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Bind Biosciences, a Cambridge nanoparticle-based drug developer co-founded by MIT’s Robert Langer and Harvard Medical School’s Omid Farokhzad, has raised $11 million in a third round of financing, according to a company spokeswoman. The company also announced it has appointed Scott Minick as president and CEO. Minick was a managing director at ARCH Venture Partners, one of the company’s chief investors.
In addition to ARCH Venture Partners, the company’s investor consortium includes Flagship Ventures, NanoDimension AG and Polaris Venture Partners — all of whom participated in the round. The company has approximately $29.5 million since its launch in 2006.
The company’s new CEO, Minick, previously served as the president and COO of Sequus Pharmaceuticals/Liposome Technology Inc. During his tenure, the company won FDA approval and successful commercial launch of the leading oncology drug, Doxil (liposomal doxorubicin). Sequus was subsequently acquired by ALZA for $580 million.
BIND Biosciences develops nanoparticle technology that concentrates a drug at the intended site of action while minimizing exposure to the rest of the system, improving efficacy and reducing side effects.
Both Langer and Farokhzad are former Mass High Tech All Stars. Farokhzad won an award in 2009 in the field of life sciences. Langer won the award in 2004 in the field of medical devices.
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