Flamel Technologies Announces Payment From Bristol-Myers Squibb

Flamel Technologies has entered into an agreement with Bristol-Myers Squibb, which resolves all outstanding matters with respect to the former licensing agreement dated Aug. 26, 2003, between the companies for Flamel's formulation of long-acting human insulin, Basulin. Under the terms of the agreement, Flamel will receive a cash payment, as well as clear title to certain data produced in connection with the relationship between the parties, including the results of a Phase IIa study of Basulin.

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