Press Releases
MONSANTO AND FLAMEL IN COLLABORATION DISCUSSIONS
Lyon, France, and St. Louis, MO, August 13, 1999 – Flamel Technologies S.A. (NASDAQ: FLML) and Monsanto Company (NYSE: MTC) announced today that Monsanto will discontinue its funding for Flamel’s research regarding the development of an enhanced formulation of glyphosate herbicide pursuant to its collaboration agreement signed December 30, 1997.
The companies also announced they have entered into discussions regarding Flamel’s accelerated receipt of certain intellectual property rights as provided for under the existing agreement and an option for continuation of the collaboration on an alternative basis. Flamel’s rights under the existing agreement to receive royalties on certain future glyphosate products are not subject to change.
No other details were released.
As a life science company, Monsanto Company (NYSE: MTC) is committed to finding solutions to the growing global needs for food and health by sharing common forms of science and technology among agriculture, nutrition and health. The company’s 31,800 employees worldwide make and market high-value agricultural products, pharmaceuticals and food ingredients.
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.
NOTE: 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 and key strategic alliances. These and other risks are described more fully in Flamel’s Form 20-F dated December 31, 1998.
