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Drug Names(s): carvedilol phosphate controlled-release capsules
Description: Coreg CR is the controlled release formulation of the immediate-release beta-blocker Coreg. Coreg CR was developed with Flamel Technologies' Micropump technology and is designed to control dissolution and absorption of Coreg inthe body. Coreg is a nonselective ß-adrenergic blocking agent with a1-blocking activity. Coreg lowers cardiac output and lowers blood pressure without worsening blood sugar or cholesterol levels.
Deal Structure: All historical revenue for Coreg & Coreg CR is recorded under Coreg.
On March 28, 2003, Flamel Technologies licensed their Micropump technology to GlaxoSmithKline for Coreg CR. On January 5, 2004, Flamel received a payment of a $2 million milestone with respect to this license agreement after meeting the necessary technical success requirements. Based on the continued successful development and commercialization of this formulation, GlaxoSmithKline and Flamel estimate payments to Flamel could range up to $45 million by the end of the first year following launch, of which $25 million is attributable to the product reaching certain milestones. Flamel received a $2 million milestone payment as a consequence of a Phase III trial initiation in September of 2004. In December of 2004, an agreement was signed whereby Flamel will supply GlaxoSmithKline with commercial supplies of the drug. The provisions of the agreement...See full deal structure in Biomedtracker
Partners: Flamel Technologies
Coreg CR News
Pink Sheet Approvals In Brief
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