Flexion Therapeutics, Inc. (FLXN) is up 4.77% during pre-market trading at the price of $5.71 after the release of Phase-II Pharmacokinetics (PK) results.
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Publication of Results from Phase-2 Pharmacokinetics:
FLXN, on 9th August 2021, disclosed that the results from the Phase 2 Pharmacokinetic (open-label) trial of ZILRETTA were released in R&D Drugs. The plasma PK profile of ZILRETTA was compared to immediate-release triamcinolone acetonide in crystalline suspension (TACS) in the study. It evaluated the safety and prevalent tolerability of ZILRETTA in osteoarthritis (OA) of the shoulder.
CEO Michael Clayman noted that shoulder OA pain can affect a person’s quality of life to an extent. There are no FDA-approved pharmacologic treatments for this common disease, he added. This data illustrates that ZILRETTA’s release profile in the shoulder is equally compatible with knee pain. It strengthens their faith in the ability of their product to bring a significant change in the lives of people with OA shoulder pain, he further remarked.
Second-Quarter 2021 Financial Report:
Flexion, on 5th August 2021, published earnings report and business highlights for the quarter ended 30th June 2021.
The report listed a net loss of $22.2 million for the Q2 of 2021. A net loss of $32.6 million was reported for the same period of 2020. Net sales of ZILRETTA were $28.2 million in 2021 and $15.5 million for the second quarter of 2021. Loss per share was $0.44 this quarter, compared to $0.76 for the same quarter of 2020.
Michael Clayman stated that they are motivated by the progress of ZILRETTA sales in the second quarter of 2021. Today they are reiterating their full-year net sales guidance range from $120 million to $130 million, he added.
Appointment of Utpal Koppikar:
On 13th July 2021, Flexion published the assignment of Utpal Koppikar as its Board of Directors. Mr. Koppikar, former Chief Financial Officer of Atara Biotherapeutics, will serve as chair of Flexion’s audit committee. Michael Clayman commented that they are excited to welcome Utpal to Flexion’s Board. As an experienced financial leader, he will be an outstanding addition to their Board of Directors, he added.
Inducement Granted Under Nasdaq Listing Rule:
On 3rd July 2021, FLXN published that they have granted equity inducement to five new employees. This grant consists of 20,440 restricted stock units. The grants were ratified by the Compensation Committee of the Board of Directors, effective from July 1, 2021. The stock units were granted to the employees joining the Company as mentioned in Nasdaq Listing Rule 5635(c)(4).
