Flamel Security Rating

Since the acquisition of Éclat, we have implemented a balanced business model allowing Flamel to commercialize niche branded (Bloxiverz®® and Vazculep®) and generic pharmaceutical products in the U.S. and other countries as appropriate, and blend novel, high-value internally developed products with our drug delivery and capabilities. Flamel’s new model allows us now to select, develop, seek approval for, and commercialize niche branded products mainly in the U.S. and most of the opportunities are self-funded. By adopting this revised strategy, the Company makes itself less dependent on the often changing strategies of partners in the future. Nevertheless, Flamel is still exploring development, supply and licensing opportunities for either its drug delivery platforms or its proprietary products with carefully selected third parties, but, unlike our historical operations, will not be dependent completely on those partnerships to create revenue and profit opportunities.