PolyMedix receives $488,958 grants under QTDP program

PolyMedix, Inc. (OTCBB: PYMX), a biotechnology company focused on developing new therapeutic drugs to treat infectious diseases and acute cardiovascular disorders, announced today that it has been awarded two cash grants totaling $488,958 under the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program. Eligibility for the grant requires that a project: have the potential to develop new treatments that address "unmet medical needs" or chronic and acute diseases; reduce long-term health care costs; or represent a significant advance in finding a cure for cancer.

PolyMedix applied for two projects, both of which qualified and received the maximum grant amounts, including:

• PMX-30063, novel defensin-mimetic antibiotic compound. PolyMedix has recently initiated a Phase 2 clinical trial in Canada to evaluate the safety and efficacy of PMX-30063 in patients as an initial treatment for Acute Bacterial Skin and Skin Structure Infections (ABSSSI) caused by Staph.
• PMX-60056, synthetic small-molecule anticoagulant reversing agent. PolyMedix has completed four Phase 1 clinical trials evaluating the safety and efficacy of PMX-60056 in reversing heparin and low molecular weight heparins. PolyMedix is preparing to initiate a Phase 2 clinical trial in Percutaneous Coronary Intervention (PCI) patients later this year or early next year.

The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act of 2010. Allocation of the credit also takes into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences. The credit is only available to companies with no more than 250 employees.

Source: PolyMedix, Inc.