Yet another biotech has joined the raging IPO craze. Nanomedicine company Bind Therapeutics has raised $70.5 million in a public offering of its stock priced at $15 per share, The Associated Press reports.
Co-founded by MIT superstar Robert Langer, the Cambridge, MA-based company said its offering involved 4.7 million shares of its common stock. The cancer drug developer had proposed to price the shares at $14 to $16 each. In its announcement, Bind said the underwriters of the deal will have a 30-day option to purchase up to an additional 705,000 shares of common stock, which would boost the company's proceeds from the IPO.
In a previous bulletin this month, Renaissance Capital reported at that $15 per share, Bind would have a market value of $237 million.
Bind, a 2008 Fierce 15 company, said it plans to begin trading Friday under the ticker symbol "BIND."
Bind is developing targeted and programmable therapeutics called Accurins to combat cancer. The company recently began mid-stage development of its lead therapy, a nanotech formulation of docetaxel called BIND-014, for patients with non-small cell lung cancer and metastatic castration-resistant prostate cancer.
While it doesn't yet have any products on the market, the biotech partnered with Pfizer ($PFE) back in April to push its nanotech platform to the clinic. That deal came just a few months after Bind announced a pact with Amgen ($AMGN) in January to combine the biotech giant's kinase inhibitors with a nanotech vehicle developed by Bind to attack tumors.
- here's the AP story
- and the company's press release from yesterday
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