CAMBRIDGE, Mass.--(BUSINESS WIRE)--BIND Therapeutics, Inc. (NASDAQ: BIND), a clinical-stage nanomedicine platform company developing targeted and programmable therapeutics called Accurins™, announced today that it has amended its development and commercialization collaboration agreement with Amgen Inc. to extend the period during which Amgen may exercise its option by six months. BIND entered into a global collaboration agreement with Amgen on January 7, 2013 to develop and commercialize a kinase inhibitor nanomedicine for treating a range of solid tumors based on BIND’s platform for targeted and programmable nanomedicines and Amgen’s undisclosed proprietary kinase inhibitor. Under the agreement, Amgen had twelve months from the effective date to exercise its option to select a novel Accurin candidate for further development. The option period under the amended collaboration agreement has been extended to July 7, 2014 to allow for completion of the research plan. None of the other terms of the original agreement have been changed.
Amgen has the exclusive right to pursue development and commercialization of an Accurin kinase inhibitor against solid tumor targets to be selected by Amgen. Both companies are working together on preclinical development and agreed that Amgen would assume responsibility for any future development and commercialization. BIND is eligible to receive up-front and development milestone payments totaling $46.5 million, up to an additional $134 million in regulatory and sales milestone payments for the first therapeutic indication and additional payments for target exclusivity. BIND will receive tiered royalties on potential future sales.
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. and AstraZeneca AB 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 regarding the payments that could be received under a collaboration agreement, the potential for the company’s platform, and the reach of our medicinal nanoengineering 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 November 5, 2013, 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.