GlaxoSmithKline Announces Successful Phase III Results In Connection With Collaboration With Flamel Technologies

LYON, France--(BUSINESS WIRE)--Oct. 26, 2005--Flamel Technologies S.A. (NASDAQ:FLML) announced today that GlaxoSmithKline (GSK) has determined that successful Phase III clinical trial results have been obtained on a controlled release formulation of an already-marketed GSK drug using Flamel’s Micropump(R) technology. This determination by GSK will result in the payment of a $2 million milestone under a license agreement between the companies, which was entered into in March of 2003.