Flexion Therapeutics Raises $33 Million in Series A Financing

WOBURN, Mass.--(Business Wire)--
Flexion Therapeutics today announced the successful completion of a Series A
financing round totaling $33 million. The funds will be used to advance a number
of promising drug candidates through clinically meaningful proof of concept and
beyond.

The financing was led by Versant Ventures and included founding investors 5AM
Ventures and Sofinnova Partners.

"We`re delighted to have raised significant funds from top-tier investors,
especially in this very tough financial climate," said Mike Clayman, Chief
Executive Officer of Flexion Therapeutics.

Brad Bolzon, Managing Director at Versant Ventures added: "The clinical team at
Flexion has developed a unique capability to assess the potential of a given
drug candidate as efficiently as possible. We look forward to applying this
approach toward building a strong product portfolio and a valuable company."

"We have been overwhelmed by the response from the pharmaceutical industry,
which very much wants to partner with the proven team at Flexion," commented
Andrew Schwab, founder and Managing Partner at 5AM Ventures.

"It normally takes about four years and up to $40 million to reach clinical
proof of concept," continued Rafaèle Tordjman, Partner with Sofinnova Partners.
"Flexion can reach that all important milestone in about half the time and an
eighth of the cost. That is an outstanding achievement and a paradigm shift in
terms of productivity for the pharmaceutical industry."

The Flexion team has evolved the model it first established at Chorus in 2002 to
meet the demands of a new environment for drug development. Its strategy
includes the advancement of high-value specialty products to market.

The team has taken multiple drugs through Phase 3 to market, including seven
global submissions for Lilly. Flexion soon expects to announce deals with three
major pharmaceutical companies.

Veteran venture capitalist Sam Colella of Versant Ventures and entrepreneur Pat
Mahaffy, Chief Executive Officer of Clovis Oncology, recently joined Flexion`s
board of directors.

About Flexion Therapeutics

Flexion Therapeutics advances drug candidates through clinically meaningful
proof of concept and beyond. The company was established in 2007 by Mike Clayman
and Neil Bodick, the founders of Chorus, Lilly`s in-house proof-of-concept drug
unit, which demonstrated a level of productivity far greater than the industry
standard.

By providing expertise and risk-sharing, Flexion effectively expands the
development capabilities of its partners. For more information, please visit
www.flexiontherapeutics.com

About Versant Ventures

Versant Ventures is a leading healthcare-focused venture capital firm
specializing in early-stage investment in medical devices, biotechnology and
pharmaceuticals, healthcare services and healthcare information technology. The
firm, founded in 1999, consists of a seasoned team of twelve managing directors
with more than 130 years of venture capital investing experience and more than
150 years of operating experience.

Versant Ventures currently manages in excess of $1.6 billion in committed
capital and a portfolio of over 75 companies. For more information, see
www.versantventures.com

About 5AM

5AM Ventures is an early-stage venture capital firm focused on building
next-generation life science companies. Founded in 2002, 5AM Ventures has over
$390 million under management and is actively investing its third fund, 5AM
Ventures III. The firm has offices in Menlo Park, CA and Waltham, MA. For more
information, visit www.5amventures.com

About Sofinnova Partners

Sofinnova Partners is an independent venture capital firm based in Paris,
investing in early-stage companies, corporate spin-offs and turnaround
situations in the technology and life sciences spaces, including cleantech.
Sofinnova has financed 460 companies in Europe since 1972. Of those, over 20%
have gone public, over 20% have been acquired and, on average, revenues have
multiplied eight times between financing and exit. For more information, go to
www.sofinnova.fr

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