SOURCE: Flamel Technologies

Flamel Technologies

April 07, 2015 18:05 ET

Flamel Technologies Announces Departure of Senior Vice President of Business and Corporate Development

LYON, FRANCE--(Marketwired - Apr 7, 2015) - Flamel Technologies S.A. (NASDAQ: FLML) today announced that Steve Lisi, the Senior Vice President of Business and Corporate Development at Flamel, has left the Company for personal reasons.

"The Board and I want to thank Steve for his dedicated service and important contributions to the evolution and growth of Flamel," said Mike Anderson, Chief Executive Officer. "Steve has been a tremendous asset to Flamel on a number of levels over the past three years and we wish him the very best as he pursues future endeavors."

"I am very pleased with how much we have accomplished at Flamel over the past three years. Compared to 2012, Flamel now has two FDA-approved products on the market, a rich pipeline of proprietary products, accomplished major strategic moves that position Flamel advantageously for the future, and the Company completed a $121 million follow-on offering, strengthening our balance sheet and broadening our investor base," said Steve Lisi. "When I joined Flamel, after a demanding career on the buyside, I had hoped to achieve a better work-life balance. Flamel's rapid success has meant intense demands on my time, which has limited the time I have available to spend with my family. Given how far Flamel has progressed since I joined, I feel now is the appropriate time to focus on my family. I will make myself available to consult with Flamel as needed," concluded Mr. Lisi.

The Company will immediately begin a comprehensive search for a permanent replacement and expects to hire a new Vice President of Business and Corporate Development within the next six to eight weeks.

Flamel is reaffirming its product revenue guidance for 2015 of $170 to $185 million for combined sales of Bloxiverz™ and Vazculep™.

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 markets Bloxiverz™ (neostigmine methylsulfate) and Vazculep™(phenylephrine hydrochloride) in the USA and licenses the Micropump-based microparticles technology to Recipharm AB for application to the manufacturing under FDA-audited GMP guidelines for Coreg CR® (carvedilol phosphate), marketed in the USA by GlaxoSmithKline. The Company has a proprietary pipeline of niche specialty pharmaceutical products. Flamel applies its technology with the goal of developing safer, more efficacious formulations of drugs to address unmet medical needs. Its pipeline includes chemical and biological drugs formulated with its Micropump® (and its applications to the development of liquid formulations LiquiTime® and of abuse-deterrent formulations Trigger Lock™) and Medusa™ proprietary drug delivery platforms. The Company is headquartered in Lyon, France and has operations in St. Louis, Missouri, USA, and Dublin, Ireland. Additional information may be found at www.flamel.com.

Cautionary Statements Regarding Forward-Looking Information
This report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timeframe for appointing a new head of business and corporate development. 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 Flamel's control that could cause actual results to differ materially from those contemplated in such forward-looking statements. These and other risks are described more fully in the Company's Annual Report on Form 20-F for the year ended December 31, 2013 that has been filed with the Securities and Exchange Commission (SEC). All forward-looking statements included in this report are based on information available at the time of filing. Flamel undertakes no obligation to update or alter its forward-looking statements as a result of new information, future events or otherwise, except as required by law.