BIND Therapeutics Announces Pfizer Inc. Exercises Option to Advance Nanoparticle-Based Kinase Inhibitor for Treatment of Solid Tumors
BIND Therapeutics, Inc. (NASDAQ: BIND), a clinical-stage nanomedicine company developing targeted and programmable therapeutics called Accurins™, today announced that Pfizer Inc. exercised its option to obtain an exclusive license to develop and commercialize an Accurin drug candidate for the treatment of solid tumors under the companies’ global collaboration agreement. The actively targeted Accurin is designed to impart cellular targeting capability and was engineered by BIND using one of Pfizer’s proprietary kinase inhibitors and one of BIND’s proprietary ligands. As a result of the option exercise, BIND will receive a $2.5 million option exercise fee from Pfizer. In parallel with exercising its first option, Pfizer informed BIND that it will not exercise its option for the second compound in the collaboration.
“Our experiments to date have resulted in data that we believe justify advancing this candidate to the next stage of research”
“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 Andrew Hirsch, president and chief executive officer at BIND Therapeutics. “This milestone with Pfizer is an important step toward our goal of advancing this innovative Accurin drug candidate into clinical testing. Working closely with Pfizer has allowed us to identify the Accurin candidate with the greatest potential in the collaboration. We now have the potential to have at least four Accurins in clinical development over the next two years, both through collaborations and with internal product candidates. With our belief in the ability of Accurins to deliver the right concentration of the right drug to the right place for the right amount of time, combined with Pfizer’s experience and expertise, we are pleased to move to the next stage in this collaboration.”
“Our experiments to date have resulted in data that we believe justify advancing this candidate to the next stage of research,” said Robert Abraham, Ph.D., senior vice president, Oncology-Rinat Research & Development Group, Pfizer. “BIND’s Accurin technology may help us to achieve an optimal efficacy-safety ratio for this investigational drug. We look forward to further exploring this potential in our ongoing collaboration with BIND.”
Under terms of the original collaboration agreement, which was established in April 2013, Pfizer was granted options to obtain exclusive licenses to pursue development and commercialization of two Accurins that incorporate specified Pfizer small molecular targeted therapies. For the Accurin that has been selected, both companies will work together on preclinical research; Pfizer will have responsibility for development and commercialization, and BIND will conduct chemistry, manufacturing and control activities.
In addition to the $2.5 million option exercise fee, BIND received an upfront payment of $4.0 million in 2013 and achieved a $1.0 million preclinical development milestone for the selected Accurin in December 2014. BIND has the potential to receive additional milestone payments for the selected Accurin of up to $86.0 million in aggregate upon the achievement of additional specified development and regulatory events under the Pfizer collaboration agreement. BIND may also receive additional milestone payments for the selected Accurin of up to $110 million in aggregate for specified commercial events as well as royalties in the low single to high single digit percentages on potential future sales of the selected Accurin, if any.
BIND Therapeutics is a clinical-stage nanomedicine 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. BIND is leveraging its Medicinal Nanoengineering® platform to develop a pipeline of Accurins targeting hematological and solid tumors and has a number of strategic collaborations with biopharmaceutical companies to develop Accurins in areas of high unmet need. BIND's lead drug candidate, BIND-014, is a prostate-specific membrane antigen (PSMA) -targeted Accurin that contains docetaxel, a clinically-validated and widely-used cancer chemotherapy drug. BIND is currently enrolling patients in a trial with BIND-014 for non-small cell lung cancer, or NSCLC, with KRAS mutations or squamous histology. In addition, BIND is enrolling patients in a clinical trial with BIND-014 for cervical, bladder, head and neck and cholangio cancers. BIND is advancing BIND-510, its second PSMA-targeted Accurin drug candidate containing vincristine, a potent microtubule inhibitor with dose limiting peripheral neuropathy in its conventional form, through important preclinical studies to position it for an Investigational New Drug application filing with the U.S. Food and Drug Administration in 2016. BIND is also developing Accurins designed to inhibit PLK1 and KSP, both of which BIND believes are promising anti-mitotic targets that have been limited in the clinic due to myelotoxicity at or below therapeutic doses.
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) and Macrophage Therapeutics (a subsidiary of Navidea Biopharmaceuticals) to develop Accurins based on their proprietary therapeutic payloads and/or targeting ligands. BIND’s collaboration with AstraZeneca has resulted in FDA clearance to begin clinical trials with the Aurora B Kinase inhibitor Accurin AZD2811, which we expect to be the second Accurin candidate to enter clinical development.
For more information, please visit the Company’s web site at www.bindtherapeutics.com.