Flamel gets additional $4M GSK milestone

Flamel Technologies, a US drug-delivery specialist, says that it has earned an additional $4.0 million milestone from UK drug giant  GlaxoSmithKline as a result of its Micropump license agreement for Coreg  CR (carvedilol phosphate) extended-release capsules. Coreg CR was  launched by GSK in 2007 and is approved for use in treating three  cardiovascular conditions: high blood pressure; post-myocardial  infarction left ventricular dysfunction; and mild-to-severe heart  failure.

Coreg CR microparticles are produced by Flamel at its production  facility in Pessac, France, using the company's Micropump technology  platform.

"These types of payments are an important driver for the financial  strength and success of Flamel Technologies," Stephen Willard, Flamel's  chief executive, stated. "In addition to upfront fees, royalties and  payments for our research and development, these types of milestones  play a significant role in the overall value we derive from licensing  our technology. Flamel is engaged in 18 feasibility study programs with  seven of the top 20 pharmaceutical companies in the world," he  added.