Bind Therapeutics says its Pfizer plans to move ahead with one of two partnered cancer drugs using the Cambridge biotech’s nanomedicine approach to more accurately target tumors.
In addition to a $2.5 million license fee the Pfizer will pay, Andrew Hirsch, CEO of Bind , says the the drug giant’s decision to exercise an option for one of two drug outlined in a 2013 contract demonstrates confidence in Bind’s so-called Accurin technology. The news comes three months after AstraZeneca said it plans to begin human trials with another drug developed in partnership with Bind.
“Pfizer’s decision to obtain an exclusive license to our actively targeted Accurin further validates what we believe is the unique ability of our platform to optimize the therapeutic potential of potent pathway inhibitors,” said Hirsch. “This milestone with Pfizer is an important step toward our goal of advancing this innovative Accurin drug candidate into clinical testing.”
The company disclosed, however, that Pfizer will not be exercising its option to license a second potential drug under the 2013 contract.He said the company, which had 89 employees as of the beginning of this year, now plans to have at least four Accurins in clinical trials over the next two years through collaborations and with internal product candidates.The news comes as Bind’s shares are down by nearly half in the past year, much of that coming after results of a 40-patient trial in non-small cell lung cancer were presented last November. While the company characterized the results as “positive” and said the study met its main goal, the company’s shares were nearly cut in half in the following two weeks.Hirsch was named CEO in March, saying his mission was to “transform the company from a pure platform technology company to a drug development company.”As of 12:30 p.m. today, Bind’s shares stayed flat at $4.50 while most other biotech stocks fell.
Read More: