Leading pharmaceutical company, Flamel enter Micropump license agreement

Flamel Technologies (NASDAQ: FLML) announced today that it has entered into a license agreement with a leading specialty pharmaceutical company for development and commercialization of two molecules for pain indications. Pursuant to the agreement, Flamel will receive an upfront license fee of $3 million, as well as development-based milestones, and mid-single digit royalties upon eventual product sales.

Stephen Willard, Flamel's CEO, commented: "I am very pleased with this agreement, which is further confirmation of the strength, and competitive advantage, of our Micropump® technology. We continue to pursue partnering opportunities on multiple fronts to monetize our industry-leading technology platform."

Flamel also announced today that it has received a Paragraph IV certification letter from Lupin Pharmaceuticals with respect to Coreg CR® and the Flamel patent listed in the Orange Book regarding the use of the Micropump platform for Coreg CR that it has licensed to Glaxo SmithKline (GSK). Flamel and GSK are in discussions regarding the appropriate response to the letter.