Image taken from the company’s website
BIND Therapeutics Inc. has raised $70.5 million in an initial public offering of its stock priced at $15 per share, or in the middle of a range the drug developer expected.
Shares are expected to start trading Friday under the ticker symbol ‘‘BIND.’’
The Cambridge company said the offering involved 4.7 million shares, and the banks managing the deal have a 30-day option to buy an additional 705,000 shares if there’s demand. That would increase the company’s IPO proceeds.
BIND Therapeutics has no products on the market. It is developing Accurins, a therapeutic designed to target specific cells or tissues and deliver a treatment to a disease site. The goal is to enhance the treatment’s effectiveness while limiting the impact on healthy tissue.
The company’s most advanced treatment candidate, labeled BIND-014, is in mid-stage clinical development as a possible treatment for a form of lung cancer and an advanced form of prostate cancer.
The company is developing its own pipeline of Accurins but also is working with other drug developers like Amgen Inc. and Pfizer Inc.
‘‘We believe Accurins represent the next stage in the evolution of cancer therapy,’’ the company said in a recently filed registration statement with the Securities and Exchange Commission.
It plans to use proceeds from the offering in part to fund development of BIND-014.