Flexion Therapeutics, a US-based biotechnology company currently advancing a portfolio of injectable analgesic drug candidates, has sold 5.750 million shares of common stock in their initial public offering (IPO).
The shares were offered at a price of $13 per share for an initial market cap of around $192m.
BMO Capital Markets and Wells Fargo Securities acted as joint book-running managers for the IPO. Flexion trades on the Nasdaq under ticker symbol FLXN.
This new funded is added to the $42m raised through two funding rounds. Existing shareholders include Versant Ventures (29.76% pre-IPO stake), Sofinnova Capital (19.25%), Pfizer (17.32%), 5AM Ventures (15.52%) and Novo AS (11.2%) – all of which invest in life science and biotechnology companies.