Flexion Therapeutics Reports 2014 Results; CEO Clayman Calls It A 'Transformational Year'

Flexion Therapeutics Inc FLXN announced financial results Monday for the year-ended December 31, 2014.

The company received no revenue for the year and spent $17.923 million on research and development versus $11.061 million in 2013.

The company's net loss was $27.313 million compared to $18.187 million in 2013.

The basic and diluted loss per share was $(1.97), narrower than the estimated loss of $(2.02).

In February 2014, the company's IPO raised gross proceeds of approximately $75 million; and, in December 2014, a follow-on offering raised additional gross proceeds of approximately $98 million.

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At December 31, 2014, Flexion had cash, cash equivalents and marketable securities totaling $151.6 million compared to $16.4 million at December 31, 2013.

Michael Clayman, M.D., President and Chief Executive Officer of Flexion, provided the following statement:

"For Flexion Therapeutics, 2014 was a transformational year. We completed two public stock offerings that place the company in a strong position to execute on its business plan. To that end, the Flexion team has advanced FX006 into two pivotal clinical trials that we expect will form the basis for a regulatory submission for a product that has the potential to make a meaningful and durable difference for the many patients suffering from OA knee pain. In addition, we strengthened our board of directors and management team."

In 2015, the company anticipated announcing the results of the pivotal Phase 2b trial in the fourth quarter and the complete final, pivotal Phase 3 clinical trial enrollment for FX006.

The company traded at $26.00 in Monday's after hours session, down 1.92 percent.