BIND Therapeutics Announces Resignation of Directors Affiliated with Polaris Partners

CAMBRIDGE, Mass.–(BUSINESS WIRE)–BIND Therapeutics, Inc. (NASDAQ: BIND), a biotechnology company
developing targeted and programmable therapeutics called ACCURINS®,
today announced the resignations of Amir Nashat, managing partner at
Polaris Partners, and Amy Schulman, venture partner at Polaris Partners
and chief executive officer at Arsia Therapeutics and Lyndra
Therapeutics, from BIND’s Board of Directors. The resignations of Dr.
Nashat and Ms. Schulman are not a result of any dispute with the Company
and were tendered in order to avoid a potential conflict of interest
related to BIND’s current review of financial and strategic
alternatives. In conjunction with these resignations, BIND’s Board of
Directors has withdrawn Dr. Nashat as a nominee for election to the
Board at the Company’s annual meeting of stockholders to be held on June
21, 2016 and has reduced the size of the Board from nine to seven
members.
BIND Therapeutics initiated voluntary Chapter 11 bankruptcy protection
on May 1, 2016 and is actively evaluating potential financial and
strategic alternatives, which may include raising additional capital,
licensing or divesting some of the Company’s proprietary technologies,
or selling the company.
BIND plans to continue its development and collaboration activities in
accordance with its current innovative medicines strategy throughout the
Chapter 11 process.
About BIND Therapeutics
BIND Therapeutics is a biotechnology company developing novel targeted
therapeutics, primarily for the treatment of cancer. BIND’S product
candidates are based on proprietary polymeric nanoparticles called
ACCURINS®, which are engineered to target specific cells and tissues in
the body at sites of disease. BIND is developing ACCURINS® with three
different therapeutic objectives, both through internal research
programs and with collaborators: Innovative medicines; enabling potent
pathway inhibitors; and differentiated efficacy with approved drugs.
BIND’s internal discovery efforts are focused on designing
oligonucleotide and immune-oncology-based ACCURINS®.
BIND has announced ongoing collaborations with Pfizer Inc., AstraZeneca
AB, F. Hoffmann-La Roche Ltd., Merck & Co., or Merck (known as Merck
Sharp & Dohme outside the United States and Canada), Macrophage
Therapeutics (a subsidiary of Navidea Biopharmaceuticals), Synergy
Pharmaceuticals, PeptiDream and Affilogic to develop ACCURINS® based on
their proprietary therapeutic payloads and/or targeting ligands. BIND’s
collaboration with AstraZeneca has resulted in the Aurora B Kinase
inhibitor Accurin AZD2811, which became the second Accurin candidate to
enter clinical development. BIND’s collaboration with Pfizer has
resulted in the selection of an Accurin candidate that is entering
IND-enabling studies.
For more information, please visit the Company’s web site at www.bindtherapeutics.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements contained in this press release that do not relate to matters
of historical fact should be considered forward-looking statements,
including statements regarding potential financial and strategic
alternatives to be explored, including raising additional capital, a
strategic collaboration with one or more parties, or the licensing, sale
or divestiture of the Company’s proprietary technologies; our plan to
continue development and collaboration activities throughout the Chapter
11 process; and our collaboration agreements with Pfizer, Merck,
AstraZeneca, F. Hoffmann-La Roche Ltd., Macrophage, Synergy, PeptiDream
and Affilogic.
These forward-looking statements are based on management’s current
expectations. These statements are neither promises nor guarantees, but
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements,
including, but not limited to, the following: that the Company may not
be successful in consummating any of the strategic or financing
alternatives it is exploring; orders and decisions of the Bankruptcy
Court; the fact that the Company has incurred significant losses since
its inception and expects to incur losses for the foreseeable future;
the Company’s need for additional funding, which may not be available,
in order to continue as a going concern; effects of adverse capital
market conditions on the Company’s liquidity; any default on the
Company’s credit facility, which could impact its ability to continue as
a going concern; adverse effects on the Company’s business due to the
report of its independent registered public accounting firm on its
financial statements for the year ended December 31, 2015, which
contains an explanatory paragraph regarding the Company’s ability to
continue as a going concern; raising additional capital may cause
dilution to its stockholders, restrict its operations or require it to
relinquish rights to its technologies or drug candidates; the Company’s
limited operating history; limitations on the Company’s ability to
utilize net operating loss carryforwards and certain other tax
attributes; failure to use and expand its MEDICINAL ENGINEERING®
platform to build a pipeline of drug candidates and develop marketable
drugs; the early stage of the Company’s development efforts with only
BIND-014 and Accurin AZD2811 in clinical development; failure of the
Company or its collaborators to successfully develop and commercialize
drug candidates; clinical drug development involves a lengthy and
expensive process, with an uncertain outcome; delays or difficulties in
the enrollment of patients in clinical trials; serious adverse or
unacceptable side effects or limited efficacy observed during the
development of the Company’s drug candidates; inability to maintain any
of the Company’s collaborations, or the failure of these collaborations;
inability to enter into a collaboration for BIND-014; the Company’s
reliance on third parties to conduct its clinical trials and manufacture
its drug candidates; the Company’s inability to obtain required
regulatory approvals; the fact that a fast track or breakthrough therapy
designation by the FDA for the Company’s drug candidates may not
actually lead to a faster development or regulatory review or approval
process; the inability to obtain orphan drug exclusivity for drug
candidates; failure to obtain marketing approval in international
jurisdictions; any post-marketing restrictions or withdrawals from the
market; effects of recently enacted and future legislation; failure to
comply with environmental, health and safety laws and regulations;
failure to achieve market acceptance by physicians, patients, or
third-party payors; failure to establish effective sales, marketing and
distribution capabilities or enter into agreements with third parties
with such capabilities; effects of substantial competition; unfavorable
pricing regulations, third-party reimbursement practices or healthcare
reform initiatives; product liability lawsuits; failure to retain key
executives and attract, retain and motivate qualified personnel;
difficulties in managing the Company’s growth; risks associated with
operating internationally, including the possibility of sanctions with
respect to our operations in Russia; the possibility of system failures
or security breaches; failure to obtain and maintain patent protection
for or otherwise protect our technology and products; effects of patent
or other intellectual property lawsuits; the price of our common stock
may be volatile and fluctuate substantially; significant costs and
required management time as a result of operating as a public company;
and any securities class action litigation. These and other important
factors discussed under the caption “Risk Factors” in our Annual Report
on Form 10-Q filed with the Securities and Exchange Commission, or SEC,
on May 10, 2016, and our other reports filed with the SEC could cause
actual results to differ materially from those indicated by the
forward-looking statements made in this press release. Any such
forward-looking statements represent management’s estimates as of the
date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim any
obligation to do so, even if subsequent events cause our views to
change. These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of this
press release.