BIND Therapeutics Inc (NASDAQ:BIND) shares fell 9.63% on Wednesday but rebounded 10.66% to $0.930 in after-hours trading. The company has a market cap of $25.34 million at 20.89 million shares outstanding. Share prices have been trading in a 52-week range of $0.35 to $5.33.
BIND Therapeutics is a biotechnology company that is engaged in developing targeted therapeutics, primarily for the treatment of cancer. Its product candidates are based on polymeric nanoparticles called Accurins, which are engineered to target specific cells and tissues in the body at sites of disease. These Accurins are polymeric nanoparticles that incorporate therapeutic payloads with diverse physical and chemical properties, provide prolonged circulation within the bloodstream, enable targeting of the diseased tissue or cells, and provide for the controlled and timely release of the therapeutic payload.
Share prices have been on a decline but enjoyed a late rally when a federal court approved a $40 million takeover of BIND Therapeutics by pharmaceutical giant Pfizer. According to a spokesman from the company, this was the best possible outcome for stakeholders given the circumstances. BIND Therapeutics has struggled to stay financially afloat before being able to successfully market its products.
I continue to believe in the potential for Bind’s nanomedicine technology to create valuable medicines that treat serious diseases and I look forward to watching what comes out of Pfizer’s nanomedicine pipeline,” said BIND Therapeutics CEO Andrew Hirsch in a statement.
Hirsch added that this deal could also help the company pay every creditor in full and distribute funds to equity holders. Recall that the company filed for bankruptcy protection earlier this year after failing to restructure its existing debt, which also caused the company to slash nearly 40% of its workforce. Soon after, Pfizer made a $19.4 million bid for BIND Therapeutics which was disclosed at the start of this month, then Pfizer increased its bid upon seeing two other competing offers.
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