BIND Therapeutics reports revenue of $2.1 million for fourth quarter 2013

Mar 25 2014

BIND Therapeutics, Inc. (NASDAQ: BIND), a clinical-stage nanomedicine platform company developing targeted and programmable therapeutics called Accurins^TM, today reported financial results for the fourth quarter and year-ended December 31, 2013.

"2013 was a transformative year for BIND as we made significant progress towards providing improved treatment options for patients with cancer," said Scott Minick, BIND's President and CEO. "We initiated two Phase 2 studies with our lead product candidate, BIND-014, in both metastatic castrate resistant prostate cancer and non-small cell lung cancer. We also entered into significant collaborations with Amgen, Pfizer and Astra Zeneca and completed our Initial Public Offering (IPO). We are continuing to build on this strong foundation in 2014 with several upcoming milestones, including reporting top-line data on our two ongoing Phase 2 clinical studies with BIND-014, the expected advancement of two additional product candidates from our proprietary Accurin pipeline toward clinical development and continued progress in our Accurin collaborations."

Recent Business Highlights

• Completed patient enrollment in the Phase 2 clinical trial of BIND-014, a PSMA-targeted Accurin containing docetaxel, as first-line therapy in chemotherapy-naïve patients with metastatic castrate-resistant prostate cancer.
• As of March 21, 2014, enrolled more than 80% of patients in the Phase 2 clinical trial of BIND-014 in patients with non-small cell lung cancer using a once every three weeks (Q3W) dosing schedule.
• Structured BIND's management team for future growth by promoting and expanding the areas of responsibility for Andrew Hirsch, who was appointed Chief Operating Officer with expanded responsibilities, including program and alliance management and oversight of BIND's Russian operations; and Jeff Hrkach, Ph.D., formerly Senior Vice President, Technology Research and Development, who was promoted to Chief Technology Officer.
• Granted thirteen new patents and seven notices of allowance from the U.S. Patent and Trademark Office covering BIND-014 and BIND's Medicinal Nanoengineering platform, including composition of matter and methods of use claims for therapeutic nanoparticle formulation and cancer cell targeting properties.
• Amended its development and commercialization collaboration agreement with Amgen Inc. to extend Amgen's option exercise period by six months to July 7, 2014 to allow for expected completion of the research plan. None of the other terms of the original agreement changed.
• Added to the Russell 2000^®, Russell 3000^®, Russell Global and Russell Microcap Indexes.

Expected 2014 Milestones

• Complete enrollment in the ongoing Phase 2 non-small cell lung cancer trial with BIND-014 in the once every three week dosing schedule arm and begin enrollment in the weekly dosing schedule arm.
• Present Phase 1 clinical data on BIND-014 and preclinical data on our AstraZeneca collaboration based on Barasertib (AZD1152), a potent inhibitor of Aurora B kinase, at the American Association of Cancer Research (AACR) 2014 Annual Meeting on April 5-9, 2014 in San Diego, CA.
• Complete our two ongoing Phase 2 clinical studies with BIND-014 in both metastatic castrate resistant prostate cancer and non-small cell lung cancer.
• Advance two additional product candidates from the Company's proprietary Accurin pipeline toward clinical development.
• Advance ongoing collaboration programs including Amgen, AstraZeneca and Pfizer toward potential near-term milestones.

Fourth Quarter 2013 Financial Results

Revenue for the fourth quarter of 2013 was $2.1 million, compared to $0.5 million for the fourth quarter of 2012. The year-over-year increase in revenue was primarily due to revenue associated with the Amgen, Pfizer and AstraZeneca collaborations.

Research and development expenses totaled $7.4 million for the fourth quarter of 2013, compared to $3.5 million for the fourth quarter of 2012. The increase was primarily due to the Phase 2 trials for BIND-014 in non-small cell lung cancer and metastatic castrate resistant prostate cancer, as well as activities under collaboration agreements with Amgen, Pfizer and AstraZeneca.

General and administrative expenses totaled $2.7 million for the fourth quarter of 2013, compared to $2.0 million for the fourth quarter of 2012. The increase in these expenses was primarily due to expenses related to operating as a public company.

Net loss for the fourth quarter of 2013 was $8.1 million, compared to a net loss of $5.1 million for the fourth quarter of 2012.

Full Year 2013 Financial Results

Revenue for the year ended December 31, 2013 was $10.9 million, compared to $1.0 million for the year ended December 31, 2012. The year-over-year increase in revenue was primarily due to revenue associated with the Amgen, Pfizer and AstraZeneca collaborations.

Research and development expenses were $24.4 million for the year ended December 31, 2013, compared to $13.1 million for the year ended December 31, 2012. The increase was primarily due to the initiation of the Phase 2 trials for BIND-014 in non-small cell lung cancer and metastatic castrate resistant prostate cancer, as well as activities under collaboration agreements with Amgen, Pfizer and AstraZeneca.

General and administrative expenses were $13.4 million for the year ended December 31, 2013, compared to $6.6 million for the year ended December 31, 2012. The increase in these expenses was primarily due to stock compensation expense of $4.3 million, the majority of which was due to vesting of stock options for two executives upon the closing of our IPO. The balance was due to consulting services in preparation for the IPO and expenses related to operating as a public company.

Net loss for the year ended December 31, 2013 was $27.7 million, compared to a net loss of $19.2 million for the year ended December 31, 2012.

Cash, cash equivalents and marketable securities were $77.4 million at December 31, 2013.

Upcoming Events and Presentations

Members of BIND's management team are expected to make presentations at the following events:

• NASDAQ Opening Bell Ceremony at the NASDAQ MarketSite in Times Square, New York at 9:30 a.m. ET on Wednesday, March 26, 2014.
• American Association of Cancer Research (AACR) 2014 Annual Meeting, on April 5-9, 2014 in San Diego, CA, including an Investor/Analyst Reception on Monday, April 7, 2014 at 6:30 p.m. PT.

SOURCE BIND Therapeutics, Inc.