in personam jurisdiction of the United States federal courts and states courts
located in the State of Delaware.  Each party agrees to service in the manner
set forth in Section 4.2 shall be valid and sufficient for all purposes; and
each party agrees, and irrevocably waives any objection based on forum non
conveniens or venue, to appear in any United States federal court or state court
located in the State of Delaware.

     4.9  Successors and Assigns.  This Agreement shall be binding upon and
          ----------------------
inure to the benefit of the parties hereto and their respective successors,
assigns, heirs and legal representatives.

                           [Signature page follows.]
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights
Agreement to be executed by their duly authorized representatives as of the date
indicated above.

                            Antares Pharma, Inc.

                            By:   /s/ Franklin M. Pass, M.D.
                                  ----------------------------------------------
                            Its:  Chief Executive Officer

                            INVESTORS:

                            Aventic AG
                            bp Aventic Partners AG

                            By: /s/ Elvire M. Gazeau    /s/ Jean-Claude Rebelez
                                -----------------------------------------------
                            Its: Investment Manager         CFO
                                 ----------------------------------------------

                            Basellandschaftliche Kantonalbank

                            By: /s/ Meinrad Geering    /s/ Rolf Rudin
                                -----------------------------------------------

                            HCI Healthcare Investments Limited

                            By: /s/ C.A. Rowlandson
                                ------------------------------------------------
                                For and on behalf of Healthcare Advisers Limited
                                ------------------------------------------------
                            Its: Director
                                 -----------------------------------------------

                            Lombard Odier & Cie

                            By: /s/ Alexandre Meyer  /s/ Fernando Perez Diaz
                                ------------------------------------------------
                            Its: Vice President          Assistant Manager
                                ------------------------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}]]