Press Releases
Lyon, France, September 19, 2002 – Flamel Technologies S.A. (NASDAQ: FLML) announced today that it has received a $4 million payment for completion of a further technical milestone in connection with its licensing agreement announced with Servier Monde in January, 2002. Pursuant to the confidentiality provisions of the licensing agreement, further information on the progress of the product, an ACE inhibitor, has not been disclosed.
Dr. Gerard Soula, president and chief executive officer of Flamel, said: "We are pleased with the very rapid progress of our work with Servier Monde on this product. We believe that this is an important step in getting Flamel Micropump® technology into products on the market."
Stephen Willard, chief financial officer of Flamel, said: "We are pleased with our continued focus on the cash position and financial success of Flamel. With this payment, Flamel's cash position has increased to more than $14 million today, based on our business success, which exceeds our cash position even after our last financing was concluded in April, 2000. Furthermore, with this payment, we expect that we will have positive net income per share for the third quarter of 2002, which would be the fourth consecutive positive or breakeven quarter for Flamel. We will continue to focus on development of our cash position, our financial results and the maximization of shareholder value."
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, 2001.
