BIND Biosciences Inc., a Cambridge, Mass.-based developer of “smart” therapeutic targeted nanoparticles capable of differential delivery and controlled drug release to diseased tissue, has raised $16 million in Series B funding. ARCH Ventures and NanoDimension were joined by return backers Flagship Ventures and Polaris Venture Partners.
BIND Biosciences, Inc. (BIND), a privately held biopharmaceutical company developing “smart“ therapeutic targeted nanoparticles capable of differential delivery and controlled drug release to diseased tissue, announced today that it has secured a $16 million Series B financing. BIND's platform is based on a combinatorial technology that allows for precise engineering of optimally formulated targeted nanoparticles that substantially increase the clinical efficacy and safety of existing and new therapeutics. The proceeds of this financing will be used to advance BIND's preclinical product pipeline to clinical trials and expand its product development capabilities.
Founding investors, Polaris Venture Partners and Flagship Ventures, were joined by ARCH Ventures and NanoDimension in the round. “I am delighted by the strength of our syndicate whose outstanding track record and deep knowledge of our technology space is a clear testament to the extraordinary potential of our team, platform and pipeline,“ said Glenn Batchelder, President and Chief Executive Officer of BIND. He continued, “We are pleased that our new investors recognized the significant value that has been created since the initial financing.“
“As I look across the nanotechnology landscape,“ said Dr. Daniel Richner, NanoDimension Director, “BIND is uniquely positioned to capitalize on the confluence of advances in nanoparticle manufacturing, therapeutic targeting, and polymeric controlled release.“ Dr. Richner continued, “I believe that their product-platform will generate a revolutionary class of therapeutics while providing a tremendous opportunity for strategic partnerships across a wide spectrum of therapeutic areas.“
According to ARCH Managing Director, Scott Minick, “I am excited to be involved with the company whose unique combinatorial platform will lead the way in harnessing the clinical potential of therapeutic targeted nanoparticles.“ Mr. Minick, who previously led the successful development and commercialization of the doxorubicin-liposome (DOXIL), continued, “I look forward to working with BIND's management team, whose collective record of drug development and building successful polymeric particle drug delivery platforms creates a powerful combination of team and technology to execute and capitalize on this opportunity.“
BIND was founded in 2006 by two pioneers in the field of therapeutic targeted nanoparticles, Dr. Robert Langer, MIT Institute Professor, and Dr. Omid Farokhzad, Harvard Medical School Assistant Professor of Anesthesiology. In January of 2007 Polaris and Flagship provided the initial funding for BIND with a $2.5 million Series A financing.
About BIND Biosciences, Inc.
BIND Biosciences is a privately held biopharmaceutical company focused on developing therapeutic targeted nanoparticles to concentrate drug at the intended site of action while minimizing systemic exposure, thereby improving efficacy and reducing off-target effects. The company's platform is broadly applicable across therapeutic areas with the initial product development efforts focused in cancer and cardiovascular disease. The company anticipates initiating clinical trials for their first product in 2009.
The company licensed a large patent estate on a worldwide exclusive basis from MIT and Brigham and Women's Hospital