Flamel reports larger 4th-quarter loss as expenses increase

Flamel posts larger 4Q loss, higher revenue

NEW YORK — French drug developer Flamel Technologies SA posted a larger net loss Monday as higher revenue wasn’t enough to make up for higher expenses.

The company posted a net loss of $5.7 million, or 23 cents per share, compared with a loss of $2.7 million, or 11 cents per share, in the same period a year earlier.

Revenue rose 12 percent to $10.6 million from $9.5 million.

Expenses rose 33 percent to $16.5 million.

“Flamel continued to expand its portfolio of projects with leading pharmaceutical companies during the fourth quarter,” said CEO Stephen H. Willard in a statement.

The company said the quarter’s revenue increase was led by higher license and research revenue as well as product sales and services, offset by lower royalties for its heart drug Coreg CR.

For the full year, Flamel posted a loss of $11.4 million, or 47 cents per share, compared with a loss of $12.1 million, or 50 cents per share, in 2008.

Revenue rose 9 percent to $42.1 million.

Shares rose 14 cents to close at $7.84.