Flamel Technologies Announces Second Quarter Results and New Medusa Contracts.LYON, France -- Flamel Technologies (Nasdaq:FLML) today announced its financial results for the second quarter of 2008 as well as the signing of two further Medusa contracts with two current partners. Flamel currently is working on Medusa projects with four of the top-ten and six of the top-twenty pharmaceutical companies in the world. Flamel reported total revenues of $9.2 million, compared to $7.4 million in the second quarter of 2007. Product sales and services totaled $3.2 million during the quarter versus $4.8 million in the second quarter, 2007. License and research revenues were $3.2 million versus $1.8 million in the year-ago period. Other revenues, including royalties on the sale of Coreg CR[TM] were $2.8 million versus $0.8 million in the year-ago period. Costs and expenses during the second quarter were $(14.9) million versus $(21.5) million in the year-ago period. Costs of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. sold in connection with the manufacture of Coreg CR microparticles Microparticles are particles between 0.1 and 100  m in size. Commercially available microparticles include those made of glass, latex, polystyrene, various metals (carbon, silver, copper, etc. totaled $(2.2) million versus $(3.7) million in the
second quarter of 2007. Research and development expenses were $(9.0)
million versus $(13.2) million in the second quarter of 2007. SG&A
declined to $(3.7) million from $(4.6) million in the year-ago period.
Net loss in the second quarter of 2008 was $(3.4) million, compared to a net loss of $(13.6) million in the second quarter of last year. Net loss per share (basic) for the second quarter of 2008 was ($0.14), compared to a net loss per share (basic) in the year-ago period of ($0.57). Cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has at the end of the second quarter totaled $34.5 million versus $47.0 million at the end of the second quarter, 2007. For the first half of 2008, Flamel reported total revenues of $20.0 million versus $17.1 million in the first half of 2007. License and research revenues during the period were $6.7 million versus $4.9 million in the year-ago period. Product sales and services during the first six months of 2008 were $7.9 million versus $10.2 million in the first half of 2007. Other revenues during the first six months of 2008 were $5.4 million versus $1.9 million in the year-ago period. During the first six months of 2008, total costs and expenses declined $10 million versus the year-ago period, from $(40.6) million to $(30.6) million. Costs of goods and services sold relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the manufacture of Coreg CR microparticles totaled $(4.7) million versus $(8.2) million in the year-ago period. Research and development expenses during the first half of 2008 were $(18.2) million versus $(23.8) million during the year-ago period. SG&A for the first six months of 2008 amounted to $(7.8) million versus $(8.7) million in the year-ago period. Net loss in the first half of 2008 was $(7.1) million, compared to a net loss of $(22.7) million in the first half of last year. Net loss per share (basic) for the first half of 2008 was $(0.29), compared to net loss per share (basic) in the year-ago period of $(0.95). "As our results show, we are rapidly diversifying our relationships with the largest pharmaceutical companies and maintaining our research and development, while significantly reducing our expenses. We can do this as our partners assume much of the clinical and preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. work which we had funded previously," said Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Willard, Flamel's Chief Executive Officer. "We are also very pleased to be signing additional projects with large pharmaceutical companies with whom we already have initial projects. These new contracts with current partners confirm their view of our technology and show recognition of our ability to solve a variety of challenges. We are working actively to further diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. the partners and projects on which we are working and expect success in that regard in the coming months." A conference call to discuss earnings is scheduled for 8:30 AM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT August 7, 2008. The dial-in number (for investors in the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of ) is 1-800-374-1498; the conference ID number is 57373983. International investors are invited to dial 1-706-634-7261. Flamel Technologies, S.A. is a biopharmaceutical company principally engaged in the development of two unique polymer-based delivery technologies for medical applications. Micropump([R]) is a controlled release and taste-masking technology for the oral administration of small molecule molecule (mŏl`əky  l) [New Lat.,=little mass], smallest particle of a compound that has all the chemical properties of that compound. drugs. Flamel's Medusa([R])
technology is designed to deliver controlled-release formulations of
therapeutic proteins and peptides.
This document contains a number of matters, particularly as related to 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 December: see month. 31, 2007. Schedule attached Financial Statements (Unaudited) [TABLE OMITTED] |
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