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news.Shares in Flamel Technologies have slipped slightly, after the French company announced that it has terminated a license agreement with Biovail Laboratories for Flamel's long-acting herpes treatment, Genvir.
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The license agreement for Genvir (acyclovir), which was signed in February 2003, granted a license to Biovail in the US and Canada, subject to Biovail’s initiation of certain clinical trials in the US. The license agreement provided for termination by Flamel in the event that the clinical trials were not initiated by a set date.
Dr Gerard Soula, founder, president and CEO of Flamel, said, “Despite having granted additional time to Biovail, we regret that so much time has passed without initiation of US clinical trials. We believe that now is the time to work actively to find another partner to conduct these trials and to handle registration and marketing of Genvir”.
Flamel Technologies is a biopharmaceutical company principally focused on developing two unique polymer-based delivery technologies. Flamel’s Medusa technology is designed to deliver therapeutic proteins and its Micropump is a controlled release and taste-masking technology.