Bind Therapeutics, Amgen End Collaboration on Targeted Cancer Therapy

By Dow Jones Business News, 
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By Tess Stynes

Bind Therapeutics Inc. ( BIND ) said a collaboration with Amgen Inc. ( AMGN ) has been ended after both companies agreed not to pursue an option to jointly develop a molecularly targeted cancer therapy.

Bind Therapeutic shares fell 15% to $11 in recent after-hours trading.

The 12 month collaboration between Bind Therapeutics and Amgen, which began in early 2013, aimed to develop cancer treatments using Bind's nanotechnology platform and an Amgen compound. Under the agreement, Amgen had an option to select a molecularly targeted cancer therapy candidate for further development. The option period was extended by six months to allow for completion of the research plan.

Bind Therapeutics Chief Executive Scott Minick stated "The goal of this research collaboration was to optimize a specific therapeutic payload from Amgen. Despite achieving the objective of high tumor concentrations, the results were not sufficiently compelling to proceed forward and both collaborators have agreed that the program will not be continued."

Bind said it plans to remain focuses on the development of its Accurin platform, including its proprietary drug candidate, as well as collaborations with other drug makers.

Write to Tess Stynes at tess.stynes@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


  (END) Dow Jones Newswires
  07-02-141650ET
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This article appears in: Technology

Referenced Stocks: AMGN , BIND

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