If a flashbacked spell would go to any zone, it is exiled instead. So countering the Gnaw to the Bone means it goes to exile instead of graveyard.
702.32a. Flashback appears on some instants and sorceries. It represents two static abilities: one that functions while the card is in a player's graveyard and another that functions while the card is on the stack. "Flashback [cost]" means "You may cast this card from your graveyard by paying [cost] rather than paying its mana cost" and "If the flashback cost was paid, exile this card instead of putting it anywhere else any time it would leave the stack." Casting a spell using its flashback ability follows the rules for paying alternative costs in rules 601.2b and 601.2e-g.