Flamel Technologies Announces Results of Annual Meeting.LYON, France -- Flamel Technologies, S.A. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FLML) today announced the results of its annual meeting held on June 3, 2008. The election of each member of the Board of Directors of the Company for a further one-year term was approved by holders of more than 98% of the Company's shares. Each additional resolution proposed favorably by management at the meeting was approved by holders of more than 93% of the Company's shares. As a consequence, shareholders re-elected Flamel's Board of Directors. Mr. Elie Vannier, the Senior Advisor In some countries, a Senior Advisor is an appointed position by the Head of State to advise on the highest levels of national and government policy. Sometimes a junior position to this is called a National Policy Advisor. and Operating Partner at Oaktree Capital Management Oaktree Capital Management LLC is a US investment management corporation which operates a number of investment entities commonly known as hedge funds of approximately $40 Billion. , 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. deVink, former Chairman and Chief Executive Officer of Warner Lambert; Dr. Frank Fildes, PhD., former Senior Vice President: Head of Global Drug Development of Astra Zeneca PLC; Mr. Frederic Lemoine, Chairman of the Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. of AREVA, Mr. John Vogelstein, former President of Warburg Pincus Warburg Pincus is a private equity firm with offices in the United States, Europe and Asia. It has been a leading private equity investor since 1971. The firm currently has approximately $14 billion under management, and invests in a range of industries including information and ; and Mr. Stephen H. Willard, Flamel's Chief Executive Officer. "We are pleased to have the strong support of our shareholders," said Mr. Elie Vannier, non-Executive Chairman of Flamel. "As a result of the progress made by our teams under the leadership of Stephen Willard and Rafael Jorda, Flamel has achieved some important successes over the past year which have served to strengthen the Medusa platform. As a result, the Company has signed important agreements with Merck Serono In September 2006, Merck KGaA announced its intent to purchase the majority of Serono shares from Ernesto Bertarelli and the Bertarelli family. The Merck-Serono merger was announced on September 21, 2006. Merck KGaA and Serono operated as distinct entities until at least January 2007. and Wyeth and has another eight Medusa feasibility studies The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. in development with other partners. These relationships, together with the good relationship that the Company enjoys with GlaxoSmithKline for Coreg CR, as well as other Micropump ongoing programs, including TriggerLock[R], serve as a strong foundation for the Company's growth going forward." The Company has 24,066,600 shares issued or outstanding. Votes representing 24,011,961 shares, or 99.8% were tendered. Flamel Technologies, S.A. is a biopharmaceutical company principally engaged in the development of two unique polymer-based delivery technologies for medical applications. Micropump is a controlled release and taste-masking technology for the oral administration of small molecule drugs. Flamel's Medusa technology is designed to deliver controlled-release formulations of therapeutic proteins. This document contains a number of matters, particularly as related to financial projections and the status of various research projects and technology platforms, that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The presentation reflects the current view of management with respect to future events and is subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. These risks include risks that products in the development stage may not achieve scientific objectives or milestones or meet stringent regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. , uncertainties regarding market acceptance of products in development, the impact of competitive products and pricing, and the risks associated with Flamel's reliance on outside parties and key strategic alliances. These and other risks are described more fully in Flamel's Annual Report on the Securities and Exchange Commission Form 20-F for the year ended December 31, 2007. Coreg-CR is a registered trademark of GlaxoSmithKline. |
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