BIND Therapeutics To File Petition Under Chapter 11 - Quick Facts

(RTTNews) - BIND Therapeutics, Inc. (BIND) announced it has elected to file a voluntary petition under Chapter 11 of the Bankruptcy Code. The company said it plans to continue development and collaboration activities in accordance with current medicines strategy throughout the process.

Andrew Hirsch, CEO, said: "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."