BIND Eligible to Receive Approximately $50 Million in Upfront and Development Milestone Payments Plus Additional Regulatory and Sales Milestones and Royalties for Each Accurin
Cambridge, MA – April 3, 2013 -- BIND Therapeutics, a clinical-stage biopharmaceutical company developing a new class of highly selective targeted and programmable therapeutics called AccurinsTM, announced today that it has entered into a global collaboration agreement with Pfizer Inc. to develop and commercialize Accurins utilizing select small molecule targeted therapies. The collaboration aims to employ BIND's Medicinal Nanoengineering® platform to impart tissue and cellular targeting capabilities to molecularly targeted drugs.
Under the terms of the agreement, Pfizer will have the exclusive option to pursue development and commercialization of the Accurins selected by its team. Both companies will work together on preclinical research, and if Pfizer exercises its option, Pfizer will have responsibility for development and commercialization of the selected Accurins. BIND could receive up-front and development milestone payments totaling approximately $50 million and approximately $160 million in regulatory and sales milestone payments for each Accurin commercialized as well as tiered royalties on potential future sales.
"Pfizer, a global leader in the development of innovative, molecularly targeted therapies is an outstanding partner and this agreement demonstrates the potential of our platform to create targeted Accurins with optimized therapeutic properties," said Scott Minick, President and CEO of BIND. "This is our second collaboration focused on developing novel Accurins based on BIND's platform for targeted and programmable therapeutics and further validates the importance of targeted nanomedicines as a strategic technology for the pharmaceutical industry."
"Pfizer has a strong legacy in targeted small molecule drug discovery and development and continues to be on the cutting edge of innovation in this area," said Rod MacKenzie, Senior Vice President and Head of PharmaTherapeutics R&D at Pfizer. "We look forward to working with the team at BIND Therapeutics to create targeted Accurins with the aim of optimizing the therapeutic potential of future small molecules."
BIND Therapeutics is discovering and developing Accurins, proprietary new best-in-class therapeutics with superior target selectivity and the potential to improve patient outcomes in the areas of oncology, inflammatory diseases and cardiovascular disorders. Leveraging its proprietary Medicinal Nanoengineering® platform, BIND develops Accurins that outperform conventional drugs by selectively accumulating in diseased tissues and cells. The result is higher drug concentrations at the site of action with minimal off-target exposure, leading to markedly better efficacy and safety.
About BIND Therapeutics
BIND Therapeutics is a clinical-stage biopharmaceutical company developing a new class of highly selective targeted and programmable therapeutics called Accurins. BIND's Medicinal Nanoengineering® platform enables the design, engineering and manufacturing of Accurins with unprecedented control over drug properties to maximize trafficking to disease sites, dramatically enhancing efficacy while minimizing toxicities.
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 investors Polaris Venture Partners, Flagship Ventures, ARCH Venture Partners, NanoDimension, DHK Investments, EndeavourVision and Rusnano. BIND was founded on proprietary technology from the laboratories of two leaders in the field of nanomedicine, Professors Robert Langer, David H. Koch Institute Professor of the Massachusetts Institute of Technology (MIT) and Omid Farokhzad, Associate Professor of Harvard Medical School. For more information, please visit the company's web site at www.bindtherapeutics.com.