Press Releases
Lyon, France, October 3, 2003 – Flamel Technologies S.A. (NASDAQ:FLML) today announced that it has priced its offering of 3,988,500 ordinary shares in the form of ADSs at a public offering price of $33.25 per share.
The shares are expected to be issued and sold on October 8, 2003, subject to customary conditions. 1,988,500 shares were offered by selling shareholders and 2,000,000 were offered by the Company.
Flamel expects to receive net proceeds of approximately $62.1 million from the issuance of the 2,000,000 shares. If the underwriters elect to exercise an option to purchase an additional 588,000 shares to cover overallotments, the Company will not receive any additional proceeds. Flamel plans to use the proceeds for research and development, working capital and for general corporate purposes. The underwriters in this offering are Merrill Lynch & Co., UBS Investment Bank, SG Cowen, Punk Ziegel & Company, Merriman Curhan Ford & Co. and Brean Murray & Co., Inc.
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-particulate technology is designed to deliver therapeutic proteins and peptides. Flamel's Micropump® technology is a controlled release and taste-masking technology for the oral administration of small molecule drugs.
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, 2002. Flamel assumes no obligation to update any forward-looking statements.
