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news.Flamel Technologies, a biopharmaceutical company, has earned an additional $4 million milestone from GlaxoSmithKline pursuant to its Micropump licensing agreement for Coreg CR.
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Carvedilol phosphate extended release capsules (Coreg CR) was launched by GlaxoSmithKline 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 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.
Stephen Willard, CEO of Flamel, said: “These types of payments are an important driver for the financial strength and success of Flamel Technologies. In addition to upfront fees, royalties, and payments for our R&D, these types of milestones play a significant role in the overall value we derive from licensing our technology.”