Published on December 4, 2012 at 1:07 AM
Flexion Therapeutics, Inc. today announced that the company has secured $20 million in a Series B financing round led by new investor, Novo Ventures. Flexion's existing investors, 5AM Ventures, Pfizer Venture Investments, Sofinnova Partners and Versant Ventures also participated in the financing. Proceeds will be used to fund late stage clinical development of the company's portfolio of intra-articular, sustained release therapies for the treatment of osteoarthritis. In conjunction with the financing, Heath Lukatch, Ph.D., Partner in Novo Ventures, has joined the company's Board of Directors.
"We welcome both Novo and Heath to our Board," said Michael Clayman, M.D., chief executive officer of Flexion. "We believe they will contribute greatly to our future success. These additional funds will allow us to progress our novel osteoarthritis programs, FX006 and FX005, through significant value-creating clinical events."
Heath Lukatch said, "Flexion's robust pipeline of novel osteoarthritis therapies and the company's highly experienced management team made this an attractive investment for Novo. We believe innovative, long--acting drug candidates have the potential to significantly improve the lives of millions of patients living with osteoarthritis."
SOURCE Flexion Therapeutics, Inc.