BIND Biosciences, Inc. Closes $11M Series C Financing Round
CAMBRIDGE, Mass.--(BUSINESS WIRE)--BIND Biosciences, Inc. (BIND), a privately held biopharmaceutical company developing targeted therapeutics capable of differential delivery and controlled drug exposure to diseased tissue, announced today that it has secured an $11 million Series C financing. BIND's Medicinal Nanoengineering platform is based on a combinatorial technology that allows for precise engineering of optimally designed targeted nanoparticles that substantially increase the clinical efficacy and safety of existing and new therapeutics. The proceeds of this financing will be used to advance BIND's preclinical product pipeline to clinical trials and expand its product development capabilities.
The financing was led by DHK Investment, representing David H. Koch, with participation by all existing investors, Polaris Venture Partners, Flagship Ventures, ARCH Venture Partners and NanoDimension, as well as new private investors.
"Mr. Koch's role at Koch Industries, which owns a diverse group of companies and spans the world, together with his involvement with leading cancer research institutions, scientists, clinicians and the National Cancer Advisory Board of the National Cancer Institute, gives him a unique perspective to evaluate technologies that are likely to have a major impact on human health," said Scott Minick, President and Chief Executive Officer of BIND. "This financing clearly reflects the added value that our team has created and I am delighted that Mr. Koch and his advisors concluded that BIND's targeted nanoparticle platform has such significant potential."
"I worked closely with the academic inventors, Robert Langer and Omid Farokhzad, during the formative years of this technology," said David Koch, Executive Vice President and Director, Koch Industries. "I am impressed by the progress that BIND has made in translating this science from the bench towards the clinic, where it promises to make a real difference in the lives of patients and their families."
About BIND Biosciences
BIND Biosciences, Inc. is a biopharmaceutical company leveraging its proprietary Medicinal NanoengineeringTM platform to produce best in class drugs. BIND's platform enables the design, engineering and manufacturing of therapeutic targeted nanoparticles with unprecedented control over drug PK; biodistribution; cell- or tissue-specific targeting; and drug exposure. Medicinal Nanoengineering complements medicinal chemistry to enable predictable, cost effective, and rapid development of breakthrough products with superior efficacy and safety profiles. Product opportunities include enabling or expediting the development of pipeline molecules as well as improving performance, expanding indications, or life cycle extension for mid- and late-stage products. BIND's initial product development efforts are in the areas of oncology, cardiovascular disorders, inflammatory disease and RNAi therapeutics. BIND's lead program, BIND-014, targets a surface protein upregulated in solid tumors and is planned to enter clinical development in 2H 2010.
BIND was founded in 2006 by two pioneers in the field of therapeutic targeted nanoparticles, Dr. Robert Langer, MIT David H. Koch Institute Professor, and Dr. Omid Farokhzad, Harvard Medical School Associate Professor. The company licensed a large patent estate on a worldwide exclusive basis from MIT and Brigham and Women's Hospital/Harvard Medical School covering the scientific founders' work in therapeutic targeted nanoparticles. BIND is backed by leading venture capital firms, Polaris Venture Partners, Flagship Ventures, ARCH Venture Partners and NanoDimension. For more information, please visit the company's web site at www.bindbio.com.
About DHK Investment
DHK Investment represents Mr. David H. Koch; an American engineer, businessman, philanthropist, and a champion for the advancement of science and technology. Mr. Koch is an executive vice president and board member of Koch Industries, which owns a diverse group of companies with about 70,000 employees and a presence in nearly 60 countries. In addition to his business activities, Mr. Koch serves on more than 20 non-profit boards and in 2004 received a presidential appointment to the National Cancer Advisory Board of the National Cancer Institute, and has been honored by The New York Academy of Medicine for his support of biomedical research, healthcare and education. More information about David H. Koch is available at http://www.kochind.com/files/KochDavid.pdf.