France's Flamel Technologies has started a drive to raise funds in the USA via a placement of shares aimed at raising $62.1 million.
The company's star has been in the ascendancy of late, having signed a string of licensing collaborations with pharmaceutical partners for its drug delivery technologies, designed to improve the administration of both small molecule and peptide/protein drugs.
Flamel has earmarked the funds for R&D activities and to augment its portfolio of drug delivery technologies, as well as general corporate activities. The company is enjoying a hike in revenues from licensing agreements and recently signed a $165 million deal with Bristol-Myers Squibb for an oral version of insulin formerly partnered with Novo Nordisk.
Flamel is developing new versions of undisclosed GlaxoSmithKline and Servier drugs, as well as a new sachet formulation of GSK's Augmentin (amoxicillin/clavulanate) antibiotic, using its Micropump controlled release technology for oral delivery of small-molecule drugs.