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Flamel Technologies Announces Profitable Third Quarter Results

Flamel Technologies (Nasdaq:FLML) today announced its financial results for the third quarter of 2011.
  • Completion of new supply agreement with GlaxoSmithKline (NYSE: GSK) for the production of Coreg CR microparticles.
  • Completion of a license and development agreement with Eagle Pharmaceuticals for a Medusa-enabled subcutaneous formulation of tigecycline, an antibiotic currently indicated for the treatment of a variety of serious infections via intravenous administration.
  • Signing of two further new Medusa projects.

Stephen H. Willard, Flamel’s chief executive officer, commented, “We are very pleased to have come to an agreement with GSK on a new Coreg CR microparticle supply contract. While the negotiations were lengthy, we believe we achieved an excellent result for both parties. This agreement was a primary driver of our profitability this past quarter and increases our expectations for the continued sales of this product.”

Mr. Willard continued, “Our recent agreement with Eagle Pharmaceuticals is our first license demonstrating the use of the Medusa platform to formulate a subcutaneous presentation of a small molecule drug. While we have announced a number of applications with proteins and peptides, we believe that a variety of small molecules can also benefit from our technology. In the case of tigecycline, the focus is on the ability to treat patients potentially at home, instead of expensive and time-consuming treatment in a medical facility. There are a variety of other products which are currently administered by infusion which might benefit from our technology if they can be administered by conventional injections under the skin. Other potential uses for this application of Medusa would be with respect to indications where compliance and adherence are of special concern. As we continue to generate more data with respect to both of our technology platforms, we expect that the momentum we have shown in the past quarter will accelerate.”

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