July 2 Drug developer Bind Therapeutics
said it ended a partnership with Amgen Inc to develop
targeted cancer therapy due to unsatisfactory results.
Bind's shares fell 15 percent to $10.95 in extended trading
on Wednesday. Angen's shares were little changed from their
close of $121.03.
"Despite achieving the objective of high tumor
concentrations, the results were not sufficiently compelling to
proceed forward and both collaborators have agreed that the
program will not be continued," Bind's Chief Executive Scott
Minick said in a statement.
The company had entered into a twelve-month collaboration
agreement with Amgen in January 2013 to develop cancer
treatments using Bind's nanotechnology platform and an Amgen
(Reporting By Anjalirao Koppala in Bangalore; Editing by Savio