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Flexion Therapeutics announced preliminary net sales of $23.6 million for ZILRETTA for the quarter ending September 30, 2020, showing strong commercial growth. CEO Michael Clayman expressed optimism about the product's alignment with pre-pandemic sales expectations, despite uncertainty due to COVID-19. Since its launch in November 2017, over 4,072 accounts have purchased ZILRETTA, with 77% reordering. Flexion plans to release complete financial results in early November.
Flexion Therapeutics (Nasdaq:FLXN) announced that Adam Muzikant, Ph.D., will present at the 2020 Cell & Gene Virtual Meeting on the Mesa, discussing FX201, a gene therapy for osteoarthritis (OA). The Phase 1 trial of FX201, which tests the safety and tolerability in knee OA patients, has progressed to the mid-dose cohort after a successful low-dose review. Data is expected in 2021. The conference will take place from October 12, featuring over 120 presentations on advancements in regenerative medicine.
Flexion Therapeutics (Nasdaq:FLXN) recently presented preclinical data for FX301, a peripheral nerve block candidate, at the virtual ANESTHESIOLOGY 2020 meeting. Findings demonstrate that FX301 delivers a significant post-operative analgesic effect without impairing motor function, outperforming liposomal bupivacaine and placebo over a duration of 72 hours. The drug showed controlled release features, maintaining local concentrations while systemic levels remained low. Flexion plans to file the IND application and initiate clinical trials in 2021, aiming to address unmet needs in post-operative pain management.
Flexion Therapeutics (Nasdaq:FLXN) announced equity inducement grants of 3,315 restricted stock units to two new employees, effective October 1, 2020. This grant aligns with Nasdaq Listing Rule 5635(c)(4) and is part of the company’s hiring strategy. The restricted stock units will vest over four years, with 25% vesting annually, contingent on the employees' continued service. These grants are governed by the 2013 Equity Incentive Plan and a related agreement. Flexion Therapeutics focuses on developing novel therapies for musculoskeletal conditions, particularly osteoarthritis.
Flexion Therapeutics (Nasdaq: FLXN) has announced that Michael Clayman, M.D., CEO, will participate in an analyst-led fireside chat at the H.C. Wainwright Virtual Healthcare Conference on September 15, 2020, at 10:00 a.m. ET. Attendees can access the live webcast through the Flexion website. Flexion Therapeutics specializes in developing novel therapies for musculoskeletal conditions, starting with osteoarthritis, which is the most common form of arthritis.
Flexion Therapeutics (Nasdaq: FLXN) announced the initiation of the second cohort in its Phase 1 clinical trial for FX201, an investigational gene therapy for osteoarthritis. The first cohort of five patients was treated, and the Drug Monitoring Committee approved advancing to the next cohort, which will include patients with Kellgren-Lawrence Grade 4 osteoarthritis. The trial aims to evaluate three dosing levels, and results are expected in 2021. FX201 is designed to provide long-term pain relief and potentially modify the progression of the disease.
Flexion Therapeutics (Nasdaq: FLXN) announced the grant of 13,940 restricted stock units to three new employees as part of equity inducement, approved by its Compensation Committee. These grants, effective September 1, 2020, are intended to attract talent and vest over four years at a rate of 25% annually. The restricted stock units comply with Nasdaq Listing Rule 5635(c)(4) and are governed by the company's 2013 Equity Incentive Plan.
Flexion Therapeutics has appointed Dr. Elizabeth Kwo, an experienced healthcare leader, to its Board of Directors. Dr. Kwo brings over 15 years of expertise in healthcare technology and commercialization from her role at Anthem and her previous ventures, including co-founding InfiniteMD. The company's CEO, Michael Clayman, expressed confidence in Dr. Kwo's ability to enhance strategic thinking and drive growth. Flexion is known for ZILRETTA, an extended-release treatment for osteoarthritis knee pain, highlighting its commitment to innovative therapies in musculoskeletal conditions.
Flexion Therapeutics, Inc. (Nasdaq: FLXN) announced on August 7, 2020, that it granted equity inducement to two new employees, comprising 25,315 restricted stock units (RSUs). Approved by the Board's Compensation Committee on August 3, 2020, these RSUs vest over four years, with 25% vesting annually, contingent on continued employment with the company. The grants align with the Nasdaq Listing Rule 5635(c)(4) and are governed by the 2013 Equity Incentive Plan. Flexion Therapeutics focuses on innovative local therapies for musculoskeletal conditions, including osteoarthritis.
Flexion Therapeutics reported Q2 2020 net sales of ZILRETTA at $15.5 million, down from $17.0 million in Q2 2019. The company experienced a net loss of $32.6 million, an improvement from $36.5 million the previous year. Despite COVID-19 challenges, ZILRETTA's month-over-month demand increased, with 36,700 units purchased during Q2. Flexion has resumed the Phase 1 trial for FX201 and plans to initiate trials for FX301 and ZILRETTA in shoulder OA in 2021. Full-year operating expenses are estimated between $172 million to $182 million.
