Flamel Technologies Reports Fourth Quarter and Full Year 2015 Results Full year product revenues of $173.2 million and diluted EPS of $0.93 Reaffirms 2016 revenue guidance of $110 million to $130 million Lyon, France

Flamel Technologies Reports Fourth Quarter

and Full Year 2015 Results

Full year product revenues of $173.2

million and diluted EPS of $0.93

Reaffirms 2016 revenue guidance of

$110 million to $130 million

Lyon, France - March 10, 2016

- Flamel Technologies (NASDAQ: FLML) today announced its financial results for the fourth quarter and full year of 2015.

Fourth Quarter Highlights Include:

Michael Anderson, Flamel's Chief

Executive Officer, commented, "2015 was an exciting and productive year for the Company during which we set and then achieved

a number of important goals: We began the year by setting revenue guidance of $170 - $185 million and achieved our goal by generating

$173.2 million in revenues, principally from our marketed products, Bloxiverz and Vazculep . Following our global reorganization

at the end of 2014, we made key senior level hires during 2015 to support our rapid growth, including a Chief Financial Officer,

a SVP of Quality and Regulatory Affairs, a VP of Strategic Marketing and a VP of Business and Corporate Development."

"In addition to meeting full year

guidance, Flamel outlined a number of expected clinical milestones at the beginning of 2015 and subsequently reported positive

data on each, including Trigger Lock hydromorphone, Medusa exenatide and LiquiTime guaifenesin. We executed

our strategy to license the LiquiTime technology to a major OTC marketer, Perrigo, through its subsidiary Elan Pharma International

Limited, a deal from which we expect to see at least $50 million in milestone payments in addition to mid-single digit royalties

on a minimum of seven products. This license is a tremendous validation of our product-delivery technology and going forward we

expect to apply that technology to a number of prescription products where we believe it can fulfill a number of unmet medical

needs. During the third quarter of 2015, we received FDA acceptance of our third NDA for clat #3, and have an expected

PDUFA date of April 30th."

Mr. Anderson concluded, "We are very

pleased with the excellent progress we made during 2015, and are even more excited about 2016, during which we will be running

several pivotal trials, the most important of which is Micropump sodium oxybate, as well as launching clat #3 and unveiling

several new prescription product candidates for use with LiquiTime . Our acquisition of FSC Pediatrics in early February provides

Flamel with four new commercial stage products, three of which are IP protected, and an established commercial infrastructure.

We plan to leverage this infrastructure as the Company continues to expand and become a more diversified specialty pharmaceutical

company with world-class drug delivery technologies that address unmet medical needs and underserved patient populations."

Fourth Quarter 2015 Results

The Company achieved revenues during the

fourth quarter of 2015 of $43.4 million, compared to $3.0 million during the same period last year. On a GAAP basis, Flamel had

net income of $76.1 million during the fourth quarter, or $1.75 per diluted share, compared to a net loss of ($27.1) million, or

($0.69) per diluted share, in the prior year period. Adjusted net income was $13.9 million, or $0.32 per diluted share, compared

to an adjusted net loss of ($9.7) million, or ($0.25) per diluted share, during the same period last year. Adjusted net income

increased over the prior year principally as a result of substantially higher revenues from Bloxiverz and Vazculep in

2015 compared to 2014. Included in GAAP net income in the fourth quarter 2015 was a $51.1 million gain resulting from the reduction

of the Company's contingent consideration liability. The Company reassessed its long term sales forecast and reduced its

contingent consideration liability primarily due to the December 28, 2015 FDA announcement of a generic version of neostigmine,

creating a market of three approved providers, exclusive of Merck's sugammadex approval. Please see the appendix to this

earnings release for a reconciliation of adjusted net income and diluted EPS to GAAP net income and diluted EPS.

Full Year 2015 Results

Flamel met its full year

2015 revenue guidance by generating $173.2 million in revenues, compared to $14.8 million in 2014. GAAP net income for 2015 was

$40.7 million, or $0.93 per diluted share, compared to a net loss of ($84.9) million, or ($2.34) per diluted share, in 2014. Adjusted

net income was $43.1 million, or $0.99 per diluted share, compared to an adjusted net loss of ($24.6) million, or ($0.68) per diluted

share, in 2014. Adjusted net income increased over the prior year principally as a result of substantially higher revenues from

Bloxiverz and Vazculep in 2015 compared to 2014. Cash flow from operations was $84.3 million compared to cash used in

operations of $(10.6) million in the same period last year. Cash and marketable securities at December 31, 2015 were $144.8 million,

compared to $128.4 million on September 30, 2015 and $92.8 million at December 31, 2014.

