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IPO Report: BIND Therapeutics (BIND)

By  +Follow September 19, 2013 2:04PM
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BIND Therapeutics ($BIND) is a nanomedicine platform company with major collalaboration partners, and is initially focused on oncology (cancer).  Collaboration partners announced to date in 2013: Amgen (AMGN) market cap of $79 billion; Pfizer (PFE) , market cap of $291 billion; and AstraZeneca (AZN) , market cap of $62 billion.

BIND id one of nine IPOs are scheduled for this week, 12 for next week. The full IPO calendar can be found at IPOpremium

BIND is based in Cambridge, MA, and scheduled a $100 million IPO with a market capitalization of $413 million at a price range mid-point of $15 milliion, Friday, September 20, 2013.

The S-1 was filed September 9, 2013.   Manager, Joint Managers: Credit Suisse; Cowen.  Co-Managers: Stifel; JMP Securities

Summary

Collaboration objectives: to develop Accurins based on therapeutic payloads from their product pipelines, with the potential to achieve a total of over $1 billion in upfront and future milestone payments, including over $450 million in pre-commercial milestones.

Valuation

Accumulated deficit: $82.5 million, which is relatively low for a biopharma with stage 2 trials and a very good slate of collaboration partners. The price-to-book ratio is 3.3, which is very competitive.

Valuation Ratios

Mrkt

Price /

Price /

Price /

Price /

% offered

annualizing Q2 '13

Cap (MM)

Sls

Erngs

BkVlue

TanBV

in IPO

BIND Therapeutics (BIND)

$237

n/a

-9.9

3.3

3.3

30%

             

Glossary

Conclusion

Buy BIND on the IPO.

Business

BIND is a clinical-stage nanomedicine platform company developing Accurins, novel targeted and programmable therapeutics.

Accurins are designed with specified physical and chemical characteristics to target specific cells or tissues and concentrate a therapeutic payload at the site of disease to enhance efficacy while minimizing adverse effects on healthy tissues.

BIND's strategy is to leverage its medicinal nanoengineering platform to develop its own pipeline of Accurins, initially in oncology, as well as Accurins in collaboration with biopharmaceutical companies.

The lead drug candidate, BIND-014, is in Phase 2 clinical trials for non-small cell lung cancer, or NSCLC, and metastatic castrate-resistant prostate cancer, or mCRPC.

Accurins

BIND believes Accurins represent the next stage in the evolution of cancer therapy. Accurins are nanoparticles containing a therapeutic payload and are designed to target tumors at three levels: tissue, cellular and molecular. They combine this triple targeting with a prolonged circulation time to concentrate the therapeutic payload at the targeted disease site, where it is then released in a controlled and timely manner.

Accurins have the potential to significantly increase the net clinical benefit of the therapeutic payload and result in efficacy and safety not currently achievable through other therapeutic approaches.

Accurin graphic
http://gaskinsco.com/accurin.png

Lead product candidate

BIND's lead Accurin drug candidate, BIND-014, is a prostate-specific membrane antigen, or PSMA, targeted Accurin that contains docetaxel. PSMA is a clinically-validated tumor marker expressed on prostate cancer cells and the blood vessels of many types of non-prostate solid tumors, including NSCLC. Docetaxel, marketed as Taxotere, is one of the most commonly used cancer chemotherapy drugs. It is approved by the U.S. Food and Drug Administration, or FDA, for the treatment of breast cancer, NSCLC, mCRPC, head and neck cancer, and gastric cancer.

Taxotere achieved global sales of approximately $3 billion in 2009, the year prior to its loss of marketing exclusivity in the United States, and generic docetaxel continues to be a mainstay in cancer treatment despite its significant side effects. These side effects include neutropenia, anemia, infection, fluid retention and edema, neuropathy, rash, mucositis, fatigue, muscle weakness, nail loss, hair loss and even death.

Clinical trials

In preclinical studies, BIND-014 demonstrated that its ability to destroy tumor cells is differentiated from, and superior to, Taxotere

BIND is in Phase 2 clinical trials to evaluate the level of clinical activity of BIND-014 in NSCLC and mCRPC and expect to report data from these studies in the second half of 2014.

To date, BIND has clinically tested BIND-014 in over 45 patients with advanced or metastatic cancer who failed prior therapies.

In the Phase 1 clinical trial, of the 28 patients who received BIND-014 once every three weeks, to date there has been one complete response in a patient with cervical cancer and three partial responses in patients with NSCLC, mCRPC and ampullary cancer.

A complete response generally refers to the disappearance of all signs of cancer in response to treatment, while a partial response generally refers to a decrease in the size of the tumor or in the extent of cancer in the body.

Five additional patients had stable disease lasting longer than 12 weeks.

