Healthcare Industry News: RNAi therapeutic
News Release - June 29, 2010
BIND Biosciences Secures $12.4 Million FinancingSeries C-1 Financing Enables BIND To Pursue Multi-product Strategy
CAMBRIDGE, Mass.--(HSMN NewsFeed)--BIND Biosciences, Inc. (BIND), a privately held biopharmaceutical company developing best in class therapeutics based on its proprietary targeted nanotechnology platform, announced today that it has secured a $12.4 Million Series C-1 financing. This financing included all of BIND’s current investors (including Polaris Venture Partners, Flagship Ventures, ARCH Venture Partners, NanoDimension and DHK Investments) as well as a new venture investor, Endeavour Vision, and private investors. BIND’s Medicinal Nanoengineering(TM) approach enables the development of targeted polymeric nanoparticle-based therapeutics that deliver high drug concentrations to diseased cells and tissues, resulting in increased efficacy and reduced toxicity of existing and new drug compounds. The proceeds of this financing will be used to conduct initial clinical trials on BIND’s lead product candidate, BIND-014, a nanoparticle cancer therapeutic targeted to a clinically-validated solid tumor antigen, and to advance a second product candidate toward the clinic.
“The support from new and existing investors to take our lead product, BIND-014, into the clinic this year and move our second product towards the clinic next year is a significant step forward for BIND,” said Scott Minick, President and Chief Executive Officer of BIND. “We are pleased that investors recognize BIND’s achievements and the value of our platform and products. We look forward to translating this investment into therapeutics that will benefit patients, with a particular focus on nanoparticle-based cancer drugs in the near term.”
“We saw the broad impact that BIND’s nanotechnology platform can have and the team’s ability to rapidly develop important therapeutic products based on the company’s proprietary technology,” said Eric Milledge, Venture Partner of Endeavour Vision and former Group Chairman at Johnson & Johnson. “We believe that BIND’s exciting platform has the potential to produce best in class products based on proven drugs and promising drug candidates. The company also has a very strong foundation of broad intellectual property combined with scalable manufacturing and a team with an outstanding track record.”
About BIND Biosciences
BIND Biosciences, Inc., is a biopharmaceutical company leveraging its proprietary Medicinal Nanoengineering platform to produce best in class drugs to provide significant improvement in the treatment of patients with serious diseases. BIND’s platform enables the design, engineering and manufacturing of therapeutic targeted nanoparticles with unprecedented control over drug pharmacokinetics, biodistribution and cell- or tissue-specific targeting. 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. BIND is backed by leading venture capital firms, Polaris Venture Partners, Flagship Ventures, ARCH Venture Partners, NanoDimension, DHK Investments and Endeavour Vision. For more information, please visit the company’s web site at www.bindbio.com.
About Endeavour Vision
Endeavour Vision combines a team of experienced venture capital professionals who have collectively invested in over 80 companies in 12 countries in both the Life Sciences and Information/Communication Technology sectors since 1989. The firm invests in early stage companies which have the potential to become global leaders. Past investments in Life Sciences by Endeavour Vision professionals include Actelion (SWX:ATLN ), Axovan (acquired by Actelion) and Endoart (acquired by Allergan, NYSE:AGN). For more information, please visit www.endeavourvision.com.
Source: BIND Biosciences
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