Flamel Technologies it has earned an additional $4 million milestone from GlaxoSmithKline (GSK) pursuant to its Micropump license agreement for Coreg CR (carvedilol phosphate extended release capsules).
Coreg CR was launched by GSK in 2007 and is approved for use in treating three cardiovascular conditions -- high blood pressure, also known as hypertension; a heart attack that reduced how well the heart pumps (known medically as post-myocardial infarction left ventricular dysfunction); and mild to severe heart failure.
Coreg CR microparticles are produced by Flamel Technologies at its production facility in Pessac, France, using the company's Micropump technology platform.
"These types of payments are an important driver for the financial strength and success of Flamel Technologies," Stephen H Willard, Flamel's chief executive officer, stated. "In addition to upfront fees, royalties, and payments for our research and development, these types of milestones play a significant role in the overall value we derive from licensing our technology. Flamel is engaged in 18 feasibility study programs with seven of the top twenty pharmaceutical companies in the world."
Flamel Technologies is a drug delivery company with two intellectual property platforms: Micropump, for the controlled release of drugs best absorbed in the small intestine; and Medusa, for the controlled release of proteins, peptides, and other molecules injected subcutaneously.