By Lisa Kerner
Erie, Pa., Feb. 22 - PolyMedix Inc. said it has closed the final $21.2 million round in series 1 preferred stock, which are convertible to the company's common stock.
This financing brings the total equity raised by PolyMedix since it began the funding to $27.4 million. The proceeds will be used to advance two drug candidates, an antibiotic and a heparin antagonist, into human clinical trials in 2007.
PolyMedix also completed a reverse merger with another entity in which PolyMedix was the surviving company, according to a news release. The other entity was not named.
Fordham Financial of New York served as the placement agent for the offering.
As part of the financing, PolyMedix agreed to file a registration statement with the Securities and Exchange Commission to register its common stock. The company expects to file this registration statement on Form 10-SB no later than April 16.
PolyMedix has also agreed to pursue an Over-the-Counter Bulletin Board listing for the common stock and intends to consider a future listing on the American Stock Exchange.
"We expect that registering our common stock with the Securities and Exchange Commission and becoming a publicly reporting company will facilitate future financings and maximize shareholder value," PolyMedix president and chief executive officer Nicholas Landekic said in the release.
"This is an important milestone in the growth of PolyMedix and we are enthusiastically pressing forward with our drug development programs that we believe offer innovative, life-saving therapies for serious infectious and cardiovascular diseases."
Located in Philadelphia, PolyMedix develops acute care products for drug resistant bacteria and acute cardiovascular disorders based on novel non-peptide small molecule drugs that mimic the activity of proteins (biomimetics).
| Issuer: | PolyMedix Inc.
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| Issue: | Series 1 preferred stock
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| Amount: | $21.2 million
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| Announcement date: | Feb. 22
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