This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Flamel Technologies Announces Fourth Quarter And Year-End 2010 Results

Flamel Technologies (NASDAQ: FLML) today announced its financial results for the fourth quarter and year ended December 31, 2010.

Fourth Quarter and Recent Highlights:

  • Flamel received €3 million after achieving its first clinical milestone with Merck Serono for the development of an extended-release formulation of interferon beta 1-a.
  • The Company announced receipt of a further €1 million payment following certain technical achievements requested by Merck Serono.
  • Flamel and GSK are in negotiations for a new supply agreement for Coreg CR following the expiration of the old supply agreement on December 31, 2010; Flamel expects that these will be successful.

Stephen H. Willard, Flamel’s chief executive officer, stated, “Our profitability in the fourth quarter resulted from the progress we made in the development of an extended-release formulation of interferon beta 1-a with Merck Serono. For the year 2010, we reduced our level of loss as we strengthened our relationships with many of the world’s largest pharmaceutical companies.”

Mr. Willard continued, “Other licensing agreement discussions, including those that we were negotiating in 2010, are still ongoing. The number of licensing negotiations is greater now than at any point in the history of the Company.”

Flamel’s Fourth Quarter Results

Flamel reported total revenues for the fourth quarter 2010 increased to $13.5 million versus total revenues of $10.6 million in the year-ago period. The increase was led by higher license and research revenue as well as higher Coreg CR royalties. License and research revenues were $8.8 million during the fourth quarter of 2010, versus $4.7 million in the fourth quarter of 2009. Product sales and services during the period, related primarily to production of Coreg CR microparticles, were $2.2 million versus $4.3 million during the year-ago period. Other revenues, consisting primarily of royalty income from GSK on the sales of Coreg CR, increased year-over-year to $2.4 million in the fourth quarter versus $1.7 million during the year-ago quarter.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,113.54 +61.81 0.36%
S&P 500 1,983.53 +9.90 0.50%
NASDAQ 4,456.0160 +31.3120 0.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs