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Biotech / Medical : Avadel AVDL

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To: Arthur Radley who wrote (218)11/4/2009 8:47:38 AM
From: Arthur Radley  Read Replies (1) of 240
 
Flamel Technologies Announces Licensing Agreement with Pfizer
8:00 am ET 11/04/2009 - Business Wire
LYON, France--(BUSINESS WIRE)--

Flamel Technologies (Nasdaq:FLML) today announced that Pfizer (NYSE:PFE)

has exercised its option to license Flamel's Medusa(R) technology for the

development of a controlled release formulation of an already-marketed

therapeutic protein. Flamel will receive a further payment of $1 million

pursuant to the exercise of the license; Pfizer will pay all development

costs of the program, including milestone payments and royalties on any

worldwide commercial sales. The program was begun in 2007 with Wyeth,

which was acquired by Pfizer last month. The program leverages Flamel's

ability to create controlled-release formulations of therapeutic

proteins for intravenous administration.

Stephen H. Willard, Flamel's chief executive officer, commented,

"Pfizer's decision to move forward follows a two year evaluation period

during which Flamel has developed and demonstrated an aspect of the

Medusa platform which allows us to work on controlled release

formulations of molecules that are injected intravenously. We believe

that this work has the potential to benefit patients in many ways, not

least by lessening the time and costs associated with frequent hospital

visits."
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