PolyMedix closes $15M placing

Pennsylvania, USA-based PolyMedix, an emerging biotechnology firm developing acute-care therapeutic drugs for infectious diseases and cardiovascular disorders, has completed a $4.25 million private placement of preferred stock units. Each unit was priced at $7.00 and consisted of one share of PolyMedix convertible preferred stock and a five-year warrant initially exercisable for one share of its convertible preferred stock at $10.00 each. Emerging Growth Equities of King of Prussia, PA, was the placement agent and Carter Securities of New York acted as a selected dealer in the private placement.

Upon an increase to the number of authorized shares of common stock available for issuance, the convertible preferred stock will automatically convert to 10 shares of common stock and each warrant will become exercisable for 10 shares at an exercise price of $1.00 each.

The funds will be used to continue to the clinical development of the company's first two drug candidates, PMX-30063, an antibiotic, and PMX-60056, an anticoagulant reversing agent, called a heptagonist. This financing brings the total equity raised by PolyMedix since the company's inception to $50.0 million in gross proceeds.