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Flamel Technologies Announces Results Of Annual Meeting

Stocks in this article: FLML

Flamel Technologies S.A. (NASDAQ: FLML) today announced the results of its annual ordinary and extraordinary meeting held on June 24, 2011, chaired by Mr. Elie Vannier. The election of all members of the Board of Directors of the Company proposed for renewal for a further one-year term was approved by holders of 93% of the Company’s shares. Each additional resolution proposed favorably by management at the meeting was approved overwhelmingly.

Mr. Elie Vannier will continue to serve as the Company’s non-Executive Chairman. Also re-elected to the Company’s Board of Directors were: Mr. Lodewijk J.R. de Vink, former Chairman and Chief Executive Officer of Warner Lambert; Dr. Francis J.T. Fildes, former Senior Vice President, Head of Global Development for AstraZeneca; Mr. John Vogelstein, former President of Warburg Pincus; and Mr. Stephen H. Willard, Flamel’s Chief Executive Officer. In addition, shareholders voted in favor of the three new board members that were nominated. The three new members of the board are: Dr. Catherine Bréchignac, Permanent Secretary of the French Academy of Sciences and former Chairwoman of the National Center for Scientific Research (CNRS); Mr. Guillaume Cerutti, the Chairman and CEO of Sotheby’s France; and the Honorable Craig Stapleton, former United States Ambassador to France.

“We are pleased to have the continued support of Flamel’s shareholders,” said Mr. Elie Vannier, non-Executive Chairman of Flamel. “We now are working with nine of the top twenty-five pharmaceutical companies in the world on projects that involve both novel and already-marketed molecules, including the beta interferon project that we are developing with Merck Serono. Both of the Company’s drug delivery technology platforms maintain considerable comparative advantage in their respective areas and have been the subject of numerous patent applications in the past year. Additionally, the company has pursued relationships using these platforms to develop first in class product opportunities with development stage biotechnology and specialty pharmaceutical companies as an additional component to our diversified partnering strategy. These opportunities may result in increased economic participation in the relevant molecules being developed. We continue to be well-positioned to leverage the advantages that both platforms bring to our partners with respect to safety and efficacy, as well as greater convenience for patients and their caregivers. As a result, we believe in the coming year we will achieve important milestones with our lead projects, with the additional benefit of providing all of our shareholders with increased visibility to the work that the Company is conducting with our partners.”

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