LYON, FRANCE--(Marketwired - September 11, 2014) - Flamel Technologies S.A. (NASDAQ: FLML) today announced that Gregg Stetsko, the Vice President of Research and Development at Flamel, has left the Company to pursue other interests. Mr. Stetsko joined Flamel approximately 18 months ago.
The Company reports that it is expeditiously considering new candidates for the position, with the expectation of hiring a new Vice President within the next six to eight weeks.
"While we recognize there will be a transition period to a new R&D executive, based on current information, we believe that the timing of Flamel's anticipated NDA filings and clinical data on key proprietary products in our development pipeline will remain on target," said Mike Anderson, Chief Executive Officer of Flamel. "We want to thank Gregg and wish him well in his future endeavors as he returns back to the US from France."
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 markets Bloxiverz™ (neostigmine methylsulfate) in the USA and manufactures Micropump-based microparticles under FDA-audited GMP guidelines for Coreg CR® (carvedilol phosphate), marketed in the USA by GlaxoSmithKline. 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 pipeline includes chemical and biological drugs formulated with its Micropump® (and its applications to the development of liquid formulations LiquiTime® and of abuse-deterrent formulations Trigger Lock™) and Medusa™ proprietary drug delivery platforms. Several Medusa-based products have been successfully tested in clinical trials. 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.
Cautionary Statements Regarding Forward-Looking Information
This report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timeframe for appointing a new head of research and development and timing of expected regulatory filings and clinical data with respect to projects under development. 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 Flamel's control that could cause actual results to differ materially from those contemplated in such forward-looking statements. These risks include risks that negotiations with and the hiring of qualified candidates may take longer than anticipated; an extended search process for a successor may delay the timeline for products currently under development; and current R&D projects may be delayed for other reasons including as a result of clinical trial results, partners on projects may decide not to move forward or products in the development stage may not achieve scientific objectives or milestones or meet stringent regulatory requirements. These and other risks are described more fully in the Company's Annual Report on Form 20-F for the year ended December 31, 2013 that has been filed with the Securities and Exchange Commission (SEC). All forward-looking statements included in this report are based on information available at the time of filing. Flamel undertakes no obligation to update or alter its forward-looking statements as a result of new information, future events or otherwise, except as required by law.