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