Management team

BIND's management team has extensive experience in the development, regulatory approval and commercialization of nanotechnology drugs. Currently, the two leading nanotechnology cancer drugs are Doxil, a liposomal doxorubicin, and Abraxane, an albumin nanoparticle paclitaxel.

BIND's chief executive officer was the president and chief operating officer of SEQUUS Pharmaceuticals, Inc., the company that developed and commercialized Doxil. Both BIND's chief medical officer and BIND's head of regulatory affairs served in those roles at Abraxis Bioscience, Inc., the company that developed Abraxane.

Platform development

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. BIND's scientists and engineers continue to advance this technology to produce the next generation of targeted nanomedicines.

Intellectual property

BIND protects its medicinal engineering platform through 16 issued U.S. patents and 50 U.S. patent applications, in some cases with foreign counterparts relating to elements of Accurin candidates.

Competition

Current second-line treatments for non-small cell lung cancer (NSCLC) include docetaxel and other chemotherapy agents such as gemcitabine and vinorelbine, as well as molecularly-targeted therapies such as erlotinib and gefitinib, which are used to treat patients with mutations in epidermal growth factor receptor, or EGFR, and crizotinib, which is used in the small subset of patients that have a mutation in anaplastic lymphoma kinase, or ALK.

In addition, two monoclonal antibodies, Bristol-Myers Squibb's nivolumab that targets PD-1, and F. Hoffmann-La Roche Ltd's MPDL3280A that targets PD-L1, are currently in Phase 2 clinical trials for NSCLC. Both are immunomodulators that block the activation of programmed cell death receptor. In mCRPC, in addition to first-line chemotherapy agents such as docetaxel, the treatment paradigm is evolving to include use of hormonal therapies such as abiraterone and enzalutamide prior to the administration of chemotherapies, which therapies are currently mainly used in the post-chemotherapy setting.

Other similar drugs are also being developed. Cabazitaxel (marketed as Jevtana), a second-line taxane chemotherapeutic, is also being tested in clinical studies against docetaxel for efficacy in metastatic castrate-resistant prostate cancer (mCRPC).

In addition, other companies are developing therapies targeting prostate-specific membrane antigen (PSMA) to treat mCRPC, including an antibody-drug conjugate, or ADC, by Progenics Pharmaceuticals, Inc. and a Bispecific T Cell Engager, or BITE, antibody by Bayer Healthcare in collaboration with Amgen.

BIND also faces competition from numerous companies utilizing other nanomedicine platforms to develop targeted therapies, including platforms focused on albumin nanoparticles, liposomes and polymeric nanoparticles.

5% stockholders pre-IO

Entities affiliated with Polaris Venture Partners V, L.P., 18%
Flagship Ventures Fund 2004, L.P., 13.9%
RUSNANO, 11.5%
DHK Investments, LLC, 8.6%
ARCH Venture Fund VII, L.P., 8.5%
NanoDimension, L.P. , 6%

Financing history

Since inception and through March 31, 2013, BIND raised an aggregate of $94.7 million to fund operations, of which $6.5 million was through collaborations and license agreements, $76.2 million was from the sale of preferred stock and convertible debt securities, $4.8 million was from government grants and $7.2 million was from borrowings under an original credit facility as well as capital leases.

As of March 31, 2013, cash and cash equivalents were $11.9 million, of which $3.4 million was held by BIND's Russian subsidiary designated solely for use in its operations. As of March 31, 2013, BIND also had $1.4 million in restricted cash held in the Russian subsidiary.

In addition, in June 2013 BIND issued and sold additional shares of Series D preferred stock to existing investors for $8.7 million in gross proceeds and borrowed $4.5 million under an amended and restated credit facility with Hercules Technology III, L.P., or Hercules, of which $2.3 million was used to repay the outstanding principal balance under the original facility.

Use of proceeds

BIND expects to net $63 million from its IPO. Proceeds are allocated to fund development of BIND-014, and for working capital and general corporate purposes.

BIND believes that the net proceeds from the IPO, together with cash and cash equivalents as of March 31, 2013, borrowings available under the credit facility and research and development funding that BIND expects to receive under existing collaborations, excluding any potential milestone payments, will fund operating expenses and capital expenditure requirements through at least mid-2015.

