PolyMedix Announces Pricing for $18.6M PIPE

Oxford, MS 4/6/2011 (Penny PayDay) -- PolyMedix, Inc. (OTC:PYMX) announced today, in a press release, the pricing of an underwritten offering of 25 million units, each unit consisting of one share of its common stock and a warrant to purchase one-half of a share of its common stock at an offering price of $0.80 per unit. Shares of PolyMedix closed down 15 percent today at $0.68 per share on heavy volume of nearly 2 million shares compared to its average daily volume of 163,000 shares. The company has a market cap of $55 million and a 52-week range between $0.60 and $1.19 per share.

PolyMedix expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $18.6 million. The warrants will have a five-year term and an exercise price equal to $0.80 per share.

In addition, PolyMedix has granted the underwriters a 30-day option to purchase up to an additional 3.75 million units at the offering price. The offering is expected to close on April 11, 2011, subject to customary closing conditions. Cowen and Company, LLC is serving as sole book-running manager for the offering. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), Roth Capital Partners, LLC, and Noble Financial Capital Markets are serving as co-managers.

According to the press release, the proceeds of this offering will primarily be used to continue the clinical development of PolyMedix’s two lead drugs, PMX-30063, a first-in-class antibiotic that mimics the activity of host defense proteins, and PMX-60056 a synthetic small-molecule anticoagulant reversing agent active against both heparin and low molecule weight heparin. PolyMedix’s products have been developed using the Company’s computational drug design technology that it licensed exclusively from the University of Pennsylvania.

For more information, please visit our website at www.polymedix.com.

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