PolyMedix Announced Public Offering (OTC:PYMX)

PolyMedix Inc (OTC:PYMX) have announced the pricing of a registered public offering of up to 21,000,000 units consisting of shares and warrants for $1.00 per unit, or a total of up to US$21 million in gross proceeds. The units consist of one share of PolyMedix common stock and a five year warrant to purchase 0.30 shares of PolyMedix common stock at $1.25 per share. PolyMedix also announced that the units will not be certificated and the shares and warrants will be immediately separable and transferable upon issuance. The net proceeds of the offering, which is expected to close on November 16, 2009 subject to certain customary closing conditions and all the proceeds from this public offering will use for the clinical development of two drug candidates PMX-30063 antibiotic and PMX-60056 heparin antagonist, into Phase 2 human clinical trials in 2010.

PolyMedix Inc is one of the leading and emerging biotechnology company focused on addressing large market opportunities relating to the development of novel drugs and biomaterials for the treatment of infectious diseases and acute cardiovascular disorders. PolyMedix is mainly dedicated to research in product areas involving fast and inexpensive trials, straightforward endpoints and early clinical proof of concept. PolyMedix’s compounds are based on biomimetics: non-peptide small molecule drug candidates that mimic the activity of proteins.

A registration statement relating to the offering was declared effective by the Securities and Exchange Commission on November 10, 2009, and the public offering is being made by means of a prospectus.