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15:14 30Jul2003 BSW-Flamel Technologies Announces Second Quarter Results; Achievement of
Flamel Technologies Announces
Second Quarter Results; Achievement of Two Additional Milestones from
Partners Due to Operating Success
LYON, France--(BUSINESS WIRE)--July 30, 2003--Flamel Technologies
(Nasdaq:FLML) today announced its financial results for the second
quarter of 2003.
For the second quarter, Flamel reported total revenues of $5.0
million, compared to $4.4 million in the second quarter of 2002.
Expenses increased to $6.7 million, from $4.4 million in the second
quarter of 2002, largely as a result of a 23% increase in the Euro
against the U.S. dollar during the 12 month period and increased
clinical studies, primarily related to Basulin(R), Flamel's
long-acting insulin product. Net loss in the second quarter of 2003
was $1.65 million, compared to a loss of $68 thousand in the second
quarter of last year. Net income per share for the second quarter of
2003 was ($0.10), compared to a net loss per share in the second
quarter of 2002 of ($0.00). Cash on hand at the end of the second
quarter was $11.6 million, with an additional $6.0 million in accounts
receivable, versus $11.9 million, with an additional $3.5 million in
accounts receivable at the end of the second quarter a year ago.
Flamel's second quarter revenues included license and research
revenues of $4.3 million, which included a $1.0 million milestone
payment from GlaxoSmithKline and a $0.5 million milestone payment from
Servier, each in respect of a licensing agreement between Flamel and
such party. These revenues exceeded license and research revenues of
$3.0 million in the second quarter of 2002. Product sales and services
declined to $0.9 million, compared to $1.1 million in the second
quarter of 2002, reflecting diminished services to Corning and
constant toll manufacturing revenues. Other revenues were negative for
the quarter ($0.2 million), reflecting accounting writedowns, compared
to $0.3 million in the second quarter of last year.
Costs and expenses of Flamel's research and development increased
to $4.7 million, from $2.7 million in the second quarter of 2002,
largely as a result of the increase of 23% in the value of the Euro
against the U.S. dollar during the twelve month period and increasing
clinical and preclinical study work, primarily related to Flamel's
Basulin(R) product. Costs of goods and services sold declined
moderately to $0.7 million from $0.8 million a year ago. SG&A
increased to $1.3 million from $0.9 million, largely as a result of
the economic appreciation of the Euro.
Dr. Gerard Soula, president and chief executive officer of Flamel,
commented : "I am pleased that we have achieved the technical success
which has triggered two additional milestones in this quarter. Our
next goal is to advance the clinical development of Basulin(R), for
which we have increased our expenses during the quarter. We expect the
Phase II(a) clinical trial will begin in September."
Flamel Technologies, S.A. is a biopharmaceutical company
principally engaged in the development of two unique polymer-based
delivery technologies for medical applications. Flamel's Medusa(R)
technology is designed to deliver therapeutic proteins. Micropump(R)
is a controlled release and taste-masking technology for the oral
administration of small molecule drugs.
Flamel's expertise in polymer science has also been instrumental
in the development of a photochromic eyeglass lens product now
marketed by Corning Inc.
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 within the
meaning of the Private Securities Litigation Reform Act 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, 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, 2001.
Schedule Attached
-0-
FLAMEL TECHNOLOGIES S.A.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands of dollars except share data)
Three months ended Six months ended
June 30, June 30,
----------------- ----------------
2002 2003 2002 2003
------- ------- ------- -------
Revenue :
License and research revenue $ 2,994 $ 4,297 $ 5,360 $6,259
Product sales and services 1,094 864 1,314 1,901
Other revenue 268 (162) 535 372
------- ------- ------- -------
Total revenue 4,356 4,999 7,209 8,532
Grüße
Pavian
15:14 30Jul2003 BSW-Flamel Technologies Announces Second Quarter Results; Achievement of
Flamel Technologies Announces
Second Quarter Results; Achievement of Two Additional Milestones from
Partners Due to Operating Success
LYON, France--(BUSINESS WIRE)--July 30, 2003--Flamel Technologies
(Nasdaq:FLML) today announced its financial results for the second
quarter of 2003.
For the second quarter, Flamel reported total revenues of $5.0
million, compared to $4.4 million in the second quarter of 2002.
Expenses increased to $6.7 million, from $4.4 million in the second
quarter of 2002, largely as a result of a 23% increase in the Euro
against the U.S. dollar during the 12 month period and increased
clinical studies, primarily related to Basulin(R), Flamel's
long-acting insulin product. Net loss in the second quarter of 2003
was $1.65 million, compared to a loss of $68 thousand in the second
quarter of last year. Net income per share for the second quarter of
2003 was ($0.10), compared to a net loss per share in the second
quarter of 2002 of ($0.00). Cash on hand at the end of the second
quarter was $11.6 million, with an additional $6.0 million in accounts
receivable, versus $11.9 million, with an additional $3.5 million in
accounts receivable at the end of the second quarter a year ago.
Flamel's second quarter revenues included license and research
revenues of $4.3 million, which included a $1.0 million milestone
payment from GlaxoSmithKline and a $0.5 million milestone payment from
Servier, each in respect of a licensing agreement between Flamel and
such party. These revenues exceeded license and research revenues of
$3.0 million in the second quarter of 2002. Product sales and services
declined to $0.9 million, compared to $1.1 million in the second
quarter of 2002, reflecting diminished services to Corning and
constant toll manufacturing revenues. Other revenues were negative for
the quarter ($0.2 million), reflecting accounting writedowns, compared
to $0.3 million in the second quarter of last year.
Costs and expenses of Flamel's research and development increased
to $4.7 million, from $2.7 million in the second quarter of 2002,
largely as a result of the increase of 23% in the value of the Euro
against the U.S. dollar during the twelve month period and increasing
clinical and preclinical study work, primarily related to Flamel's
Basulin(R) product. Costs of goods and services sold declined
moderately to $0.7 million from $0.8 million a year ago. SG&A
increased to $1.3 million from $0.9 million, largely as a result of
the economic appreciation of the Euro.
Dr. Gerard Soula, president and chief executive officer of Flamel,
commented : "I am pleased that we have achieved the technical success
which has triggered two additional milestones in this quarter. Our
next goal is to advance the clinical development of Basulin(R), for
which we have increased our expenses during the quarter. We expect the
Phase II(a) clinical trial will begin in September."
Flamel Technologies, S.A. is a biopharmaceutical company
principally engaged in the development of two unique polymer-based
delivery technologies for medical applications. Flamel's Medusa(R)
technology is designed to deliver therapeutic proteins. Micropump(R)
is a controlled release and taste-masking technology for the oral
administration of small molecule drugs.
Flamel's expertise in polymer science has also been instrumental
in the development of a photochromic eyeglass lens product now
marketed by Corning Inc.
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 within the
meaning of the Private Securities Litigation Reform Act 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, 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, 2001.
Schedule Attached
-0-
FLAMEL TECHNOLOGIES S.A.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands of dollars except share data)
Three months ended Six months ended
June 30, June 30,
----------------- ----------------
2002 2003 2002 2003
------- ------- ------- -------
Revenue :
License and research revenue $ 2,994 $ 4,297 $ 5,360 $6,259
Product sales and services 1,094 864 1,314 1,901
Other revenue 268 (162) 535 372
------- ------- ------- -------
Total revenue 4,356 4,999 7,209 8,532
Grüße
Pavian
0.06 (6.12)
0.01 (0.49)
