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Flamel Technologies Announces Three New Partnership Agreements; Second Quarter 2010 Results

Flamel Technologies (Nasdaq:FLML) today announced three new partnership agreements and its financial results for the second quarter of 2010. Highlights included:
  • Three new agreements with two pharmaceutical partners:
    • Two agreements with a single partner involve the Micropump platform;
    • A third agreement for the development of a controlled release formulation involving a peptide and a protein intended to treat metabolic disease
  • Positive advances in the Company’s work with Pfizer and Merck Serono; and
  • Positive cash-flow at constant-currency rates.

“Flamel continued to advance on development programs this quarter with our existing partners, while adding new projects into our feasibility pipeline. All of our projects involving existing molecules continue to progress through pre-clinical and clinical development. The already-marketed molecules on which we are working to develop improved formulations with partners, together with competitors within their respective classes, represented over $17 billion in revenues in 2009,” commented Stephen H. Willard, Flamel’s chief executive officer. “In addition, we believe that the applicability of the Medusa platform in creating better formulations of biologics will continue to gain considerable traction within the industry as our data become available.”

Financial Results

Flamel reported total revenues in the second quarter 2010 of $7.5 million, compared to $9.6 million in the year-ago period. License and research revenues were $3.3 million versus $4.3 million in the second quarter of 2009. Product sales and services in the current quarter totaled $1.9 million versus $2.5 million in the second quarter of 2009. Other revenues during the current quarter, including royalties on the sale of Coreg CR™, were $2.4 million versus $2.7 million in the year-ago period.

Costs and expenses during the second quarter of 2010 were $(12.2) million versus $(13.2) million in the year-ago period. Costs of goods and services sold in the quarter totaled $(1.6) million versus $(1.9) million in the second quarter of 2009. Research and development expenses were $(7.9) million versus $(8.0) million in the second quarter of 2009. SG&A declined to $(2.8) million from $(3.3) million in the year-ago period.

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