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BIND Therapeutics Amends Credit Facility With Hercules Technology

January 27, 2015, 07:06 AM
Filed Under: Medical

BIND Therapeutics, a clinical-stage nanomedicine platform company developing targeted and programmable therapeutics called Accurins, announced that it has entered into an amendment of its existing credit facility from Hercules Technology III, L.P., an affiliate of Hercules Technology Growth Capital. Under the amendment, the company borrowed an additional $15 million in growth capital, less the repayment of the outstanding balance on BIND’s existing term loan facility of approximately $3 million.

“The capital provided by this financing strengthens our financial resources and provides the flexibility to advance clinical and preclinical programs for our Accurin technology, including BIND-014, BIND-510, and our PLK1 and KSP inhibitor programs,” said Andrew Hirsch, chief operating officer and chief financial officer at BIND Therapeutics. “With this additional funding, we believe that we now have cash, cash equivalents and short term investments as well as research and development funding that will fund our operations at least through the end of 2015.”

In connection with the amendment, BIND issued Hercules warrants to purchase shares of BIND common stock totaling three percent of the additional amount raised.

BIND Therapeutics is a clinical-stage nanomedicine platform company developing a pipeline of Accurins, its novel targeted therapeutics designed to increase the concentration and duration of therapeutic payloads at disease sites while reducing exposure to healthy tissue.

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