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Flamel Technologies Announces a Feasibility Study Employing Medusa; Positive Phase I Results with Micropump and Departure of Michael Myers 

Lyon, France, July 12, 2001 - Flamel Technologies (NASDAQ:FLML) announced today that it has signed an agreement with an undisclosed party to work on a new feasibility study employing Medusa®, Flamel's patented nanoparticle technology, containing protein embedded in polyaminoacid polymer.

The purpose of this project is to apply the Medusa® technology to create a sustained release dosage form of a protein currently sold by Flamel's partner.

"Flamel is pleased to enter into this project and we anticipate a very successful and beneficial partnership," said Dr. Gerard Soula, chief executive officer of Flamel. "With Flamel's past experience with the development of sustained release dosage forms of other proteins, we are hopeful that our Medusa® technology will produce some very positive results in this endeavor." 

Flamel also announced today that one of its four Micropump® feasibility study has shown positive Phase I results. Dr. Soula commented: "This is another example demonstrating the effectiveness of Flamel's controlled release formulations for molecules absorbed in the small intestine. We believe this result offers additional evidence of the applicability of our Micropump® technology to a variety of small molecule drugs."

Flamel also announced today that Dr. Michael Myers, who has served as head of business development for Flamel, has resigned his position with the company to pursue other interests. Dr. Myers has agreed to provide transitional assistance. 

Flamel Technologies S.A. is a biopharmaceutical company principally engaged in the development of two unique polymer-based delivery technologies for medical applications. Flamel’s Medusa® nano-encapsulation technology is designed to deliver therapeutic proteins. Micropump® is a controlled release technology for the oral administration of small molecule drugs. Flamel’s expertise in polymer science has also been instrumental in the development of a photochromic eyeglass lens product now marketed by Corning Inc. Additionally, Flamel has developed new herbicide delivery systems now being tested by Monsanto and has patented a biomaterial, ColCys™.

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 view of 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 Annual Report on the Securities and Exchange Commission Form 20-F for the year ended December 31, 1999.