Deerfield Announces Financing Transaction with Flamel Technologies

  Deerfield Announces Financing Transaction with Flamel Technologies

Business Wire

NEW YORK -- February 7, 2013

Deerfield Management Company announced that it had closed a transaction with
Flamel Technologies (NASDAQ: FLML) and two of Flamel’s subsidiaries to provide
$15 million. The objective of the financing is to enable Flamel to continue
development programs and regulatory filings related to its internal pipeline
of products.

Deerfield provided the $15 million in return for notes bearing 12.5% interest
that amortize over a period from 18 months to 4 years. Deerfield also received
a royalty of 1.75% of net sales of certain products being developed by
Flamel’s U.S. subsidiary, Éclat Pharmaceuticals, and transaction fee. The
structure was responsive to Flamel’s cash flow requirements and interest in
avoiding equity dilution.

About Flamel Technologies

Flamel, headquartered in Lyon, France, focuses on developing specialty
pharmaceutical products to address unmet medical needs through the application
of its drug delivery technologies. The financing provides Flamel with
additional resources to continue developing a pipeline of specialty
pharmaceutical products and explore further expansion of applications for its
drug delivery technology.

About Deerfield Management Company

Deerfield is committed to advancing healthcare through investment, information
and philanthropy.

For more information about Deerfield, please visit


Deerfield Management Company
Karen Arnone, 212-922-1349
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