Transformational Agreement Supports BIND-014 Through Late-Stage Clinical Efficacy Study in Cancer and Advances a Second Product Candidate into Clinical Development
BIND's Accurin Targeted Therapeutics Concentrate at the Site of Disease, Resulting in High Efficacy and Low Toxicity
Cambridge, Mass., USA, October 27, 2011 - BIND Biosciences, a clinical-stage biopharmaceutical company developing a new class of highly selective targeted therapeutics called AccurinsTM, today announced a $47.25 million financing from RUSNANO, existing investors, and additional new investors. RUSNANO, a global $10 billion investment fund focused on nanotechnology, entered as a significant new investor in this financing which will advance BIND's pipeline of novel drug candidates for cancer and other diseases.
BIND will use the proceeds from this financing to accelerate and expand the company's pipeline of highly selective, targeted drug candidates which are based on BIND's proprietary technology for Accurin therapeutics. BIND will augment its existing US-based core operations and rapidly create additional product and clinical development capacity in a wholly-owned Russian subsidiary to:
advance the company's product and clinical development, supporting the company's lead product candidate, BIND-014, through clinical efficacy studies. BIND-014 is a novel Accurin with a promising efficacy and safety profile designed to become the best-in-class taxane. BIND-014 selectively concentrates in tumors, leading to high efficacy and low toxicity; expand the company's pipeline of internal clinical drug candidates for cancer and other diseases, including a second clinical program, as well as advancing internal preclinical drug candidates toward the clinic. BIND is also working with pharmaceutical partners to develop Accurins based on partner's drugs, including molecularly targeted therapeutics, resulting in significantly improved efficacy and safety; access global sources of funding, scientific, and clinical resources as well as potential partners, including pharmaceutical companies.
"I am very pleased by this financing that reflects the value that the BIND team has created with our platform and pipeline of Accurin therapeutics, including BIND-014 for cancer treatment. This financing is truly transformational for BIND, as we aggressively accelerate our product and clinical development programs while extending our reach into the high-growth global health care arena," said Scott Minick, CEO of BIND. "The combination of a strong investment partner like Rusnano, the culture of science and engineering excellence in Russia, and the commitment of the Russian government to support leading companies like ours makes this an outstanding opportunity for BIND, and it significantly adds to our superb Cambridge R&D team. With this additional funding, we believe that BIND has an opportunity to have a meaningful global impact on the treatment of cancer and other diseases."
BIND's $22 million Series D round is with RUSNANO, additional new investors, and full support by BIND's existing investors, including Polaris Venture Partners, Flagship Ventures, ARCH Venture Partners, NanoDimension, DHK Investments and EndeavourVision. In addition to the Series D round, BIND has additional funding up to $25.25 million for strategic activities in Russia. A key use of the proceeds of this funding will be the advancement of BIND's lead product candidate, BIND-014, through clinical studies. In addition, the proceeds of this financing will be used to accelerate BIND's pipeline, including the initiation of a second clinical program for an internal drug candidate from BIND's platform of targeted therapeutics.
"BIND's Accurin therapeutics show enormous promise to be best-in-class drugs for cancer and other diseases by overcoming a key challenge in drug development: targeting drugs to the site of disease while reducing the side
effects on healthy cells," said Professor Robert Langer, David H. Koch Institute Professor at the Massachusetts Institute of Technology, a recipient of the US National Medal of Science, and a founder and Director of BIND Biosciences. "Led by a strong team and advancing truly breakthrough therapeutics, BIND has been impressive in accomplishing its scientific, clinical and business milestones, and we believe this funding will enable BIND to continue to demonstrate the tremendous value of its Accurin drug candidates."
RUSNANO was established in March 2011 as an open joint stock company created through reorganization of the state corporation Russian Corporation of Nanotechnologies. RUSNANO's mission is to develop the Russian nanotechnology industry through co-investment in nanotechnology projects with substantial economic potential or social benefit. The Government of the Russian Federation owns 100 percent of the shares in RUSNANO. Anatoly Chubais is CEO and chairman of the Executive Board of RUSNANO.
Work to establish nanotechnology infrastructure and training for nanotechnology specialists, formerly conducted by the Russian Corporation of Nanotechnologies, has been entrusted to the Fund for Infrastructure and Educational Programs, a non-commercial fund also established through reorganization of the Russian Corporation of Nanotechnologies. More information about RUSNANO may be found at http://www.rusnano.com/Section.aspx/Show/17872.
About BIND Biosciences
BIND is a clinical-stage biopharmaceutical company developing a new class of highly selective targeted therapeutics called AccurinsTM. Accurins are designed to accumulate selectively at the site of disease, dramatically enhancing efficacy while minimizing toxicities.
Using its Medicinal NanoengineeringTM platform, BIND is developing a pipeline of novel Accurins that hold extraordinary potential to become best-in-class drugs and improve patient outcomes in the areas of oncology, inflammatory diseases and cardiovascular disorders. BIND's lead product candidate, BIND-014, is currently in Phase 1 clinical testing in cancer patients and is designed to selectively target a surface protein upregulated in a broad range of solid tumors. BIND also develops Accurins in collaboration with pharmaceutical and biotechnology partners to enable promising pipeline candidates to achieve their full potential and to utilize selective targeting to transform the performance of important existing drug products.
BIND is backed by leading venture capital firms, Polaris Venture Partners, Flagship Ventures, ARCH Venture Partners, NanoDimension, DHK Investments and EndeavourVision. BIND was founded on proprietary technology from the laboratories of two leaders in the field of targeted nanotechnology, Professors Robert Langer, Institute Professor of the Massachusetts Institute of Technology (MIT) and Omid Farokhzad of Harvard Medical School. For more information, please visit the company's web site at www.bindbio.com.