Flamel Technologies Announces $15 Million Line of Credit

Flamel Technologies Announces $15 Million Line of Credit 
LYON, FRANCE -- (Marketwired) -- 12/04/13 --   Flamel Technologies
(NASDAQ: FLML) today announced that it established a USD $15.0
million secured line of credit with Broadfin Capital, a current
Flamel shareholder. The $15.0 million credit facility can be drawn in
three tranches of $5.0 million each. The Company will draw $5.0
million initially and can draw up to two additional $5.0 million
tranches prior to August 15, 2014, subject to satisfaction of funding
conditions. This line of credit financing will allow the Company to
continue its investment in R&D projects and the launch of its
first-NDA approved product, Bloxiverz(TM). The interest rate on any
outstanding loan is 12.5% and the loan must be repaid on or before
November 15, 2015. There is no cost for undrawn capital or any
penalty or premium for early repayment. For each tranche of the line
of credit drawn by Flamel, Broadfin Capital will also receive a
royalty of less than 1.0% (subject to a maximum cumulative royalty of
2.0% if all three tranches are drawn) on net sales of Bloxiverz and
the other products resulting from the R&D projects of the former
Eclat Pharmaceuticals, subject to required regulatory approvals and
sales of these products.  
"This flexible line of credit from Broadfin Capital, drawn only as
needed, will be used by Flamel to advance our extensive R&D portfolio
in both the U.S. and France and our launch of Bloxiverz across the
US, especially as we await potential FDA action on the status of
unapproved versions of neostigmine that are still on the market. This
line of credit also demonstrates Broadfin Capital's confidence in our
corporate strategy and focus," said Mike Anderson, Chief Executive
Officer of Flamel.  
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 has a
proprietary pipeline of niche specialty pharmaceutical products,
while its drug delivery platforms are focused on the goal of
developing safer, more efficacious formulations of drugs to address
unmet medical needs. Its partnered pipeline includes biological and
chemical drugs formulated with its Medusa(R) and Micropump(R) (and
its applications to the development of liquid formulations, i.e.
LiquiTime(TM) and of abuse-deterrent formulations Trigger Lock(TM))
proprietary drug delivery platforms. Several Medusa-based products
have been successfully tested in clinical trials. The Company has
developed products and manufactures Micropump-based microparticles
under FDA-audited GMP guidelines. Flamel Technologies has
collaborations with a number of leading pharmaceutical and
biotechnology companies, including GlaxoSmithKline (Coreg CR(R),
carvedilol phosphate). The Company is headquartered in Lyon, France
and has operations in St. Louis, Missouri, USA, and manufacturing
facilities in Pessac, France. Additional information may be found at
www.flamel.com.  
This release contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, including
certain plans, expectations, goals and projections regarding
financial results, product developments and technology platforms. 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 our control that could cause
actual results to differ materially from those contemplated in such
forward-looking statements. These risks include risks that the launch
of Bloxiverz will not be as successful as anticipated; our ability to
bring other R&D projects of the former Eclat Pharmaceuticals to
market may be unsuccessful; FDA may not take action on the status of
unapproved versions of neostigmine still on the market; clinical
trial results may not be positive or our partners may decide not to
move forward; products in the development stage may not achieve
scientific objectives or milestones or meet stringent regulatory
requirements; products in development may not achieve market
acceptance; competitive products and pricing may hinder our
commercial opportunities; we may not be successful in identifying and
pursuing opportunities to develop our own product portfolio using
Flamel's technology; and the risks associated with our reliance on
outside parties and key strategic alliances. These and other risks
are described more fully in Flamel's Annual Report on Form 20-F for
the year ended December 31, 2012 that has been filed with the
Securities and Exchange Commission (SEC). All forward-looking
statements included in this release are based on information
available at the time of the release. We undertake no obligation to
update or alter our forward-looking statements as a result of new
information, future events or otherwise. 
Contact: 
Michael S. Anderson
Phone: 33 (0) 4 72 78 34 34
Fax: 33 (0) 4 72 78 34 35
E-mail: anderson@flamel.com  
Investor Relations
Bob Yedid 
ICR Inc. 
Phone: 646-277-1250
Email: bob.yedid@icrinc.com 
 
 
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