Flexion raises $122.4M follow-on

Flexion Therapeutics Inc. (NASDAQ:FLXN) raised $122.4 million via the sale of 4.8 million shares at $25.50 in a follow-on underwritten by Wells Fargo, BMO Capital Markets, RBC Capital Markets, Needham and Raymond James. The price is a 6% discount to the company's close of $27.17 on Tuesday, when it proposed after market hours to sell 4 million shares. Flexion slipped $0.96 to $26.21 on Wednesday, and then priced the offering after market close. Its shares lost $0.45 to $25.76 on Thursday.

Last week, FDA approved Flexion’s Zilretta triamcinolone acetonide to treat osteoarthritis knee pain (see BioCentury Extra, Oct. 6)...