Merrill keeps Flamel at neutral

Flamel Technologies SA was maintained by Merrill Lynch analyst Michael Pollard at a neutral rating on news that the Food and Drug Administration approved Coreg CR (carvedilol phosphate once-daily) for the treatment of hypertension, left ventricular dysfunction due to myocardial infarction, and heart failure. Flamel's partner, GlaxoSmithKline, plans to launch the product during the first-quarter 2007. The analyst's model includes end-user sales estimates of $450 million, with roughly $27 million going to Flamel in revenues. According to the analyst, Flamel stock is likely to rally on the company's first FDA approval, validating the Micropump controlled release technology. Shares of the Venissieux, France-based biopharmaceutical company were up $1.89, or 8.68%, at $23.67. (Nasdaq: FLML)

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