Flamel Technologies Announces Third Quarter Results; Achievement Of Second Milestone In Fourth Quarter With Merck Serono
Flamel Technologies (Nasdaq:FLML) today announced its financial results for the third quarter of 2010.
The Company also announced today that it has achieved a further milestone in its development program with Merck Serono, a division of Merck KGaA, Darmstadt, Germany, for an extended release formulation of interferon-beta 1-a. According to the terms of the original development agreement negotiated in 2007, Flamel will receive € 1 million from Merck Serono.
Other recent highlights in the third quarter include:
- Completion of key steps in the Company’s development program with Merck Serono on an extended release formulation of Interferon-beta 1-a, which led to last month’s €3 million milestone announcement regarding clinical development; and
- Signing of two further projects: one for Medusa and the other for a Micropump formulation.
Stephen H. Willard, Flamel’s chief executive officer, commented, “Our achievements with the Merck Serono project are the product of over two years of work and mark an important point in the Company’s development of the Medusa platform. These two most recent milestones are further steps in the advancement of this program, which we believe demonstrates the continued growth of Flamel and our Medusa Platform. We are pursuing multiple projects with the Medusa platform which we believe will progress at a fast pace in the year ahead.”Mr. Willard continued, “We are increasingly discussing opportunities to leverage our expertise in the creation of improved formulations of already-marketed molecules with interested parties, including the creation of bio-better opportunities. We believe that the Company is uniquely positioned for this opportunity, as the Medusa platform has been shown to deliver improved efficacy and safety without chemical modification of the molecule being delivered.” Flamel reported total revenues in the third quarter 2010 of $8.0 million, versus $9.9 million in the year-ago period. License and research revenues were $4.1 million versus $4.7 million in the third quarter of 2009. Product sales and services totaled $1.8 million during the quarter versus $2.7 million in the third quarter 2009. Other revenues during the third quarter of 2010, composed primarily of royalties on the sale of Coreg CR™, were $2.1 million versus $2.5 million in the year-ago period.
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