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Biotech / Medical : Avadel AVDL

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To: jmanvegas who wrote (22)	5/2/2003 10:05:09 PM
From: Arthur Radley	Read Replies (1) of 240

jm, WE might have us a winner here....finally the word is getting out about this little jewel.. " BREAN MURRAY INSTITUTIONAL RESEARCH PAGE 1 NEW RECOMMENDATION: BUY Flamel Technologies S.A (FLML-$8.79-NASDAQ) We are initiating coverage of Flamel Technologies with a Buy rating and $14 price target. Flamel Technologies is an emerging drug delivery company that is integrating its proprietary platforms into existing and candidate drugs for major pharmaceutical industry partners Œ currently a $50 billion market. FLML™s Micropump ® and Medusa ® technologies are involved in fifteen different development programs - five of which are in clinical phases - and approximately eight collaborations. 80-90% of the molecules on which Flamel is working are FDA approved therapeutics with annual revenues greater than $200 million each. If Flamel™s patented technologies are integrated into these products, the Company will be eligible for sizable milestone and royalty payments. Flamel™s management team is strong, and it has three Nobel Prize winners on its Scientific Advisory Board. FLML™s balance sheet is sturdy and consistently gains cash, and the quality of its technology is verified by notable collaborations with the world™s leading pharmaceutical companies. It is our opinion that the risk/reward ratio for FLML is favorable, with significant upside and controlled downside risk. We are projecting 2005 fully diluted EPS of $0.97, which is the first full year in which we believe that Flamel will realize royalties on a marketed pharmaceutical product. May 2, 2003 James H. Rosen 212 702-6652 rosenj@bmur.com George Mihalos 212 702-6683 mihalosg@bmur.com Brean Murray & Co., Inc. Telephone: (212) 702-6500 570 Lexington Avenue Facsmile: (212) 702-6649 New York, NY 10022-6822 Internet: www.breanmurray.com MEMBER NYSE Ž SEE LAST PAGE FOR DISCLOSURES.

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