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news.Flamel Technologies, a biopharmaceutical company, has received $500,000 payment in connection with the license agreement it previously signed with Wyeth Pharmaceuticals, a division of Wyeth.
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The agreement is for the development of a marketed protein to be delivered using Flamel’s Medusa technology. Flamel is also receiving additional revenues from Wyeth for work being conducted on the development of the Medusa-enabled formulation of the protein.
Stephen Willard, CEO of Flamel, said: “Flamel is currently working with six of the top twenty pharmaceutical companies in the world using the Medusa platform.
“We believe that the work we are completing with Wyeth, as well as with our other major partners, will be an important foundational element for the growth of Flamel as the projects continue and advance in the clinic.”