BIND expects the funding will enable the company to complete its ongoing Phase 2 clinical trials of BIND-014 in NSCLC and mCRPC and, if such trials are successful, to initiate pivotal Phase 3 trials in these indications.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for BIND
4-traders.com
27 Jan 15 00:13:08
#Bindura Nickel : BNC Extends U.S$20 Million Bond Issue Period http://t.co/csxX27vA9F $BIND
tweetpenny
26 Jan 15 22:11:38
RT @GreenspudTrades: Watchlist for 1/27 $MWV $POST $BIND $COH http://t.co/HCmc95MaaI
Kifer Gregoire
26 Jan 15 21:07:32
1/27 Watchlist: $MIFI $VNR $LGCY $BBEP $MWV $BIND $COH
Eli Pritsker
26 Jan 15 20:16:28
RT @GreenspudTrades: Watchlist for 1/27 $MWV $POST $BIND $COH http://t.co/HCmc95MaaI
Greenspud Trades
26 Jan 15 19:27:10
Watchlist for 1/27 $MWV $POST $BIND $COH http://t.co/HCmc95MaaI
Greenspud Trades
26 Jan 15 19:26:36
$BIND nice triangle taking shape here http://t.co/FWuDtDa4hx
Bilo Selhi
26 Jan 15 19:06:08
Subscribers alerted to $FOMX +17% http://t.co/T9zutL79nE SEE TRACK RECORD http://t.co/WryBemA3fj $JONE $ADEP $SNSS $BIND $INSM $MON $MCD $F
dougheuring
26 Jan 15 16:35:25
CS $ARIA $CLDN $CHRS $BIND $BMRN http://t.co/T2cmTb1ROp
Mark Mueller
26 Jan 15 08:37:17
$BIND congrats longs....I sold too early in this move.....missed my 6.51 reentry....knew it would move higher.
ProTradersNews
26 Jan 15 06:37:01
$KMB $BIND: Stocks to Watch: Sanchez Energy Corporation (NYSE:SN), Kimberly ...: http://t.co/qwQicuDAoj
ProVesting
26 Jan 15 04:36:05
$BIND $MCD: Quick Analysis After News: BIND Therapeutics, Inc. (NASDAQ:BIND ...: http://t.co/HqRo4ZTW3s
Penny Stock Secret
26 Jan 15 02:20:53
This Guy Turned $100 into over $10,000 In Just 30 Days! http://t.co/vezCDY95do .. $PRCP $BIND $ICON
leahanne
24 Jan 15 02:46:17
$BZH Open Click Here: http://t.co/NEwpzF2Klr Also See: $BIND $SFIF $VLO $SGGH ~
DennyT
23 Jan 15 21:44:01
$FMCKK Day Low Click Here: http://t.co/HVBKWrPAIL Also See: $BIND $ELGX $BLLZ $HCINF ~
Donald J Olive
23 Jan 15 16:31:45
RT @Briefingcom: $BIND: BIND Therapeutics amends credit facility to accelerate Accurin pipeline growth http://t.co/fN1SztV0wm
Binary Signals
23 Jan 15 16:14:01
RT @Briefingcom: $BIND: BIND Therapeutics amends credit facility to accelerate Accurin pipeline growth http://t.co/fN1SztV0wm
Briefing.com
23 Jan 15 16:01:49
$BIND: BIND Therapeutics amends credit facility to accelerate Accurin pipeline growth http://t.co/fN1SztV0wm
StockNewsWires
23 Jan 15 14:51:06
$BIND $HTCG: BIND Therapeutics Amends Credit Facility from Hercules ...: http://t.co/BylVI2AFhR
NASDAQ
23 Jan 15 14:25:05
$BIND - Current Report Filing (8-k) http://t.co/3BM4L1eojY
MAISA
23 Jan 15 14:25:04
$BIND Warrant Agreement = has the right to purchase 81,227 shares at an exercise price of $5.54
MAISA
23 Jan 15 14:24:21
$BIND entered into a First Amendment to Amended and Restated Loan and Security Agreement = new term loan =$15M + agreed to pay $750,000.
Instrumental Data
23 Jan 15 14:24:12
BIND THERAPEUTICS, INC $BIND 8-K now available
Breaking News Now
23 Jan 15 14:24:05
$BIND: New SEC Filing for BIND: Form 8-K, No. 0001193125-15-019056 http://t.co/SPXtRjlp20 http://t.co/NGvSKMS6Yp
ProVesting
23 Jan 15 14:21:04
$BIND $HTCG: BIND Therapeutics Amends Credit Facility from Hercules ...: http://t.co/wVVcZ6rzcZ
ProVesting
23 Jan 15 14:11:03
$BIND $HTCG: BIND Therapeutics Amends Credit Facility from Hercules ...: http://t.co/ISdm2ggAOg
ProTradersNews
23 Jan 15 14:06:01
$BIND: BIND Therapeutics Amends Credit Facility from Hercules ...: http://t.co/Lbq9BwMAs3
