Bind Therapeutics Inc., a publicly traded biotechnology company working on developing cancer treatments, filed for chapter 11 bankruptcy protection on Sunday after defaulting on its debt, the Wall Street Journal reported today. Bind Therapeutics, whose backers include Koch Industries Inc.’s David Koch and Polaris Partners, is hoping to take advantage of the breathing room of chapter 11 to restructure its business, which may include raising new capital, finding a new partner or selling some or all of its technology. In court papers, President and Chief Executive Andrew Hirsch added that the company hopes to maintain a “business-as-usual atmosphere.” The filing comes days after the Cambridge, Mass., company received a notice of default from lender Hercules Technology III LP, which demanded immediate payment of the $14.5 million the lender says it is owed under the loan.
