BIND Therapeutics falls in 1st day on Nasdaq

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Associated Press

Posted on September 20, 2013 at 9:00 AM

Updated Friday, Sep 20 at 9:02 AM

NEW YORK (AP) — Shares of drug developer BIND Therapeutics fell in its first day of trading on the Nasdaq Global Select Market.

The stock declined 49 cents, or 3.3 percent, to $14.51 in midday trading Friday after sinking as low as $14.08 earlier.

BIND Therapeutics Inc. priced the offering of 4.7 million shares at $15 each, in the middle of the expected range.

The Cambridge, Mass. company raised $70.5 million in the offering. It is trading under the "BIND" ticker symbol.

BIND Therapeutics has no products on the market. Its most advanced treatment candidate, 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 plans to use the offering's proceeds in part to fund BIND-014 development.

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