Flamel raises $25 million in initial public offering (IPO):

French drug delivery and biomaterials company Flamel Technologies raised over $25 million in an IPO on the Nasdaq at the end of June, increasing its cash and cash equivalents to $29.2 million. Flamel reported revenues of $3 million in the first six months of 1996, compared with $1.2 million in the same period a year ago. Half-year net loss was $3.9 million, up from $2.8 million in the first six months of 1995. Revenues in 1996 reflect the first quarter payment of $1.5 million received from GD Searle as a non-recurring licence fee, says Flamel.