Flexion Therapeutics announced a proposed public offering of 4 million shares to raise $122.4 million to market osteoarthritis knee pain treatment Zilretta. The company recently received FDA approval for Zilretta.
Flexion Therapeutics is a specialty pharmaceutical company focused on the development and commercialization of local therapies for the treatment of patients with musculoskeletal conditions, beginning with osteoarthritis (OA), a type of degenerative arthritis.
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Flexion Therapeutics stock has rocketed higher on FDA approval of Zilretta. Zilretta is the first and only extended-release, intra-articular injection for osteoarthritis knee pain.
Michael Clayman, M.D., President and Chief Executive Officer of Flexion said, “The approval of Zilretta marks a major advancement in the treatment landscape for managing OA knee pain. It comes at a time when our society is in urgent need of non-addictive therapies to help the millions of Americans who suffer from this condition. We believe that Zilretta has the potential to be a transformative medicine for the more than five million patients who receive an intra-articular injection for OA knee pain each year.”
Zilretta’s peak potential sales could hit $750 million but that could be a conservative estimate. With additional revenues from label expansion and potential new indications such as osteoarthritis of the hip and shoulder (for which clinical trials are anticipated to initiate by the end of this year), Zilretta’s sales could easily top $1 billion and that doesn’t include international sales.
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