French drug delivery company Flamel Technologies reported a significant leap in revenues for 2002 jumping from €12.3 million in 2001 to €19.8 million in 2002.
In 2002, license and research revenues totalled €13.7 million, compared to €9.3 million in 2001, with royalties and other income in 2002 totalling €3.3 million, up from €1.1 million in 2001. The figures largely reflect a payment for the Welcome Trust in connection with the settlement of litigation in respect of Flamel's product Genvir, the company reports.
"Flamel has made substantial strides in 2002, with its first full year of profitability and a dramatic increase in its cash position," said Stephen Willard, Flamel's chief financial officer.
"The positive financial performance of 2002 result from the technical and clinical successes of our Micropump technology, which have triggered the execution of new deals and payment of milestones," added Dr Gerard Soula, Flamel's president and chief executive officer. "We have announced two licensing deals, one with Servier and one with GlaxoSmithKline, and have achieved additional technical milestone payments in respect of each project."
Flamel Technologies is principally engaged in the development of two polymer-based delivery technologies for medical applications. Its Medusa technology is designed to deliver therapeutic proteins and peptides while its Micropump product is a controlled release and taste-masking technology for the oral administration of small molecule drugs.
"We believe that both of our core technologies have wide potential application and are becoming widely recognised among major worldwide pharmaceuctical companies, with resulting potential benefits for our company and its stockholders," added Soula.