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Flamel Technologies Announces Fourth Quarter And Year-End 2011 Results

Stocks in this article: FLML

Flamel Technologies (NASDAQ: FLML) today announced its financial results for the fourth quarter and year ended December 31, 2011.

Separately, the Company also announced today that it has agreed to acquire Éclat Pharmaceuticals, a St. Louis, Missouri-based special pharmaceutical company focused on developing and commercializing niche brands and generic products. Éclat Pharmaceuticals is a wholly owned subsidiary of an affiliate of Deerfield Capital L.P., which together with its other affiliates is our largest shareholder. Steve Willard, Flamel’s current chief executive officer, has resigned as CEO, and Mike Anderson, Éclat’s chief executive officer, has become chief executive officer of Flamel Technologies. Mr. Willard will remain a director of Flamel and an employee of a US subsidiary of Flamel. A press release announcing these changes is available at www.flamel.com.

Fourth Quarter and Recent Highlights:

  • Inclusion in the Orange Book of Flamel’s US Pat. No. 8,101,209 related to our Micropump technology.
  • A €1.3 MM payment resulting from a multi-year supply agreement signed with GSK for the production of Coreg CR® microparticles.
  • Completion of the Phase I Clinical study of long acting beta interferon 1a by Merck Serono, which results we are analyzing and discussing with our partner.
  • Interferon alpha results are largely complete and Flamel has applied to present them at a major scientific congress. Licensing discussions are currently ongoing with multiple parties.
  • Partnership with Pfizer discontinued.
  • Signed two new feasibility agreements: one for LiquiTime and one for Trigger Lock.

Mr. Willard stated, “The issuance of our new Micropump patent and its inclusion in the FDA Orange Book is, I believe, a very significant event, in that it is a major expansion of our Micropump technology intellectual property. The new patent covers the delivery of microparticles with varying release profiles, such that we can better match or improve the delivery of oral molecules. Because it is used in Coreg CR, the grant of this patent may strengthen the ability to defend Coreg CR in the future. It also will be helpful in our efforts to expand significantly into partnerships or other transactions for our Micropump platform, including our patented long-acting stable liquid formulations (i.e., LiquiTime).”

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