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Flexion Therapeutics Inc., a Woburn biotechnology company that was launched in 2007 by former Eli Lilly and Co. executives, has raised $33 million in a first round of venture capital funding. The funds will be used to advance a number of promising drug candidates through proof of concept and beyond, the company said.
The financing was led by California-based Versant Ventures and included founding investors 5AM Ventures, which has offices in Waltham and in Menlo Park, Cailf., as well as Paris-based Sofinnova Partners.
The company was established in 2007 by Mike Clayman and Neil Bodick, the founders of Chorus, Lilly’s in-house proof-of-concept drug unit. The Flexion team said it has evolved the model it first established at Chorus in 2002 and will focus on advancing high-value specialty products to market. The team said it has taken multiple drugs through Phase 3 to market, including seven global submissions for Lilly. Flexion officials say they soon expect to announce deals with three major pharmaceutical companies.
Sam Colella of Versant Ventures and Pat Mahaffy, chief executive officer of Clovis Oncology, have joined Flexion’s board of directors.
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