Flamel Technologies, S.A. announced the receipt of a $500,000 payment in conjunction with the license agreement it signed with Wyeth Pharmaceuticals in 2007.

Under the agreement, Flamel is to receive revenues from Wyeth for work on furthering the development of the Medusa-enabled protein. Flamel Technologies is a biopharmaceutical company primarily engaged in developing two polymer-based delivery technologies for medical applications. Their Medusa technology is designed to deliver controlled-release formulations of therapeutic proteins, peptides and other molecules without decreasing bioactivity. They are currently working with six of the top twenty pharmaceutical companies in the world using the Medusa platform and are pleased with the potential for growth as a result of their collaboration with Wyeth.

Source: Flamel Technologies, S.A.