Press Releases
Flamel Announces A Long-Term Research & Development Agreement With Corning
Lyon, France, January 12, 1999 - Flamel Technologies (Nasdaq: FLML) today announced the signing of a long-term research and product development agreement with Corning Incorporated. This new agreement is an expansion of a contract research agreement that has existed between the two companies since 1994.
"Flamel and Corning have worked productively during the past several years and our complimentary efforts have resulted in the development of advanced organic materials." explained Dr. Gerard Soula, President and Chief Executive Officer of Flamel. "We believe this agreement acknowledges the contribution our efforts and resulting technologies will make to Corning’s related product line. We are extremely pleased that they have chosen to solidify and further expand our relationship with them."
While the specific terms of the agreement are confidential, Flamel acknowledged that it received approximately $2 million on signature of the agreement. Additionally, it will receive regular research payments and royalties on the sales of Corning products that utilize Flamel’s innovations. The first such product will be launched early this year.
Flamel also announced its agreement of principle with Corning to establish a joint venture for the production of these new materials. Each party of the venture will own 50% of the new manufacturing company which will initially be located at Flamel’s facilities in France.
Flamel Technologies is engaged in the development of advanced polymer technologies for unique life science applications. To meet important medical needs and develop commercially valuable products, the Company is building on its principal technology platforms: the controlled release of therapeutic drugs and proteins with its Micropump® and Medusa® system; the efficient delivery of agrochemical active ingredients with its Agsome™ system; ColCys™ biomaterial-based medical devices; and photochromic materials for eyeglass lenses.
Agsome™, Basulin™ and ColCys™ are trademarks, and Micropump® and Medusa® are registered trademarks of Flamel Technologies.
This document contains a number of matters, particularly as related to the status of various research projects and technology platforms, that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The presentation reflects the current views of Flamel’s management with respect to future events and is subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. These risks include risks 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, and the risks associated with Flamel’s reliance on outside parties. These and other risks are described more fully in Flamel’s Form 20-F dated December 31, 1997.
