Flamel Technologies (FLML) Announces Termination Of Licensing Agreement With Biovail Laboratories Inc. For Genvir And Recovery Of Rights
10/19/2005 5:12:55 PM
LYON, France--(BUSINESS WIRE)--March 3, 2005--Flamel Technologies S.A. ("Flamel") (Nasdaq:FLML) announced today that it has terminated the License Agreement with Biovail Laboratories Inc. ("Biovail") for Flamel's long-acting acyclovir formulation, Genvir(R).
The License Agreement, which was signed in February 2003, granted a license to Biovail in the U.S. and Canada, subject to initiation by Biovail of certain clinical trials in the United States. The License Agreement provided for termination by Flamel in the event the clinical trials were not initiated by a date set out in the License Agreement.
Gerard Soula, PhD., founder, president and chief executive officer of Flamel, said, "Despite having granted additional time to Biovail, we regret that so much time has passed without initiation of U.S. 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(R)".