Press Releases
FLAMEL TECHNOLOGIES S.A. REPORTS FIRST QUARTER 1997 RESULTS
LYON, FRANCE, MAY 12, 1997 -- Flamel Technologies S.A.(NASDAQ : FLML) today announced financial results for the first quarter ended March 31, 1997.
For the first quarter of 1997, the Company had a net loss of $1.7 million, or $0.16 per share, on revenues of $2.1 million, compared with a net loss of $1.5 million, or $0.21 per share, on revenues of $2.1 million, in the comparable quarter of 1996. Revenues in the first quarter of 1997 included $1.0 million from the first sales of Cimetidine formulations to SmithKline, in accordance with the subcontracting agreement signed as part of the purchase of the pharmaceutical manufacturing facility based in Pessac, France. First quarter 1996 revenues included a payment of $1.5 million from G.D. Searle & Co. as a non-recurring licensing fee.
Commented Dr. Gerard Soula, president and chief executive officer of Flamel Technologies S.A.: "During the first quarter, we continued to make progress in our multiple product development programs. We recently filed an IND in the U.S. for ASACARD, our cardiovascular aspirin product, and we are preparing an IND for Viropump, our controlled-release formulation of acyclovir for treatment of chronic genital herpes. In addition, we have made significant progress in the development of Basulin, our long-acting formulation of insulin for the treatment of diabetes. We look forward to the start of human clinical trials for this product, 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.
