Flexion Therapeutics Secures $20 Million in Series B Financing

        Flexion Therapeutics Secures $20 Million in Series B Financing

PR Newswire

WOBURN, Mass., Dec. 4, 2012

WOBURN, Mass., Dec. 4, 2012 /PRNewswire/ -- Flexion Therapeutics, Inc. today
announced that the company has secured $20 million in a Series B financing
round led by new investor, Novo Ventures. Flexion's existing investors, 5AM
Ventures, Pfizer Venture Investments, Sofinnova Partners and Versant Ventures
also participated in the financing. Proceeds will be used to fund late stage
clinical development of the company's portfolio of intra-articular, sustained
release therapies for the treatment of osteoarthritis. In conjunction with
the financing, Heath Lukatch, Ph.D., Partner in Novo Ventures, has joined the
company's Board of Directors.

"We welcome both Novo and Heath to our Board," said Michael Clayman, M.D.,
chief executive officer of Flexion. "We believe they will contribute greatly
to our future success. These additional funds will allow us to progress our
novel osteoarthritis programs, FX006 and FX005, through significant
value-creating clinical events."

Heath Lukatch said, "Flexion's robust pipeline of novel osteoarthritis
therapies and the company's highly experienced management team made this an
attractive investment for Novo. We believe innovative, long--acting drug
candidates have the potential to significantly improve the lives of millions
of patients living with osteoarthritis."

About Flexion Therapeutics
Flexion discovers and develops innovative therapeutics for musculoskeletal
disorders. In our efforts to provide products with superior efficacy and
safety, we are merging novel pharmacology with local, sustained delivery of
drug to the site of disease– an approach that aims to ensure lasting
therapeutic effect and systemic safety. We are currently advancing a portfolio
of best-in-class drug candidates that have the potential to treat mild,
moderate and severe forms of osteoarthritis. Top-line data for FX005, an
intra-articular sustained release p38 MAP kinase inhibitor and our lead
compound, showed prolonged improvement in joint pain and function throughout
the 12-week duration of the Phase 2 study. FX006, an intra-articular sustained
release steroid, is currently being evaluated in a Phase 2b dose ranging study
and a pharmacokinetic/pharmacodynamics study. FX007, an intra-articular
sustained release TrkA inhibitor is being developed to safely address the
intractable pain associated with end-stage osteoarthritis. For more
information please visit www.flexiontherapeutics.com.

About Novo Ventures
Novo Ventures is part of Novo A/S, which is the holding company of the Novo
Group, and is wholly owned by the Novo Nordisk Foundation. Novo A/S was
established in 1999 to manage the assets of the Foundation and actively make
investments on behalf of the Foundation. Novo is active in both Europe and
North America. The Novo Ventures team consists of four partners in Copenhagen,
one in London and four in San Francisco. With an evergreen structure, Novo A/S
annually invests approximately $140 million in venture capital into life
sciences companies, and thus acts at a pace comparable to a traditional
$650-750 million fund. Novo A/S is not a corporate strategic fund; the group
invests for financial rather than strategic returns. In total Novo A/S has
more than $30 billion under management, which includes significant
shareholdings in the independently operating and publicly listed companies
Novo Nordisk A/S and Novozymes A/S. For more information visit:www.novo.dk.


Corporate Contact
Lisa Davidson, MBA
Vice President, Finance and Administration
T: 781-897-9965

Media Contacts
Tony Russo, Ph.D.
Matt Middleman, M.D.
T: 212-845-4251
T: 212-845-4272

Investor Contact
John Woolford
Westwicke Partners
T: 443-213-0506

SOURCE Flexion Therapeutics, Inc.

Website: http://www.flexiontherapeutics.com
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