(Market Wired)Flamel Technologies S.A. (ADR) (NASDAQ:FLML) announced that Steve Lisi, the Senior Vice President of Business and Corporate Development at Flamel, has left the Company for personal reasons.
The Board and I want to thank Steve for his dedicated service and important contributions to the evolution and growth of Flamel, said Mike Anderson, Chief Executive Officer. Steve has been a tremendous asset to Flamel on a number of levels over the past three years and we wish him the very best as he pursues future endeavors.
I am very pleased with how much we have accomplished at Flamel over the past three years. Compared to 2012, Flamel now has two FDA-approved products on the market, a rich pipeline of proprietary products, accomplished major strategic moves that position Flamel advantageously for the future, and the Company completed a $121 million follow-on offering, strengthening our balance sheet and broadening our investor base, said Steve Lisi. When I joined Flamel, after a demanding career on the buyside, I had hoped to achieve a better work-life balance. Flamels rapid success has meant intense demands on my time, which has limited the time I have available to spend with my family. Given how far Flamel has progressed since I joined, I feel now is the appropriate time to focus on my family. I will make myself available to consult with Flamel as needed, concluded Mr. Lisi.
The Company will immediately begin a comprehensive search for a permanent replacement and expects to hire a new Vice President of Business and Corporate Development within the next six to eight weeks.
Flamel is reaffirming its product revenue guidance for 2015 of $170 to $185 million for combined sales of Bloxiverz™ and Vazculep™.
Flamel Equity Analysis
Flamel Technologies S.A. (ADR) (NASDAQ:FLML) opened trading today as $16.59and is trading in the range of 15.92-17.50 today. Flamel’s current market cap stands at $645.95 Million.
Compared to other peers in the Drug Delivery sector, Flamel hasn’t performed in terms of quarterly revenue growth year over year at -0.52 vs. the industry average of 0.18.
Flamel is currently covered by 6 Wall Street analysts. The mean target price is $24.80 according to First Call. This presents a solid upside to the current price of the equity. The Mean Recommendation sits at 1.6 which is based on 3 Strong Buy and 3 Buy ratings.
The most recent analyst actions consisted of Summer Street Research initiating the stock on April 9th.
The current quarter EPS consensus estimate is 0.31 with revenue estimates of 52.55M. Sales are expected to grow at a 472.80% rate. Flamel reported actual earnings last quarter of -0.69 which fails to beat the -0.17 consensus estimate, a -305.90% surprise.
Flamel Technologies SA, a specialty pharmaceutical company, develops and commercializes pharmaceutical products based on its proprietary polymer based technology. The company owns and develops drug delivery platforms, such as Micropump that allows generating and marketing modified and/or controlled release of solid and oral dosage formulations of drugs; and LiquiTime, which develops modified/controlled release of liquid formulations for patients having issues swallowing tablets or capsules. Its drug delivery platforms also comprise Trigger Lock that develops tamper-resistant modified/controlled release formulations of narcotic/opioid analgesics and other drugs susceptible to abuse; and Medusa, which develops extended/modified release of injectable dosage formulations of drugs. The companys lead products include Bloxiverz, a drug used intravenously in the operating room for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; and Coreg CR, a non-selective antagonist of Beta 1, Beta 2 adrenergic receptors and a selective antagonist of Alpha 1 adrenergic receptors used for the treatment of moderate to severe heart failure and left ventricular dysfunction following myocardial infarction. It has collaborations with various pharmaceutical and biotechnology companies, including GlaxoSmithKline plc. Flamel Technologies SA was founded in 1990 and is headquartered in Vénissieux, France.