BIND Therapeutics Files For Bankruptcy Protection Under Chapter 11

BIND Therapeutics, Inc. BIND disclosed that it opted to file for a voluntary petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware in the United States. The company's President and CEO, Andrew Hirsch, said that "We believe this decision is in the best interests of the company and its stockholders. The protections afforded by Chapter 11 provide for an orderly process and additional time that enables us to pursue the strategic and financial alternatives that are in process." He continued to say that "The filing minimizes the impact from the recent demand by our lender, Hercules Technology III, L.P, for accelerated repayment of our outstanding loan. Our current cash and assets exceed the loan amount, and we are current on our regularly scheduled repayment obligations. Through this process, we expect to be able to maintain ongoing financing activities and collaborator obligations while moving our R&D initiatives and pipeline forward." BIND said that it plans to continue to manage, as well as, operate its business under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code apart from the orders of the Bankruptcy Court. The company intends to continue its development and collaboration activities in line with its current innovative medicines strategy throughout this process. On Friday, shares of the company lost 2.04%.