Press Releases
FLAMEL TECHNOLOGIES S.A. REPORTS FOURTH QUARTER 1996 RESULTS
LYON, FRANCE, March 26, 1997 -- Flamel Technologies S.A. (NASDAQ:FLML) today announced financial results for the fourth quarter and full year ended December 31, 1996.
For the quarter ended December 31, 1996, the Company had a net loss of $1,554,000, or $0.15 per share, on revenues of $1,204,000, compared with a loss of $1,521,000, or $0.23 per share, on revenues of $1,227,000 in the comparable quarter of 1995.
For the full year 1996, Flamel had a net loss of $6,851,000, or $0.80 per share, on revenues of $4,921,000, compared to a net loss of $6,751,000, or $1.08 per share, on revenues of $2,829,000 for the full year 1995. The twelve-month 1996 revenue figures include approximately $580,000 received in June and September from the first sale of specialty material for ophthalmic lenses, and the payment of approximately $1.5 million from G.D. Searle & Co. in the first quarter of 1996 as a non-recurring licensing fee.
Commented Dr. Gérard Soula, President and Chief Executive Officer of Flamel Technologies S.A.: "We are pleased with the overall progress Flamel has made in its first year of operations as a public company. Our financial position remains solid with over $23 million in cash equivalents and short-term investments at December 31, 1996. To accelerate our R&D efforts, we have expanded our scientific staff to 51 persons through February of this year, and doubled our lab space. We look forward to continued advances in 1997, reflecting our strategy of applying our polymer-based technologies to a broad range of product development programs for significant commercial opportunities."
Flamel Technologies is engaged in the development of advanced polymer technologies for unique drug delivery and biomaterial applications. The Company is building on its principal technology platforms -- through programs including Micropump and Medusa in drug-delivery, ColCys in biomaterial-based medical devices, and new materials for ophthalmic lens products - to meet important unmet medical needs and develop other commercially valuable products. In June 1996, Flamel completed its initial public offering in the U.S.
NOTE: This press release contains statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties, including but not limited to, the risk associated with the Company's limited history of operations and historic and future losses, and the risk that products in the development stage may not achieve scientific objectives or milestones or meet stringent regulatory requirements, uncertainties regarding market acceptance of products in development, the impact of competitive products and pricing, reliance on outside parties and the risks associated with key strategic alliances, and other risks detailed in the Company's filings with the Securities and Exchange Commission.
FLAMEL TECHNOLOGIES S.A.
CONSOLIDATED STATEMENT OF OPERATIONS
(In
thousands, except per share data)
|
Three
months ended |
Year
ended | |||
|
1995 |
1996 |
1995 |
1996 | |
| Revenue : |
|
|
|
|
| License and research revenue |
$ 774 |
$ 1,102 |
$ 3,903 |
$ 2,332 |
| Product sales |
306 |
-- |
733 |
-- |
| Laboratory analysis services |
124 |
114 |
280 |
410 |
| Other revenues |
-- |
11 |
5 |
87 |
| Total revenue |
1,204
|
1,227
|
4,921
|
2,829
|
| Costs and expenses: |
|
|
|
|
| Cost of goods sold |
(600)
|
--
|
(1,100)
|
--
|
| Research and development |
(2,180) |
(1,709) |
(7,923) |
(6,254) |
| Selling, general and administrative |
(975) |
(529) |
(2,878) |
(2,215) |
| Stock compensation expense |
(70) |
(459) |
(1,767) |
(873) |
| Total cost and expenses |
(3,884)
|
(2,759)
|
(13,827)
|
(9,547)
|
|
|
|
|
| |
| Loss from operations |
(2,680) |
(1,532) |
(8,906) |
(6,718) |
|
|
|
|
| |
| Interest income (expense), net |
225 |
31 |
505 |
(21) |
| Foreign exchange gain (loss) |
(12) |
(39) |
64 |
(87) |
| Loss before income taxes |
(2,467) |
(1,540) |
(8,337) |
(6,826) |
| Income tax benefit |
913 |
19 |
1,486 |
75 |
| Net loss |
$ (1,554) |
$ (1,521) |
$ (6,851) |
$(6,751) |
|
|
|
|
| |
| Net loss per ordinary share |
$ (0.15) |
$ (0.23) |
$ (0.80) |
$ (1.08) |
|
|
|
|
| |
| Weighted average number of ordinary and ordinary equivalent shares outstanding |
10,049
|
6,587
|
8,514
|
6,238
|
