BIND Biosciences Closes $16M Series B Financing Round
CAMBRIDGE, Mass. -- BIND Biosciences, Inc. (BIND), a privately held biopharmaceutical company developing â€œsmartâ€ therapeutic targeted nanoparticles capable of differential delivery and controlled drug release to diseased tissue, announced today that it has secured a $16 million Series B financing. BINDâ€™s platform is based on a combinatorial technology that allows for precise engineering of optimally formulated 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 BINDâ€™s preclinical product pipeline to clinical trials and expand its product development capabilities.
Founding investors, Polaris Venture Partners and Flagship Ventures, were joined by ARCH Ventures and NanoDimension in the round. â€œI am delighted by the strength of our syndicate whose outstanding track record and deep knowledge of our technology space is a clear testament to the extraordinary potential of our team, platform and pipeline,â€ said Glenn Batchelder, President and Chief Executive Officer of BIND. He continued, â€œWe are pleased that our new investors recognized the significant value that has been created since the initial financing.â€
â€œAs I look across the nanotechnology landscape,â€ said Dr. Daniel Richner, NanoDimension Director, â€œBIND is uniquely positioned to capitalize on the confluence of advances in nanoparticle manufacturing, therapeutic targeting, and polymeric controlled release.â€ Dr. Richner continued, â€œI believe that their product-platform will generate a revolutionary class of therapeutics while providing a tremendous opportunity for strategic partnerships across a wide spectrum of therapeutic areas.â€
According to ARCH Managing Director, Scott Minick, â€œI am excited to be involved with the company whose unique combinatorial platform will lead the way in harnessing the clinical potential of therapeutic targeted nanoparticles.â€ Mr. Minick, who previously led the successful development and commercialization of the doxorubicin-liposome (DOXIL), continued, â€œI look forward to working with BINDâ€™s management team, whose collective record of drug development and building successful polymeric particle drug delivery platforms creates a powerful combination of team and technology to execute and capitalize on this opportunity.â€
BIND was founded in 2006 by two pioneers in the field of therapeutic targeted nanoparticles, Dr. Robert Langer, MIT Institute Professor, and Dr. Omid Farokhzad, Harvard Medical School Assistant Professor of Anesthesiology. In January of 2007 Polaris and Flagship provided the initial funding for BIND with a $2.5 million Series A financing.
About BIND Biosciences, Inc.
BIND Biosciences is a privately held biopharmaceutical company focused on developing therapeutic targeted nanoparticles to concentrate drug at the intended site of action while minimizing systemic exposure, thereby improving efficacy and reducing off-target effects. The companyâ€™s platform is broadly applicable across therapeutic areas with the initial product development efforts focused in cancer and cardiovascular disease. The company anticipates initiating clinical trials for their first product in 2009.
The company licensed a large patent estate on a worldwide exclusive basis from MIT and Brigham and Womenâ€™s Hospital â€“ Harvard Medical School covering the scientific foundersâ€™ work in targeted nanoparticle therapeutics. The Company has assembled a world-class management team, board of directors and scientific advisory board that draws from companies and institutions such as Millennium Pharmaceuticals, Alkermes, Sepracor, Massachusetts Institute of Technology, Harvard Medical School, Dana Farber Cancer Institute, Brigham and Womenâ€™s Hospital, and Weill Medical College of Cornell. For more information, please visit the companyâ€™s web site at www.bindbio.com.
About ARCH Venture Partners
ARCH Venture Partners is a premier provider of seed and early-stage venture capital for technology firms. Over the last 20 years, ARCH has co-founded or led the seed round for more than 120 new ventures -- with 7 funds and $1.4 billion under management. ARCH enjoys special recognition as a leader in the successful commercialization of technologies developed at academic research institutions and national laboratories. Notable biotechnology companies where ARCH was an early or founding investor are: Aviron, Illumina, Alnylam, Array Biopharma, deCode Genetics, Xenoport, Trubion Pharmaceuticals, Ikaria, GenVec, IDUN Pharmaceuticals, Neurogesx, and Caliper Life Sciences, among others. For more information on ARCH Venture Partners, please visit www.archventure.com.
About Flagship Ventures
Flagship Ventures is a venture capital firm focused on creating, financing and building innovative companies. Founded in 1999, Flagship manages over $500 million in early-stage funds and operates from its offices at Kendall Square in Cambridge, MA. With an active portfolio of over 40 companies, the firmâ€™s strategy is to balance its investments across three principal business sectors: Therapeutics, Life Science Tools & Diagnostics, and BioEnergy/Cleantech. During the past two decades Flagship's principals have been involved as founders or investors in many highly successful ventures including: Adnexus Therapeutics, Alere Medical, Aspect Medical, Celera Genomics, ChemGenics Pharmaceuticals, Color Kinetics, Cytyc, DataSage, Exact Sciences, Helicos Biosciences, Hypnion, IDEXX, Morphotek, PerSeptive Biosystems and TripAdvisor. For more information please visit www.flagshipventures.com.
NanoDimension is a venture capital firm supporting top entrepreneurial teams to build nanotech companies with the potential to become world leaders in their field. The investment activities focus on IT/electronics and life sciences, and on the convergence of these areas, in Europe as well as in North America. NanoDimension pursues an active and comprehensive investment approach by providing the companies with financial resources, strong entrepreneurial and managerial experience and extensive scientific expertise through its team of experts. For additional information please visit www.nanodimension.com.
About Polaris Venture Partners
Established in 1996, with offices in Waltham and Seattle, Polaris has over $3 billion under management. Polaris Venture Partners has helped build numerous market leading companies, including: Acceleron Pharma, Accordant Health Services, Advanced Inhalation Research, Akamai Technologies, Allaire, Alnylam Pharmaceuticals, American Superconductor, Aspect Medical Systems, Avici Systems, Centra Software, Classifieds2000, deCODE genetics, Exchange.com, Matrics, Microbia, Momenta Pharmaceuticals, Paradigm Genetics, Powersoft, PSCI, SolidWorks and TransForm Pharmaceuticals. More information about Polaris Venture Partners is available at www.polarisventures.com.