Merrill maintains Flamel at neutral

Flamel Technologies SA was kept by Merrill Lynch analyst Michael Pollard at a neutral rating after uneventful third-quarter results and higher spending on manufacturing. The analyst said that the results are broadly consistent with estimates for 2006 and with management's goal of lowering expenses and cash use, to better match revenues from R&D deals, upfront payments and milestones. The company reported revenues of $5.4 million compared to estimates of $5.5 million. Shares of the Venissieux, France-based biopharmaceutical company were up 71 cents, or 2.64%, at $27.56. (Nasdaq: FLML)

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