Flexion falls after $64.8M follow-on

Flexion Therapeutics Inc. (NASDAQ:FLXN) raised $64.8 million through the sale of 3.6 million shares at $18 in a follow-on underwritten by Wells Fargo, RBC Capital Markets and BMO Capital Markets.

The price is an 11% discount to Flexion's close of $20.29 on Tuesday, before the company proposed the follow-on. Flexion priced the follow-on before market hours on Wednesday, then lost $2.19 (11%) to $18.10...