Flexion Therapeutics, a Woburn, MA-based company that discovers and develops innovative therapeutics for musculoskeletal disorders, has raised $20m in Series B financing.
The round led by new investor Novo Ventures, with participation from existing investors 5AM Ventures, Pfizer Venture Investments, Sofinnova Partners and Versant Ventures.
The company intends to use the capital to fund late stage clinical development of its portfolio of intra-articular, sustained release therapies for the treatment of osteoarthritis.
Led by Michael Clayman, M.D., CEO, Flexion is currently advancing:
– FX005, an intra-articular sustained release p38 MAP kinase inhibitor.
– FX006, an intra-articular sustained release steroid, which is currently being evaluated in a Phase 2b dose ranging study and a pharmacokinetic/pharmacodynamics study.
– FX007, an intra-articular sustained release TrkA inhibitor, which is being developed to address the intractable pain associated with end-stage osteoarthritis.
In conjunction with the financing, Heath Lukatch, Ph.D., Partner in Novo Ventures, has joined the company’s Board of Directors.