Date: 2013-02-07
Type of information: Establishment of a new subsidiary in the EU
Company: Flamel Technologies (France)
Investors: Deerfield Management (USA)
Amount: $15 million (€11.2 million)
Funding type: debt financing
Planned used:
Others: Flamel Technologies has completed a USD$15 million debt financing with Deerfield Management, a current Flamel shareholder. This financing will allow the Company to continue its investment in R&D projects going forward. The interest rate on the debt is 12.5% and the debt must be repaid over four years, with the initial payment of principal and accrued interest due in 18 months. Deerfield Management will also receive a 1.75% royalty on net sales of products resulting from the R&D projects of the former Éclat Pharmaceuticals, subject to required regulatory approvals and sales of these products.
Flamel also announced the appointment of Gregg Stetsko as Vice President, Research & Development. Mr. Stetsko has over 30 years of experience in the pharmaceutical business, with roles of increasing responsibility at Sandoz, Sterling Winthrop, Ligand Pharmaceutical, and Amylin, where he was Vice President of Operations and Global Leader for the Amylin-Lilly Exenatide Alliance. More recently, he was Chief Scientific Officer for Eagle Pharmaceuticals and a Principal at Tahoe Consulting.
Therapeutic area:
