Flexion Therapeutics Announces Pricing of Public Offering of Common Stock
May 21 2020 - 6:30AM
Flexion Therapeutics, Inc. (Nasdaq:FLXN) today announced the
pricing of an underwritten public offering of 9,230,770 shares of
its common stock at a price to the public of $9.75 per share. The
gross proceeds from this offering are expected to be approximately
$90.0 million, before deducting underwriting discounts and
commissions and estimated offering expenses payable by Flexion. The
offering is expected to close on or about May 26, 2020, subject to
customary closing conditions. Flexion has also granted the
underwriters a 30-day option to purchase up to 1,384,615 additional
shares of its common stock at the public offering price, less the
underwriting discounts and commissions.
Goldman Sachs & Co. LLC and Credit Suisse
are acting as joint book-running managers for the offering. RBC
Capital Markets is acting as senior manager and Raymond James and
Needham & Company are acting as co-managers for the
offering.
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 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: Goldman Sachs
& Co. LLC by mail at 200 West Street, New York, NY 10282,
Attention: Prospectus Department, by telephone at (866) 471-2526,
or by email at prospectus-ny@ny.email.gs.com; or Credit Suisse
Securities (USA) LLC, Attention: Prospectus Department, Eleven
Madison Avenue, 3rd Floor, New York, NY 10010, by
telephone at (800) 221-1037, or by email
at usa.prospectus@credit-suisse.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Flexion Therapeutics
Flexion Therapeutics (Nasdaq:FLXN) is a
biopharmaceutical company focused on the development and
commercialization of novel, local therapies for the treatment of
patients with musculoskeletal conditions, beginning with
osteoarthritis, the most common form of arthritis. The company's
core values are focus, ingenuity, tenacity, transparency and
fun.
Forward-Looking StatementsThis
press release contains forward-looking statements that are based on
our current expectations and beliefs. 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 public 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 market conditions and the satisfaction of customary
closing conditions related to the offering, as well as other risks
and uncertainties described in our filings with the SEC, including
under the heading "Risk Factors" in our Quarterly Report on Form
10-Q for the quarter ended March 31, 2020 and subsequent filings
with the SEC. There can be no assurance that we will be able to
complete the public offering on the anticipated terms, or at all.
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.
Contact:
Scott YoungVice President, Corporate Communications &
Investor RelationsT: 781-305-7194syoung@flexiontherapeutics.com
Julie DownsAssociate Director, Corporate Communications &
Investor RelationsT: 781-305-7137jdowns@flexiontherapeutics.com
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