NEW YORK (AP) — Shares of drug developer BIND Therapeutics fell in its first day of trading on the Nasdaq Global Select Market.
The stock declined 49 cents, or 3.3 percent, to $14.51 in midday trading Friday after sinking as low as $14.08 earlier.
BIND Therapeutics Inc. priced the offering of 4.7 million shares at $15 each, in the middle of the expected range.
The Cambridge, Mass. company raised $70.5 million in the offering. It is trading under the "BIND" ticker symbol.
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.