Nano Drug Delivery IPO of Bind Therapeutics
Around the time nanotechnology became a buzzword among investors in 2004, much discussion was had around the potential of nano drug delivery. Companies such as SkyePharma and Flamel were discussed as having potential but neither company has succeeded yet in launching a blockbuster nano drug. One company however is bringing nano drug delivery back into focus in 2013. VC backed Bind Therapeutics announced their IPO filing just several days ago.
After 20 years of work in the area of biomaterials and nanoparticle engineering Professor Robert Langer of MIT collaborated with Professor Omid Farokhzad of Harvard Medical School to launch Bind in 2007 with the intention of developing targeted nanoparticles for specific therapeutic applications. Bind now occupies 26,000 square feet of lab and office space in Cambridge, Massachusetts. The company is backed by VCs including Polaris, Arch Venture, and Flagship Ventures.
Bind has a nanoengineering platform that can design and create programmable nano drug delivery devices called Accurins. Accurins are nanoparticles that can evade the immune system, traffic to the site of the disease, selectively accumulate in diseased tissues and cells and then release an encapsulated drug at a prescribed rate. The platform is protected by 16 issued U.S. patents and 50 U.S. patent applications.
The company’s lead drug candidate, BIND-014, is a targeted Accurin containing docetaxel. Docetaxel is one of the most commonly used cancer chemotherapy drugs approved for breast cancer, head and neck cancer, and gastric cancer. Prior to losing marketing exclusivity in the US in 2009, Docetaxel achieved global sales of around 3 billion. Generic Docetaxel continues to be a mainstay in cancer treatment despite significant side effects. Bind hopes that through the targeting capabilities of the Accurin delivery system, these side effects can be minimized.
The company’s pharma collaborations seen above have the potential to achieve a total of over $1 billion in upfront and future milestone payments, including over $450 million in pre-commercial milestones. Bind expects at least one of these collaborations to advance an Accurin into the clinic by the end of 2014.
As of March 31 2013, the company had just under 12 million cash on hand with an accumulated deficit of around 83 million. Revenues for 2011 and 2012 were 905 thousand and 1.04 million respectively. Revenues for the first three months of 2013 increased significantly to 1.4 million.
Management Experience in Commercializing Nano Drugs
Abraxane and Doxil are two of the leading nanotechnology cancer drugs today. Bind’s chief medical officer and their head of regulatory affairs served in those roles at Abraxis, the company that developed Abraxane, which was purchased by Celgene in 2010 for 2.9 billion dollars. The CEO of Bind was the president and chief operating officer of SEQUUS Pharmaceuticals, Inc., the company that developed and commercialized Doxil.
None of the pharma partnerships have reached clinical trials yet though the company expects at lease one to advance by the end of 2014. Data from the clinical trials of Bind-014 is expected in the 2nd half of 2014. Although commercialization is still a ways away, management’s successful track record of bringing other leading nano drugs to market makes this company one worth watching.
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