NEW YORK (TheStreet) -- Bind Therapeutics (BIND) plunged in pre-market trading on Thursday after the company announced it had ended its partnership with Amgen (AMGN) to develop targeted cancer therapy.
Bind and Amgen signed a one-year collaboration agreement in January 2013 to produce cancer treatments using Bind's nanotechnology platform and an Amgen compound. The partnership ended because of unsatisfactory results from this collaboration.
"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 CEO Scott Minick said in a statement.
The stock was down 11.88% to $11.35 at 9:15 a.m.