Press Releases
Lyon, France, December 18, 2002 – Flamel Technologies S.A. (NASDAQ: FLML) today that it has received a further $1.5 million payment for completion of a milestone in connection with its licensing agreement announced with GlaxoSmithKline in July, 2002. In that agreement, Flamel licensed its controlled release Micropump technology to GlaxoSmithKline (GSK) for use with the sachet formulation of GSK's Augmentin. Pursuant to the confidentiality provisions of the licensing agreement, further information on the progress of the augmentin product has not been disclosed.
Dr. Gerard Soula, president and chief executive officer of Flamel, said: ''Flamel has achieved a number of results this year which confirm the performance, robustness and rapid development of our Micropump® technology. We believe that, with this and other results obtained this year with other partners, we are moving closer to getting Flamel Micropump® technology into products on the market."
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.
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. Flamel assumes no obligation to update any forward-looking statements.
