Press Releases
Lyon, France, October 9, 2003 – Flamel Technologies S.A. (NASDAQ:FLML) today announced that it has closed on its offering of 4,576,500 ordinary shares in the form of ADSs at a public offering price of $33.25 per share. The offering included 2,000,000 shares offered by the Company, 1,988,500 shares offered by selling shareholders and the underwriter's option to purchase 588,000 additional shares from the selling shareholders to cover excess demand.
Flamel received net proceeds of approximately $62.1 million from the issuance of the 2,000,000 shares. The underwriters in this offering were Merrill Lynch & Co., UBS Investment Bank, SG Cowen, Punk Ziegel & Company, Merriman Curhan Ford & Co. and Brean Murray & Co., Inc.
"We are very pleased with the success of our secondary offering," said Dr. Gerard Soula, president and CEO of Flamel Technologies, S.A. "The proceeds will consolidate our cash position and represent a great opportunity for Flamel to continue to innovate aggressively to develop our two technology platforms, Medusa® and Micropump®, not only in partnership with big pharmaceutical companies, but also internally. Moreover, this secondary offering gave Flamel the opportunity to enlarge its shareholder base. I would like to welcome these new investors and reiterate our commitment to maintain Flamel's position as a leader in the drug delivery business."
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A copy of the written prospectus and prospectus supplement may be obtained from Merrill Lynch & Co., 4 World Financial Center, New York, New York, 10080.
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. Flamel assumes no obligation to update any forward-looking statements.
