Flexion Therapeutics Announces Pricing of Public Offering of Common Stock
October 11 2017 - 5:55PM
Flexion Therapeutics, Inc. (Nasdaq:FLXN) today announced the
pricing of an underwritten public offering of 4,800,000 shares of
its common stock at a price to the public of $25.50 per
share. The gross proceeds from this offering are expected to
be approximately $122.4 million, before deducting underwriting
discounts and commissions and estimated offering expenses payable
by Flexion. The offering is expected to close on or about
October 16, 2017, subject to customary closing conditions.
Flexion has also granted the underwriters a 30-day option to
purchase up to 720,000 additional shares of its common stock at the
public offering price, less the underwriting discounts and
commissions. Flexion intends to use the net proceeds from the
offering to fund manufacturing and commercialization of ZilrettaTM,
which was approved by the U.S. Food and Drug Administration on
October 6, 2017, to fund product pipeline development, and for
working capital and general corporate purposes.
Wells Fargo Securities, BMO Capital Markets and RBC Capital
Markets are acting as joint book-running managers. Needham
& Company and Raymond James are acting as co-lead managers.
The shares of common stock described above are
being offered pursuant to a shelf registration statement previously
filed with and declared effective by the Securities and Exchange
Commission (SEC). A final prospectus supplement and accompanying
prospectus relating to the offering will be filed with the SEC and
available for free on the SEC’s website at www.sec.gov. Copies of
the final prospectus supplement and the accompanying prospectus
relating to the offering, when available, may also be obtained from
Wells Fargo Securities, LLC, Attention: Equity Syndicate
Department, 375 Park Avenue, New York, New York 10152, or by email
at cmclientsupport@wellsfargo.com, or by telephone at (800)
326-5897; from BMO Capital Markets Corp., 3 Times Square, 25th
Floor, New York, NY 10036, Attention: Equity Syndicate Department,
or by telephone at (800) 414-3627, or by email at
bmoprospectus@bmo.com; or from RBC Capital Markets, LLC, Attention:
Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281,
or by telephone at (877) 822-4089, or by email at
equityprospectus@rbccm.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of Flexion’s
securities. No offer, solicitation or sale will be made in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful.
About Flexion Therapeutics
Flexion Therapeutics is a specialty
pharmaceutical company focused on the development and
commercialization of novel, local therapies for the treatment of
patients with musculoskeletal conditions, beginning with OA, a type
of degenerative arthritis. The company's core values are focus,
ingenuity, tenacity, transparency and fun. Flexion was named one of
the Boston Business Journal's 2017 Best Places to
Work.
Forward-Looking Statements
Statements in this press release regarding
matters that are not historical facts, including, but not limited
to, statements relating to expectations regarding the completion
and timing of the offering and our expected use of proceeds from
the offering, are forward-looking statements. These forward-looking
statements are based on management's expectations and assumptions
as of the date of this press release and are subject to numerous
risks and uncertainties, which could cause actual results to differ
materially from those expressed or implied by such statements.
These risks and uncertainties include, without limitation, risks
associated with the satisfaction of customary closing conditions
related to the offering and changes in circumstances that could
cause us to use the proceeds from the offering differently than we
currently expect, as well as other risks and uncertainties
described in our filings with the SEC, including under the heading
"Risk Factors" in our most recent Annual Report on Form 10-K and
subsequent filings with the SEC. The forward-looking statements in
this press release speak only as of the date of this press release,
and we undertake no obligation to update or revise any of the
statements. We caution investors not to place considerable reliance
on the forward-looking statements contained in this press
release.
Corporate Contact:
Scott YoungSr. Director, Corporate Communications & Investor
RelationsFlexion Therapeutics, Inc.T:
781-305-7194syoung@flexiontherapeutics.com
Investor Contact:
David CareyLazar Partners T: 212-867-1768
dcarey@lazarpartners.com
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