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.