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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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for BIND
Scott Spencer
28 Mar 15 05:34:50
@techwhitepapers @fm23 $BIND thanks for reminding me about the $AZN partnership... http://t.co/h0hqw607bd
Joe Librescu
28 Mar 15 05:30:30
@bullriders1 @fm23 i understand y Scott. $bind is frustrating. i also await an AZN announcement before i loose my patience :)
Scott Spencer
28 Mar 15 05:25:36
@techwhitepapers @fm23 Laser focused on $NVGN & $BCLI right now. Gave-up on $BIND around Feb 25, but $IMGN is very bullish.
Joe Librescu
28 Mar 15 05:21:26
@fm23 @bullriders1 I think $imgn and $bind are grossly under priced compared to potential
Edel Gonzalez
27 Mar 15 10:39:44
$omer $bind buy the dip
ProTradersNews
27 Mar 15 08:01:03
$BIND $WBK: Whats Hot Today: BIND Therapeutics (NASDAQ:BIND), Texas ...: http://t.co/epJJD7RTkN
Joe Librescu
27 Mar 15 06:35:36
$bind is a crazy stock. few thousand shares can make it jump 50c how is that?
Muathe
26 Mar 15 13:19:19
SHORT IDEAS [ As Per $STUDY VIDEO; http://t.co/T3mJYa2jag ]; $BAS $BIND $BIOC $BTU $EMMS $FTK $WGO http://t.co/Kvh9dXpZQm
Joe Librescu
26 Mar 15 08:39:30
@bsmoo2 be choppy. money flowing into the ones less hyped with good price/value and $bind is one of them.it will happen.need to hold strong
Eli Pritsker
26 Mar 15 07:33:49
adding $athx, $SNTA, $ARWR, $BIND to my Bio Wish List!
Ricky Jay
26 Mar 15 06:51:42
$BIND added more 5.43
Kristen Glennon
25 Mar 15 21:11:35
RT @techwhitepapers: @absresourcepage question! :) why $bind with such a great technology is so much cheaper than $imgn $sgen etc?
Joe Librescu
25 Mar 15 21:10:21
@absresourcepage question! :) why $bind with such a great technology is so much cheaper than $imgn $sgen etc?
Eli Pritsker
25 Mar 15 14:03:43
RT @techwhitepapers: biotech is not in a bubble throughout!!! look at valuations of $afmd $vblt $vtae $bind compared to their relative othe…
Eli Pritsker
25 Mar 15 13:41:12
This biotech sell off presenting some great bargain hunting soon. I am watching $SYN $SGYP $IDRA $ATHX $ARWR $CPXX $BIND for sale prices
Joe Librescu
25 Mar 15 09:40:20
@bsmoo2 chance $bind can bring its lead drug to compleltion and take for ex a market of $1 , 2 whatever bill. say 50% in yr say 2017
Joe Librescu
25 Mar 15 09:39:25
@bsmoo2 so for ex . if y assume $bind in comparison to say $sgen which has a nano drug with over 1bill annual sales. now ask what is the
Joe Librescu
25 Mar 15 09:33:52
biotech is not in a bubble throughout!!! look at valuations of $afmd $vblt $vtae $bind compared to their relative others.
