Flexion Therapeutics Gets $33M For Faster, Cheaper Drug Development
Summary
[Update: 10/16/09, 3:18 pm Eastern] Flexion Therapeutics, the Woburn, MA-based company that seeks to reduce the time and expense of drug development’s risky early steps, has raised $33 million in a Series A venture round, according to a statement. The government record lists Brad Bolzon and Sam Colella, a pair of partners at Menlo Park, CA-based Versant Ventures, as directors. It aims to do this through what it says are novel types of licensing deals with pharmaceutical and biotech partners, and by using “compact experimental design” and maintaining a small team with little overhead costs. “Companies are forced to make trade-off decisions without clinical data and compounds are often shelved without compelling rationale. “We have been overwhelmed by the response from the pharmaceutical industry, which very much wants to partner with the proven team at Flexion,” said Andrew Schwab of 5AM Ventures, in the statement.
Funding
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