On May 2, 2016 BIND Therapeutics, Inc. (NASDAQ:BIND), a biotechnology company developing targeted and programmable therapeutics called ACCURINS, reported that it has elected to file a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (Press release, BIND Therapeutics, MAY 2, 2016, View Source [SID:1234511739]). Schedule your 30 min Free 1stOncology Demo! "We believe this decision is in the best interests of the company and its stockholders," said Andrew Hirsch, president and chief executive officer, BIND Therapeutics. "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. 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."
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BIND intends to continue to manage and operate its business under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The Company is working with an investment bank to review financial and strategic alternatives with the goal of maximizing stockholder value. Potential alternatives to be explored further and evaluated during the review process may include raising additional capital, a strategic collaboration with one or more parties, or the licensing, sale or divestiture of some, or all, of the Company’s proprietary technologies.
BIND plans to continue its development and collaboration activities in accordance with its current innovative medicines strategy throughout this process.