BIND Therapeutics, Inc. (BIND) gained nearly 10% in the extended session Thursday after the company said its cancer drug development collaboration with Pfizer Inc. (PFE) will be extended through March 2016.
The collaboration between the two companies was originally established in April 2013.
“We have made a great deal of progress in this collaboration and have shown promising preclinical results with Accurins containing each of the two compounds,” said in a statement Andrew Hirsch, president and CEO, BIND Therapeutics. “Pfizer has been a terrific partner and the results to date have provided evidence that we are on track with the collaboration goals. We mutually agreed to extend the research terms for the second of the two selected compounds in order to ensure it is fully evaluated and well-positioned to enter IND-enabling studies.”
Bind may get up to $88.5 million, plus $110 million in commercial payments if the work is successful.
Markets are closed today for Good Friday.
BIND shares closed Thursday’s trade up 53 cents at $6.05 per share. In the past 52 weeks, shares of Cambridge, Massachusetts-based clinical-stage nanomedicine platform company have traded between a low of $4.89 and a high of $13.72. Shares are down 56.64% year-over-year ; up 2.22% year-to-date.