Source: Fierce BioTech
Langer's Bind Therapeutics raises $70.5M in IPO - FierceBiotech
Yet another biotech has joined the raging IPO craze. Nanomedicine company Bind Therapeutics has raised $70.5 million in a public offering of its stock priced at $15 per share, The Associated Press reports.
Co-founded by MIT superstar Robert Langer, the Cambridge, MA-based company said its offering involved 4.7 million shares of its common stock. The cancer drug developer had proposed to price the shares at $14 to $16 each. In its announcement, Bind said the underwriters of the deal will have a 30-day option to purchase up to an additional 705,000 shares of common stock, which would boost the company's proceeds from the IPO.
In a previous bulletin this month, Renaissance Capital reported at that $15 per share, Bind would have a market value of $237 million.
Read more: Langer's Bind Therapeutics raises $70.5M in IPO - FierceBiotech Langer's Bind Therapeutics raises $70.5M in IPO - FierceBiotech
Langer has close ties with the venture community, particularly Polaris Venture Partners, which has invested $225 million in 19 Langer-related startups through January, according to General Partner Amir Nashat. A proud Langer Lab alum, Nashat has worked with Langer on startups such as Bind Biosciences, Selecta and Living Proof (which marries advanced materials science with consumer hair products). Polaris and other backers have scored returns on investments in biotech companies affiliated with Langer such as Advanced Inhalation Research and Momenta Pharmaceuticals ($MNTA).
Read more: Robert Langer - MIT - FierceBiotech Robert Langer - MIT - FierceBiotech