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BIND Therapeutics Amends Credit Facility from Hercules Technology III, L.P. to Accelerate Accurin Pipeline GrowthBIND Therapeutics, Inc. (NASDAQ: BIND), a clinical-stage nanomedicine platform company developing targeted and programmable therapeutics called AccurinsTM, announced today that it has entered into an amendment of its existing credit facility from Hercules Technology III, L.P., an affiliate of Hercules Technology Growth Capital (NYSE: HTCG). Under the amendment, the company borrowed an additional $15 million in growth capital, less the repayment of the outstanding balance on BIND's existing term loan facility of approximately $3 million. "The capital provided by this financing strengthens our financial resources and provides the flexibility to advance clinical and preclinical programs for our Accurin technology, including BIND-014, BIND-510, and our PLK1 and KSP inhibitor programs," said Andrew Hirsch, chief operating officer and chief financial officer at BIND Therapeutics. "With this additional funding, we believe that we now have cash, cash equivalents and short term investments as well as research and development funding that will fund our operations at least through the end of 2015." In connection with the amendment, BIND issued Hercules warrants to purchase shares of BIND common stock totaling three percent of the additional amount raised. Further information with respect to the amendment is contained in a Current Report on Form 8-K filed today with the Securities and Exchange Commission.
About BIND Therapeutics
Forward-Looking Statements Disclaimer These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the fact that the Company has incurred significant losses since its inception and expects to incur losses for the foreseeable future; the Company's need for additional funding, which may not be available; raising additional capital may cause dilution to its stockholders or require it to relinquish rights to its technologies or drug candidates; the Company's limited operating history; failure to use and expand its medicinal nanoengineering platform to build a pipeline of drug candidates and develop marketable drugs; the early stage of the Company's development efforts with only one drug candidate in clinical development; failure of the Company or its collaborators to successfully develop and commercialize drug candidates; clinical drug development involves a lengthy and expensive process, with an uncertain outcome; delays or difficulties in the enrollment of patients in clinical trials; serious adverse or unacceptable side effects or limited efficacy observed during the development of the Company's drug candidates; inability to maintain any of the Company's collaborations, or the failure of these collaborations; the Company's reliance on third parties to conduct its clinical trials and manufacture its drug candidates; the Company's inability to obtain required regulatory approvals; any conclusion by the FDA that BIND-014 does not satisfy the requirements for approval under the Section 505(b)(2) regulatory approval pathway; the inability to obtain orphan drug exclusivity for drug candidates; failure to obtain marketing approval in international jurisdictions; any post-marketing restrictions or withdrawals from the market; effects of recently enacted and future legislation; failure to comply with environmental, health and safety laws and regulations; failure to achieve market acceptance by physicians, patients, or third-party payors; failure to establish effective sales, marketing and distribution capabilities or enter into agreements with third parties with such capabilities; effects of substantial competition; unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives; product liability lawsuits; failure to retain key executives and attract, retain and motivate qualified personnel; difficulties in managing our growth; risks associated with operating internationally, including the possibility of sanctions with respect to our operations in Russia; failure to obtain and maintain patent protection for or otherwise protect our technology and products; effects of patent or other intellectual property lawsuits; the eligibility of a significant portion of the Company's total outstanding shares to be sold into the market, which could cause the market price of its common stock to drop significantly; increased costs as a result of operating as a public company; and any securities class action litigation. These and other important factors discussed under the caption "Risk Factors" in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, or SEC (News - Alert), on November 6, 2014, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release.
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