Flamel Technologies (FLML +1.5%) bucks a weak tape today after saying it's signed a multi-year development partnership agreement with an undisclosed, large international pharmaceutical company. The development work, which will be done in Flamel's Bordeaux facility in France, is expected to generate revenue of over $4M over the next several years, and could be expanded.
Flamel Technologies (FLML +3.2%) says that a U.S. District Court has dismissed a class action suit against the company, and its former CEO. The initial class action, filed in 2007, alleged that the company made false claims about Coreg CR, a medication commonly used to treat conditions related to the heart and blood vessels. In dismissing the case, the judge stated that there was no substantive fact, and no reasonable jury could possibly find in the lead plaintiff's favor.