Date: 2011-10-27
Type of information: Series D financing round
Company: Bind Biosciences (USA - MA)
Investors: Rusnano (Russian Federation) DHK Investment (India) Polaris Venture Partners (USA - MA) ARCH Venture Partners (USA - IL) Endeavour Vision (Switzerland) NanoDimension (USA - CA) private investors
Amount: $47.25 million
Funding type: series D financing round
Planned used: Bind Therapeutics will use the proceeds from this financing to accelerate and expand the company's pipeline of highly selective, targeted drug candidates which are based on BIND's proprietary technology for Accurin therapeutics. BIND will augment its existing US-based core operations and rapidly create additional product and clinical development capacity in a wholly-owned Russian subsidiary to advance the company's product and clinical development, supporting the company's lead product candidate, BIND-014, through clinical efficacy studies. Financing will enable Bind Biosciences to accelerate and maximize its platforms' potential for developing multiple drug products. The agreements enable Bind Biosciences to expand into Russia to conduct full-cycle drug development-from R&D through manufacturing and commercialization-and enhance access to high growth pharmaceutical markets. Bind Biosciences develops targeted therapeutics, called Accurins™, that selectively accumulate at the site of disease to dramatically enhance effectiveness for treating cancer and other diseases. Its lead candidate, BIND-014, is in human clinical trials as a targeted therapy for cancer treatment. The development pipeline also includes a range of cancer treatments and drugs for anti-inflammatory and cardiovascular conditions.
Others: * On October 27, 2011, Bind Biosciences announced that the company has entered into investment agreements with Rusnano, a $10-billion Russian Federation fund that supports high-tech and nanotechnology advances. Rusnano is co-investing $25 million in Bind Biosciences within a total financing rounds of $47.25 million in the two companies combined. The remaining co-investment, $22.25 million in each company, come from current and new investors of Bind Biosciences. As part of the agreements, Bind Biosciences has established a wholly-owned subsidiary in Moscow, called Bind (RUS) LLC, respectively. In addition to the investment from RUSNANO, the financing round includes $10 million from all of Bind's existing investors as well as other new investors. Participating in these financings are BIND's existing investors Polaris Venture Partners, ARCH Venture Partners, NanoDimension, DHK Investments, and EndeavourVision. The companies anticipate a second close for the remaining funds of at least $12.25 million. BIND's $22 million Series D round is with RUSNANO, additional new investors, and full support by BIND's existing investors, including Polaris Venture Partners, Flagship Ventures, ARCH Venture Partners, NanoDimension, DHK Investments and EndeavourVision. In addition to the Series D round, BIND has additional funding up to $25.25 million for strategic activities in Russia.
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