BIND Therapeutics (BIND) Ends Cancer Drug Pact With Amgen (AMGN); BIND Stock Down -10.02% At Market Close (July 3, 2014)
7/3/2014 7:57:44 AM
BIND Therapeutics Announces Completion Of Collaboration Agreement With Amgen
CAMBRIDGE, Mass., Jul 02, 2014 (BUSINESS WIRE) -- BIND Therapeutics, Inc. BIND -9.78% , a clinical-stage nanomedicine platform company developing targeted and programmable therapeutics called AccurinsTM, announced today the completion of its collaborative research program with Amgen Inc. originally entered into in January 2013. Amgen and BIND have notified each other that they will not be exercising their options to develop an Accurin incorporating the Amgen therapeutic payload.
“The goal of this research collaboration was to optimize a specific therapeutic payload from Amgen. Despite achieving the objective of high tumor concentrations, the results were not sufficiently compelling to proceed forward and both collaborators have agreed that the program will not be continued,” said Scott Minick, Chief Executive Officer of BIND Therapeutics. “We remain focused on the continued development of our Accurin platform, including our proprietary drug candidate, BIND-014, and our collaborations with AstraZeneca and Pfizer, as well as our recently announced research collaboration with Roche. Furthermore, consistent with our previous guidance, we continue to expect that our cash, cash equivalents and short-term investments, and research development funding that we expect to receive under our existing collaborations, excluding any potential milestone payments, will fund our operating expenses and capital expenditure requirements through at least mid-2015.”
BIND entered into the 12 month collaboration agreement with Amgen in January 2013, with the goal of developing a nanomedicine for treating solid cancer tumors based on BIND’s platform for targeted and programmable nanomedicines and Amgen’s undisclosed proprietary cancer compound. Under the agreement, Amgen had an option to select a novel Accurin candidate for further development, and if Amgen failed to exercise its option, then BIND had the right to exercise an exclusive option to obtain a license from Amgen to develop, manufacture and commercialize Accurins containing the Amgen therapeutic payload. In December 2013, the option period was extended by six months to July 2014 to allow for completion of the research plan.
About BIND Therapeutics
BIND Therapeutics is a clinical-stage nanomedicine platform company developing Accurins, its novel targeted therapeutics. BIND intends to leverage its Medicinal Nanoengineering® platform to develop a pipeline of Accurins, initially in oncology, as well as Accurins in collaboration with biopharmaceutical companies. BIND’s lead drug candidate, BIND-014, is an Accurin that targets PSMA and contains docetaxel, a clinically-validated and widely used cancer chemotherapy drug. BIND-014 is currently in Phase 2 clinical trials for non-small cell lung cancer and metastatic castrate-resistant prostate cancer. BIND has announced collaborations with Amgen Inc., Pfizer Inc., AstraZeneca and Roche to develop Accurins based on therapeutic payloads from their product pipelines. BIND’s platform originated from the pioneering nanotechnology research at the Massachusetts Institute of Technology and Brigham and Women’s Hospital/Harvard Medical School of BIND’s scientific founders and directors Dr. Robert Langer and Dr. Omid Farokhzad. For more information, please visit the company's web site at www.bindtherapeutics.com .
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements about our expectations regarding our liquidity and the continued development of our Accurin platform.
These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our limited operating history and expectation of losses for the foreseeable future; our need for additional funding; uncertainties regarding our development efforts and the outcomes of studies of our products; our reliance on collaborations with other biopharmaceutical companies to develop Accurins based on therapeutic payloads from their current pipelines; our complete reliance on third-party manufacturers and third parties to conduct all our clinical trials and manufacture of drug candidates; our inability to obtain regulatory approval for our existing or future product candidates; unanticipated safety or efficacy concerns; the failure of our drug candidates to achieve market success; our inability to obtain or enforce patent protection for our products; our inability to establish effective sales, marketing and distribution capabilities; our failure to comply with regulatory requirements; the ability of our officers, directors and principal stockholders to control matters submitted to stockholders for approval; and these and the other important factors discussed under the caption "Risk Factors" in our quarterly report on Form 10-Q filed with the Securities and Exchange Commission, or SEC, on May 8, 2014, and our other reports filed with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
SOURCE: BIND Therapeutics, Inc.
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