0001045969-03-000290 Sample Contracts

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Exhibit 10.46 PROMISSORY NOTE $_________________ Minneapolis, Minnesota
Antares Pharma Inc • February 12th, 2003 • Surgical & medical instruments & apparatus

FOR VALUE RECEIVED, the undersigned, Antares Pharma, Inc. ("Maker"), promises to pay to ____________________ ("Lender") or to its order, at _____________________________ (or at such other place as the holder hereof shall notify Maker in writing) the principal amount of _______________________________ ($______________) with interest from the date hereof on the unpaid principal balance hereunder at a rate equal to eight percent (8%) per annum. The principal amount and all accrued, but unpaid, interest shall be paid in full thirty (30) days from the date hereof in accordance with the terms set forth herein. This Note is unsecured in all respects; provided, however, this Note is exchangeable for Maker's new 8% Senior Secured Convertible Debentures (the "New Debt Securities") on the terms and conditions set forth in, and in connection with the consummation of the transactions contemplated by, that certain Term Sheet, dated January 22, 2003 (the "Term Sheet"), by and among Maker, Lender and

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