PYMX - .671
PolyMedix and University of Massachusetts Amherst Receive up to $6.6 Million
NIH Grant to Develop New Antibiotics
Jul. 27, 2009
Business Editors/Health/Medical Writers
RADNOR, Pa.--(BUSINESS WIRE)--Jul. 27, 2009--PolyMedix, Inc. (OTC BB: PYMX,
www.polymedix.com), an emerging biotechnology company developing acute care
products for infectious diseases and acute cardiovascular disorders, and the
University of Massachusetts at Amherst, Department of Polymer Sciences and
Engineering, announced today that they have received a NIH grant to support the
development of antimicrobial defensin-mimetic compounds for biodefense and
emerging food-borne infectious diseases.
The sponsoring agency for the grant is Cooperative Research Partnerships for
Biodefense and Emerging Infectious Disease of the National Institutes of
Health. The grant provides PolyMedix and the University of Massachusetts
$977,658 for one year, of which PolyMedix expects to receive $265,539. The
grant recommends funding for an additional four years, subject to availability
of funds and satisfactory performance, which brings the potential value of the
grant up to an aggregate of $6.6 million over the five year period. The amount
of support expected to be received by PolyMedix is up to $3.5 million over the
five year period, and is planned to support three scientific staff. The primary
goal of the grant is to characterize PolyMedix's antimicrobial defensin mimetic
compounds and develop a clinical lead candidate for treating food-borne
illnesses with an emphasis on Gram-negative bacteria. The principal
investigator at the University of Massachusetts for the grant is Dr. Gregory
Tew, Professor at the Department of Polymer Sciences and Engineering, and a
scientific founder of PolyMedix.
"This grant will allow us to expand the chemical landscape of antimicrobial
peptide mimics with a focus on important food-borne illnesses caused by
Gram-negative pathogens. It also represents an outstanding relationship between
the University of Massachusetts and PolyMedix," said Dr. Gregory Tew of the
University of Massachusetts.
"We greatly appreciate the continued support of NIH and their recognition of
the significance of our novel antibiotic compounds and drug discovery
technology," said Nicholas Landekic, President and C.E.O of PolyMedix. "This
award could enable the development of the next generations of novel antibiotics
for drug resistant bacteria and emerging infections. This grant represents the
tenth outside funding received by PolyMedix and supports work that we would
otherwise not be in a position to pursue at this time. We are proud to receive
this important grant and to continue our work with the University of
Massachusetts and Dr. Gregory Tew."
PolyMedix's lead defensin-mimetic antibiotic compound is PMX-30063,
currently in Phase I clinical development. On December 10, 2008 PolyMedix
announced the results of the first Phase I human clinical study with PMX-30063.
The results of that study suggest that it should be possible to achieve
clinically therapeutic levels with daily doses of PMX-30063 which are lower
than those associated with any adverse effects seen in the single dose study.
On June 5, 2009 PolyMedix announced that it had initiated dosing in a second
clinical study with PMX-30063. This Phase IB clinical study will assess the
safety of PMX-30063 given repeatedly over a period of several days. The initial
indication planned for PMX-30063 is as a treatment for pan-Staphylococcal
infections, including MRSA (methicillin-resistant Staphylococcus aureus).
About PolyMedix, Inc.
PolyMedix is a publicly traded emerging biotechnology company focused on
the development of novel drugs and biomaterials for the treatment of infectious
diseases and acute cardiovascular disorders. PolyMedix's compounds are based on
biomimetics: non-peptide small molecule drug candidates that mimic the activity
of proteins. The Company's antibiotic compounds, including PMX-30063 - small
molecule mimetics of human host-defense proteins - have a mechanism of action
distinct from those of current antibiotic drugs, a mechanism which is intended
to make bacterial resistance unlikely to develop. The Company's goal is to
develop these as rapidly acting antibiotics for serious systemic and local
infections. The Company plans to continue the development of polymeric
formulations as antimicrobial biomaterials, which can be used as additives to
paints, plastics, and textiles to create self-sterilizing products and
surfaces. The Company's heptagonist compounds, including PMX-60056, reverse the
activity of both heparin and Low Molecular Weight Heparins, with the goal of
developing an antagonist drug that is safer and easier to use than currently
approved therapy for heparin. For more information, please visit PolyMedix on
its website at www.polymedix.com.
The project described was supported by Award Number U01AI082192 from the
National Institute Of Allergy and Infectious Diseases. The content is solely
the responsibility of the authors and does not necessarily represent the
official views of the National Institute Of Allergy And Infectious Diseases or
the National Institutes of Health.
This press release contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995
that involve risks, uncertainties and assumptions that could cause PolyMedix's
actual results and experience to differ materially from anticipated results and
expectations expressed in these forward looking statements. PolyMedix has in
some cases identified forward-looking statements by using words such as
"anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans,"
"intends," "goal," "potential," "may," "suggest," and similar expressions.
Among other factors that could cause actual results to differ materially from
those expressed in forward-looking statements, PolyMedix's compounds may not
enter or successfully complete clinical testing or be granted regulatory
approval to be sold and marketed in the United States or elsewhere. A more
complete description of these factors is included in PolyMedix's filings with
the Securities and Exchange Commission. You should not place undue reliance on
any forward-looking statements. PolyMedix undertakes no obligation to release
publicly the results of any revisions to any such forward-looking statements
that may be made to reflect events or circumstances after the date of this
press release or to reflect the occurrence of unanticipated events, except as
required by applicable law or regulation.
CONTACT: PolyMedix, Inc.
Lona Cornish, 484-598-2340
lcornish@polymedix.com
or
The Investor Relations Group
Investors:
Erika Moran, 212-825-3210
emoran@investorrelationsgroup.com
or
Media:
Janet Vasquez, 212-825-3210
jvasquez@investorrelationsgroup.com
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