BIND Therapeutics falls in 1st day on Nasdaq

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

The stock dropped 91 cents, or 6.1 percent, to close at $14.09 Friday after raising $70.5 million in an initial public offering of stock.

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

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.

The Cambridge, Mass., company trades under the "BIND" ticker symbol.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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