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.