Breaking News
23 Jan 15 14:01:00
$BIND BIND Therapeutics Amends Credit Facility from Hercules Technology III, L.P. to Accelerate Accurin Pipeli... http://t.co/ghfH64suga
ZenTrader
23 Jan 15 12:09:51
$EGLT hit $10 intraday, Wow! Sold way too early in the high 6's and low 7's. Happens quite often this year to me $NDRM and $BIND.
R
23 Jan 15 10:56:02
$bind really wants to break this 7 area to the upside. Need volume to come in. However holding very well here
Stock Trade Alerts
23 Jan 15 08:34:30
SHORT Seller Alert $BIND - BIND THERAPEUTICS #ShortSeller #Stocks ~ via #AlertTrade
ProVesting
23 Jan 15 07:01:03
$NRG $BIND: Volatility Measure: NRG Energy, Inc. (NYSE:NRG), BIND ...: http://t.co/slXkoB52hT
ProVesting
23 Jan 15 02:31:04
$BIND $ALU: Top Stocks: BIND Therapeutics (NASDAQ:BIND), Alcatel Lucent SA ...: http://t.co/PA3mkjq6Ut
pstock805
22 Jan 15 17:24:57
10 Long (Day Trades) for tomorrow (1/23): $FXCM $ALNY $VA $PEIX $PRAH $CLST $BIND $FRSH $FAS $EBAY
Russell Barbour
22 Jan 15 16:44:10
http://t.co/aa1pcUedvK <- Super_Trades is up $200K first week of January! Don’t wait, change your life now! $ISIS $BIND $PZZI
MAISA
22 Jan 15 15:41:41
$BIND Co-Founder and Board Member Publishes Nanoparticles Article in the Journal of the American Medical Association
NitemareOnWallStreet
22 Jan 15 14:25:11
tomorrow watch $FXCM and setting up for a $BIND
Leopoldo Sanchez
22 Jan 15 13:14:09
$BIND bullish engulfing today, hmm
Maleah
22 Jan 15 12:06:24
http://t.co/PbBM9wVzyJ <-- The #1 person responsible for revolutionizing my trading ability! #stocks $AAPL $BIND $NVAX $EBIX
US_proptrader
22 Jan 15 07:10:04
BIND Therapeutics, Inc. (NASDAQ: $BIND), a clinical-stage nanomedicine platform company developing targeted (cont) http://t.co/wfCRFsr8Hx
Breaking News
22 Jan 15 05:03:49
$BIND BIND Therapeutics Co-Founder Publishes Nanotechnology Article in the Journal of the American Medical Ass... http://t.co/Hlh2YEaFNX
NASDAQ
22 Jan 15 05:02:51
$BIND - BIND Therapeutics Co-Founder Publishes Nanotechnology Article in the Journal of the American Medical http://t.co/RCAo29WuYw
Stock Forums
22 Jan 15 01:34:56
Stocks Trending Now: http://t.co/gLXIsto4sN $CRPZ $AXGC $SPDE $SPTJF $CXLIF $HAFC $OPHC $BIND $CIOIF $WFTSF $HW $EVCI ~
PolgarStocks
21 Jan 15 21:04:01
$MDWK Current Price Click Here: http://t.co/lfpKg21G1L Also See: $BRED $JBFCF $BIND $MDWK ~
Regie Tayaben
21 Jan 15 20:05:32
Commented on: "BIND Rises To Validate Its Accurin Program (Again)" http://t.co/qSQE767iNW $BIND
Drewski
21 Jan 15 12:45:38
#2015Pick $YHOO $JD $EBIX $DDD $AMAT $BIND $CLDX $WATT $WYY $OPK $ZTS $RAD $CVS $TRUP $ETRM $TMUS $SGEN $T $ZGNX $FOLD $TTNP NOT Trades.
David Crooks Jr
21 Jan 15 11:17:41
$BIND looks like a possible overnight short as well.
Drewski
21 Jan 15 09:51:48
Sold half $BAA +10% CLDX +25%. Added to Long term Port $AMSC .59, Stalking $BIND around 6.50, $EBIX So strong, not chasing. Cheers kids.
Russell Barbour
21 Jan 15 07:01:01
http://t.co/K8sye8yWk0 <- Super_Trades is up $200K first week of January! Don’t wait, change your life now! $ISIS $BIND $PZZI
Drewski
21 Jan 15 06:46:10
DD Done. #2015Pick $YHOO $JD $EBIX $DDD $AMAT $BIND $CLDX $WATT $WYY $OPK $ZTS $RAD $CVS $TRUP $ETRM $TMUS $SGEN $T $ZGNX $FOLD $LXRX $TTNP
Dave
21 Jan 15 04:10:20
http://t.co/L46QQZLv8Q alerted CDVI at $.035. Its no trading over $.18 +421%. Pretty sweet! $FTR $HMY $NYCB $AES $BBD $BIND $NVDA
				
				
By  +Follow September 19, 2013 2:04PM
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