Flamel Technologies S.A. (
Q1 2011 Earnings Call
May 9, 2011 8:30 a.m. ET
Stephen Willard – CEO
Siân Crouzet – Principal Financial Officer
Matt Kaplan [Anel] – Ladenburg Thalm
Please standby, we’re about to begin. Good morning, ladies and gentlemen, and welcome to the Flamel Technologies first quarter conference call. After prepared remarks, we will be opening the call to a question-and-answer period. As a reminder, this call is being recorded. At this time it is my pleasure to turn the call over to Mr. Stephen Willard, CEO. Please go ahead, sir.
Thank you very much, Nicole, and good morning, ladies and gentlemen. We open, as always, with the forward-looking statement language, which is set out at the conclusion of today’s press release. All statements made on this call are subject to a variety of future events and risk factors, including those set forth in our filings with the SEC, particularly our Form 20-F, which are all publicly available. Please review them, as they are directly applicable to every element of this call.
It has been two months since our last conference call, and I would like to give a brief update of our work over the past two months. As we announced last month, we entered into an agreement with a leading specialty pharmaceutical company to develop controlled-release formulations of two molecules using our Trigger Lock technology platform.
While we have an existing agreement with this company, this is a new collaboration and we are pleased with this expansion of our relationship with them. Pursuant to the agreement, we received an upfront payment of $3 million, and we are also eligible for development-based milestones as well as mid-single digit royalties upon commercialization.