Penny Stock Secret
25 Mar 15 05:43:07
Yesterday We Made $94,000 In Just One Trade More Info Here http://t.co/NovWYe2RAx .. $PRCP $BIND $ICON
US_proptrader
25 Mar 15 05:39:58
$LL $PRTA $VBLT $RALY $CALA $BIND $ADXS $ABMD $ONCY $YHOO for today
Eli Pritsker
24 Mar 15 22:09:10
RT @techwhitepapers: I wonder what will happen when $6.4 hits for $bind thats the strike price for the warrants from the secondary
Eli Pritsker
24 Mar 15 22:08:57
RT @pilliho: RT 5 Biotech Stocks On JMP’s Radar: http://t.co/k8BHgiOQSX $BIND $CERU $KPTI $TFX $FLML http://t.co/rUp7zU3zot via @YahooFinan…
Kelly Bancroft
24 Mar 15 12:40:36
RT @PolgarStocks: Stocks Trending Now: http://t.co/prRAmk6x0I $CMOH $HNI $XMET $FMS $SSLT $PTINY $SSRAP $BFSC $ECMH $MURGY $BIND $RSHYY ~
J. Tennyson Singer
24 Mar 15 10:09:30
RT @remtonar: Ugly day for biotech indeed @jimcramer—couple of microcap glimmers out there though including OTC darling $NVIV and $BIND
tony vine
24 Mar 15 09:43:56
RT 5 Biotech Stocks On JMP’s Radar: http://t.co/k8BHgiOQSX $BIND $CERU $KPTI $TFX $FLML http://t.co/rUp7zU3zot via @YahooFinance
Joe Librescu
24 Mar 15 09:15:10
I wonder what will happen when $6.4 hits for $bind thats the strike price for the warrants from the secondary
Stock Trade Alerts
24 Mar 15 07:24:07
5-min Candle Alert $BIND - BIND THERAPEUTICS #daytrader #stocks ~ via #AlertTrade
brian s moons
24 Mar 15 06:53:06
@techwhitepapers @BryanReed22 Nice pop on $BIND this morning. Needs to stay above $6.
Joe Librescu
24 Mar 15 06:47:03
@2015Stalog17 if y want rockets like this look into $bind $apto $orpn but d yr own DD Bill.
Joe Librescu
24 Mar 15 05:52:28
@BryanReed22 is very manipulated.need to have stomach. i like $vtae the most , $bind second but really all.y may look into $snss that i dont
Joe Librescu
23 Mar 15 21:49:52
@ADCReview @TakedaOncology @AntibodyNews very promising news also for the other ADC companies including $sgen $bind
AVitt
23 Mar 15 15:48:21
RT @remtonar: Ugly day for biotech indeed @jimcramer—couple of microcap glimmers out there though including OTC darling $NVIV and $BIND
Joe Librescu
23 Mar 15 13:04:17
some weird action on $bind most of it manipulation which is promising..
Edel Gonzalez
23 Mar 15 12:43:05
in on $BIND for long, entrying $EXEL tomorrow depending on market.if market is good, I will not enter.
Edel Gonzalez
23 Mar 15 12:42:19
in on $bind for long, entrying $exel tomorrow depending on market if good, I will not enter.
Remington Tonar
23 Mar 15 09:22:53
Ugly day for biotech indeed @jimcramer—couple of microcap glimmers out there though including OTC darling $NVIV and $BIND
Joe Librescu
23 Mar 15 08:56:38
in light of the $ibb nice action in $bind and even in $vtae which celebrates freedom these days.
Anthony
23 Mar 15 03:22:47
RT @Benzinga: 5 Biotech Stocks On JMP's Radar $BIND $CERU $FLML $KPTI $TFX http://t.co/RcOR9B3xUZ
BULLDOG INVESTOR
22 Mar 15 20:40:34
Keep an eye on $BIND this week key spot break of 50 day ma http://t.co/Gu0RE9wLej
Joe Librescu
22 Mar 15 11:00:11
nice article on $bind http://t.co/qTAqnoWKFA
Joe Librescu
22 Mar 15 10:36:00
@BosBizDon @BOSBIZJess Don question to you! what do y make of the latest $bind corporate changes and beyond? any insight appreciated!
Joe Librescu
22 Mar 15 00:12:15
@nyonnais i really liked your writeup on $bind and i see eye to eye w especially the fact that in my humble opinion a buyout is n the works
Joe Librescu
22 Mar 15 00:11:12
RT @nyonnais: $BIND continuing to work well post-secondary. My writeup from a week ago: https://t.co/qlVnb7ecBv
Joe Librescu
21 Mar 15 22:06:47
@techwhitepapers and how will $bind CEO do it? any thoughts?
Joe Librescu
21 Mar 15 22:06:28
question:"Our goal ..is transform company from pure platform technology company to a drug development company" $bind CEO what does h mean?
				
				
By  +Follow September 19, 2013 2:04PM
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