2016 Revenue and R&D Spending Guidance

Following the Company's acquisition

of FSC Pediatrics (FSC) on February 8, 2016, Flamel updated its 2016 full year revenue guidance from $100 - $120 million to $110

- $130 million. The Company expects newly acquired FSC products, AcipHex Sprinkle , Karbinal ER, Cefaclor for

Oral Suspension and Flexichamber , to generate revenues in the range of $10 - $15 million in 2016. As a result of the multiple

clinical trials expected to run throughout 2016, the Company expects Research & Development costs to be in the range of $35

- $50 million, up from $25.6 million in 2015.

A conference call to discuss these results

and other updates is scheduled for 10:00 a.m. ET on Thursday, March 10, 2016. A question and answer period will follow management's

prepared remarks. To participate in the conference call, investors are invited to dial 888-215-7015 (U.S. and Canada) or 913-312-0687

(international). The conference ID number is 9724678. Interested parties may access a live audio webcast of the conference call

via the investor section of the Company website, www.flamel.com. The archived webcast of the conference call will be available

for 90 days on Flamel's website.

About Flamel Technologies:

Flamel Technologies SA (NASDAQ: FLML) is

a specialty pharmaceutical company utilizing its core competencies in formulation development and drug delivery to develop safer

and more efficacious pharmaceutical products, addressing unmet medical needs and/or reducing overall healthcare costs. Flamel currently

markets two previously Unapproved Marketed Drugs ("UMDs") in the United States, Bloxiverz (neostigmine methylsulfate

injection) and Vazculep (phenylephrine hydrochloride injection), and in September 2015 announced that the NDA for its third

UMD filing was accepted by the FDA and assigned a PDUFA date of April 30, 2016. The Company also develops products utilizing its

proprietary drug delivery platforms, Micropump (oral sustained release microparticles platform), along with its tangent technologies,

LiquiTime (a Micropump-derivative platform for liquid oral products) and Trigger Lock (a Micropump-derivative platform

for abuse-resistant opioids). Additionally, the Company has developed a long acting injectable platform, Medusa , a hydrogel

depot technology, particularly suited to the development of subcutaneously administered formulations. Current applications of Flamel's

drug delivery products include sodium oxybate (Micropump ), extended-release of liquid medicines such as ibuprofen and guaifenesin

(LiquiTime , through a license arrangement with Elan Pharma International Limited for the U.S. Over-the-Counter market) and

a current study of the delivery of exenatide utilizing the Medusa technology. In February 2016, Flamel acquired FSC Pediatrics,

a Charlotte, North Carolina-based company that markets three pediatric pharmaceutical products - Cefaclor for oral suspension,

indicated for infection, Karbinal ER, indicated for allergic rhinitis and AcipHex Sprinkle (rabeprazole sodium)

indicated for the treatment of gastroesophageal disease (GERD). FSC also received 510(k) clearance from the FDA in October 2014

for Flexichamber , a collapsible holding chamber for used in the administration of aerosolized medication using pressurized

Metered Dose Inhalers (pMDIs) for the treatment of asthma. The Company is headquartered in Lyon, France and has operations in Dublin,

Ireland and in the USA in both St. Louis, Missouri and Charlotte, North Carolina. Additional information may be found at www.flamel.com.

Safe Harbor: This release

may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

All statements herein that are not clearly historical in nature are forward-looking, and the words "anticipate," "assume,"

"believe," "expect," "estimate," "plan," "will," "may," and the negative

of these and similar expressions generally identify forward-looking statements. All forward-looking statements involve risks, uncertainties

and contingencies, many of which are beyond Flamel's control and could cause actual results to differ materially from the results

contemplated in such forward-looking statements. These risks, uncertainties and contingencies include the risks relating to: our

dependence on a small number of products and customers for the majority of our revenues; the possibility that our Bloxiverz

and Vazculep products, which are not patent protected, could face substantial competition resulting in a loss of market share

or forcing us to reduce the prices we charge for those products; the possibility that we could fail to successfully complete the

research and development for the two pipeline products we are evaluating for potential application to the FDA pursuant to our "unapproved-to-approved"

strategy, or that competitors could complete the development of such products and apply for FDA approval of such products before

us; our dependence on the performance of third parties in partnerships or strategic alliances for the commercialization of some

of our products; the possibility that our products may not reach the commercial market or gain market acceptance; our need to invest

substantial sums in research and development in order to remain competitive; our dependence on certain single providers for development