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Flamel Technologies (Nasdaq: FLML) announced today that a payment
of $500,000 has been triggered in connection with the license
agreement it signed in 2007 with Wyeth Pharmaceuticals, a division of
Wyeth (NYSE: WYE). The agreement is for the development of a marketed
protein to be delivered using Flamel’s Medusa technology. Flamel also
is receiving additional revenues from Wyeth for work being conducted
on the development of the Medusa-enabled formulation of the protein.

“We are pleased with the progress we have achieved so far in this
license agreement with Wyeth Pharmaceuticals,” said Stephen H.
Willard, Flamel’s Chief Executive Officer. “Flamel is currently
working with six of the top twenty pharmaceutical companies in the
world using the Medusa platform. We believe that the work we are
completing with Wyeth, as well as with our other major partners, will
be an important foundational element for the growth of Flamel as the
projects continue and advance in the clinic.”

Flamel Technologies, S.A. is a biopharmaceutical company
principally engaged in the development of two unique polymer-based
delivery technologies for medical applications. Flamel’s Medusa
technology is designed to deliver controlled-release formulations of
therapeutic proteins and peptides and other molecules, without
reduction in bioactivity. Micropump(R) is a controlled release and
taste-masking technology for the oral administration of small molecule
drugs; it is the intellectual platform licensed by GlaxoSmithKline for
COREG CR(R).

This document contains a number of matters, particularly as
related to financial projections and the status of various research
projects and technology platforms, that constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995.

The presentation reflects the current view of management with
respect to future events and is subject to risks and uncertainties
that could cause actual results to differ materially from those
contemplated in such forward-looking statements.

These risks include risks that products in the development stage
may not achieve scientific objectives or milestones or meet stringent
regulatory requirements, uncertainties regarding market acceptance of
products in development, the impact of competitive products and
pricing, and the risks associated with Flamel’s reliance on outside
parties and key strategic alliances.

These and other risks are described more fully in Flamel’s Annual
Report on the Securities and Exchange Commission Form 20-F for the
year ended December 31, 2007.