Flexion's flexibility

New investor Novo Ventures and a group of existing investors have provided osteoarthritis company Flexion Therapeutics Inc. with enough runway to fund operations beyond an important Phase IIb readout in mid-2013, which could set the stage for an IPO or M&A event.

Novo led the $20 million series B round, joined by 5AM Ventures, Pfizer Venture Investments, Sofinnova Partners and Versant Ventures...