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Venture-backed cancer treatment company BIND raises $70.5m through IPO

26 Sep 2013

BIND TherapeuticsVenture capital-backed BIND Therapeutics has raised $70.5m through an IPO of its shares on the Nasdaq Global Select Market.

The clinical-stage nanomedicine company’s leading drug candidate is currently in trials for specific types of lung and prostate cancer.

Polaris Ventures, currently BIND’s biggest backer with an 18 per cent stake, has dropped that to 12.6 per cent through the IPO, while fellow venture firms Flagship, RUSNANO and ARCH have also reduced their holdings.

BIND said it expected the $62.7m net proceeds would cover its operating expenses and capital expenditure until at least mid-2015 alongside its existing cash and borrowing options.

The offering price was $15 per share of common stock for 4.7 million shares, which began trading under the BIND ticker on September 20.

Credit Suisse and Cowen and Company acted as joint book-running managers for the offering.

Last month US-based Syndax Pharmaceuticals secured a $26.6m Series B financing round from investors including healthcare-focused venture capital firms Domain Associates, MPM Capital, Forward Ventures and Russia’s RusnanoMedInvest (RMI).

Syndax said it planned to use the proceeds to continue advancement of its late-stage pipeline of epigenetic-based combination therapies for treatment-resistant cancers

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