AAA Three months after series A, Flex files for IPO

Three months after series A, Flex files for IPO

US-based biotechnology company Flex Pharma filed for an initial public offering on Monday that could raise up to $60m.

Flex is developing neuromuscular treatments for nocturnal leg cramps and spasms. The prospective proceeds from the offering will fund the research and development of its product candidates, with some cash to be put aside for sales and marketing.

The company raised $40m in its series A round just three months ago from investors including conglomerate Kraft Group, Longwood Fund, Bessemer Venture Partners, EcoR1 Capital, Jennison Associates, Lightstone Ventures, Alexandria Equities, CD-Venture, Bindley Capital Partners and City Hill Ventures.

However, only two of those investors own stakes in Flex greater than 5%. Longwood holds 19.2% of the company and Bessemer 9.8%.

Flex Pharma will list on Nasdaq, and Jefferies and Piper Jaffray are acting as joint bookrunners for the IPO.

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