Flamel Technologies (Nasdaq: FLML) today announced its financial results for the first quarter of 2010. Highlights from the first quarter and the period since the Company’s last conference call included:
Entering into three new feasibility relationships, including one with a new top-five pharmaceutical partner;
Expiration of Hatch Waxman exclusivity for Coreg CR® with no generic formulation yet approved;
The Company filed a citizen’s petition with the FDA requesting that any generic formulation be held to the same standards regarding minimum blood plasma concentrations over 24 hours (Cmin) as Coreg CR; and
Continued progress with existing programs with Pfizer, Merck-Serono, Baxter, and other unnamed partners.
For the first quarter 2010, Flamel reported total revenues of $8.1 million versus $12.1 million in the year-ago period; first quarter revenues in the year-ago period included a $4 million milestone from GlaxoSmithKline (GSK). License and research revenues during the first quarter of 2010 were $3.4 million versus $7.1 million in the first quarter 2009. Excluding milestones, license and research revenue grew by 10% year-over-year. Product sales and services, pursuant to the Company’s supply contract with GSK, were $2.3 million versus $2.4 million in the year-ago quarter. Other revenues in the first quarter, consisting primarily of royalty revenues from GSK related to sales of Coreg CR, were $2.3 million as compared to $2.5 million in the year-ago quarter. Operational expenses in the first quarter 2010 were $12.1 million versus $10.9 million in the year-ago quarter. Costs of goods and services sold in the quarter were $1.9 million, as compared to $2.1 million in the first quarter of 2009. Costs and expenses of Flamel's research and development were $7.3 million, compared to $5.9 million in the first quarter of 2009. SG&A expenses during the quarter remained constant at a level of $2.9 million.