Flexion raises $85.7M in upsized follow-on

Flexion Therapeutics Inc. (NASDAQ:FLXN) raised $85.7 million through the sale of 5 million shares at $17 in an upsized follow-on underwritten by BMO Capital Markets; RBC Capital Markets; Needham; Janney Montgomery Scott; and Summer Street. The company said Thursday it planned to sell 4.2 million shares.

Flexion originally proposed to raise up to $69 million in the offering on Dec. 2 after FDA lifted a clinical hold on FX006 to treat osteoarthritis (OA) knee pain. The company said it immediately resumed a pivotal Phase IIb trial of the sustained-release intra-articular formulation of triamcinolone acetonide, and expects top-line data in 2H15 (see BioCentury Extra, Dec. 1). ...