PolyMedix completes public offering of units for aggregate gross proceeds of $20.7 million

PolyMedix Inc. (OTC BB: PYMX, http://polymedix.com), an emerging biotechnology company developing acute care therapeutic drug products for infectious diseases and cardiovascular disorders, announced today that it has completed a public offering of units for aggregate gross proceeds of $20.7 million. The units, which were priced at $1.00 per unit, consist of one share of PolyMedix common stock and one five year warrant to purchase 0.30 of a share of PolyMedix common stock at $1.25 per share. Commencing six months after the closing and subject to certain volume requirements, the warrants may be called by the Company in the event that the 20-day volume weighted average price for the Company’s common stock is greater than or equal to $3.75. Merriman Curhan Ford (Nasdaq: MERR) acted as lead placement agent in this offering with Boenning & Scattergood, Inc. and Noble Financial Capital Markets serving as co-placement agents. Fordham Financial Management, Inc. acted as a selected dealer in connection with the offering.

The proceeds of this offering will primarily be used to continue the clinical development of two drug candidates, PMX-30063 antibiotic and PMX-60056 heparin antagonist, into Phase 2 human clinical trials in 2010.

“We are very pleased with the terms and response from both current and new investors in this offering,” said Nicholas Landekic, President and Chief Executive Officer of PolyMedix. “The fact that we have been able to close this transaction on what we consider to be favorable terms we believe speaks to the encouraging clinical results we have accomplished to date with our two clinical compounds, and the importance of the illnesses and diseases we seek to combat. This financing gives PolyMedix the ability to continue the clinical development of our two lead drug programs into Phase 2 clinical trials. This is an important milestone in our growth and we are enthusiastically pressing forward with our drugs that we believe offer innovative, life-saving therapies for serious infectious and cardiovascular diseases.”