Flamel Technologies Announces $15 Million Debt Financing to Advance R&D Efforts
07 2월 2013 - 10:30PM
Marketwired
Flamel Technologies (NASDAQ: FLML) today announced that it has
completed a USD$15 million debt financing with Deerfield
Management, a current Flamel shareholder. This financing will allow
the Company to continue its investment in R&D projects going
forward. The interest rate on the debt is 12.5% and the debt must
be repaid over four years, with the initial payment of principal
and accrued interest due in 18 months. Deerfield Management will
also receive a 1.75% royalty on net sales of products resulting
from the R&D projects of the former Éclat Pharmaceuticals,
subject to required regulatory approvals and sales of these
products.
"This additional financing from Deerfield Management will
provide Flamel with the means to advance our extensive R&D
portfolio in both the U.S. and France as we continue to work to
build a world-class specialty pharmaceutical business, and also
demonstrates Deerfield Management's confidence in our approach and
strategic focus," said Mike Anderson, Chief Executive Officer of
Flamel. "This financing will not result in dilution to our
shareholders. We believe that dilution to our shareholders at
current levels is unacceptable and was not an option."
Flamel also announced today the appointment of Gregg Stetsko as
Vice President, Research & Development. Mr. Stetsko has over 30
years of experience in the pharmaceutical business, with roles of
increasing responsibility at Sandoz, Sterling Winthrop, Ligand
Pharmaceutical, and Amylin, where he was Vice President of
Operations and Global Leader for the Amylin-Lilly Exenatide
Alliance. More recently, he was Chief Scientific Officer for Eagle
Pharmaceuticals and a Principal at Tahoe Consulting. Gregg earned a
B.S. degree in Pharmacy from the University of Rhode Island and a
Ph.D. in Industrial and Physical Pharmacy from Purdue
University.
"Gregg is an excellent addition to our management team, and will
be an integral component in achieving our R&D goals," said Mr.
Anderson. "He will bring a unique perspective and expertise to
Flamel's product development activities. We look forward to
continuing the expansion of our R&D portfolio with Gregg's
assistance."
About Flamel Technologies. Flamel
Technologies SA's (NASDAQ: FLML) business model is to blend
high-value internally developed products with its leading drug
delivery capabilities. The Company has a proprietary pipeline of
niche specialty pharmaceutical products, while its drug delivery
platforms are focused on the goal of developing safer, more
efficacious formulations of drugs to address unmet medical needs.
Its partnered pipeline includes biological and chemical drugs
formulated with its Medusa® and Micropump® (and its applications to
the development of liquid formulations, i.e. LiquiTime® and of
abuse-deterrent formulations Trigger Lock™) proprietary drug
delivery platforms. Several Medusa-based products have been
successfully tested in clinical trials. The Company has developed
products and manufactures Micropump-based microparticles under
FDA-audited GMP guidelines. Flamel Technologies has collaborations
with a number of leading pharmaceutical and biotechnology
companies, including GlaxoSmithKline (Coreg CR®, carvedilol
phosphate). The Company is headquartered in Lyon, France and has
operations in St. Louis, Missouri, USA, and manufacturing
facilities in Pessac, France. Additional information may be found
at www.flamel.com.
This release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including certain plans, expectations, goals and projections
regarding financial results, product developments and technology
platforms. All statements that are not clearly historical in nature
are forward-looking, and the words "anticipate," "assume,"
"believe," "expect," "estimate," "plan," "will," "may," and similar
expressions are generally intended to identify forward-looking
statements. All forward-looking statements involve risks,
uncertainties and contingencies, many of which are beyond our
control that could cause actual results to differ materially from
those contemplated in such forward-looking statements. These risks
include risks that the acquisition of Éclat Pharmaceuticals may not
be successfully integrated or that certain payment acceleration
events may be triggered; the new hospital-based product under FDA
review may not be approved or such approval may be delayed; the
reacquisition of the exclusive rights to develop and commercialize
IFN-β XL worldwide and identification of an alternative strategic
partner for the program may not be successful; the identified
opportunities will not result in shorter-term, high value results;
clinical trial results may not be positive or our partners may
decide not to move forward; management transitions may be
disruptive or not succeed as planned; products in the development
stage may not achieve scientific objectives or milestones or meet
stringent regulatory requirements; products in development may not
achieve market acceptance; competitive products and pricing may
hinder our commercial opportunities; we may not be successful in
identifying and pursuing opportunities to develop our own product
portfolio using Flamel's technology; and the risks associated with
our reliance on outside parties and key strategic alliances. These
and other risks are described more fully in Flamel's Annual Report
on Form 20-F for the year ended December 31, 2011 that has been
filed with the Securities and Exchange Commission (SEC). All
forward-looking statements included in this release are based on
information available at the time of the release. We undertake no
obligation to update or alter our forward-looking statements as a
result of new information, future events or otherwise.
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