PYMX - .65 This is due for a bounce. Perhaps this PR will get it started.
PolyMedix and University of Massachusetts Receive $100,000 Contract to Develop
Novel Antibacterial Compounds against Drug-Resistant Bacterial Biofilms
Aug. 27, 2009
Business Editors/Biotech Writers
RADNOR, Pa.--(BUSINESS WIRE)--Aug. 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, have received a Phase I Small Business Technology
Transfer (STTR) contract in the amount of $100,000 to support research to
identify lead antimicrobial compounds to effectively treat multi-drug resistant
and biofilm-embedded bacteria.
The sponsoring agency for this contract is the U.S. Army Research Office.
The primary goal of the work funded by this Phase I STTR contract will be to
develop select, targeted new derivatives of PolyMedix's small molecule defensin
mimetic antimicrobial compounds and identify lead molecules active against
bacterial pathogens and their drug/multi-drug resistant strains that are often
associated with biofilm infections. PolyMedix will receive $100,000 during this
Phase 1 contract, to be disbursed over six months, with $35,600 of this total
amount to be provided by PolyMedix to the University of Massachusetts Amherst
in support of work to be done by Dr. Gregory Tew under the contract.
This contract represents the eleventh outside supported funding, in the form
of a grant or research contract, and the fourth related to biodefense, received
by PolyMedix. On July 23, 2009 PolyMedix announced that the Company and the
University of Massachusetts Amherst had received a research contract from the
U.S. Office of Naval Research for up to $100,000 to develop novel antibacterial
compounds against bacterial pathogens of military interest. On June 2, 2009
PolyMedix announced that it had received a $1.6 million contract from the
Defense Threat Reduction Agency (DTRA) to develop new antibiotic compounds
based on its proprietary defensin-mimetics to combat biowarfare pathogens. In
September 2004 PolyMedix received a Phase I SBIR grant from the National
Institutes of Health (NIH) in the amount of $167,000 to study its novel
defensin-mimetic antibiotic compounds against anthrax and other biowarfare
pathogens. The results of that work suggest that certain of PolyMedix's
antimicrobial compounds demonstrated antimicrobial activity in test-tube
experiments against infectious agents that cause anthrax, plague, tularemia,
and listeriosis.
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
Phase I 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 for LMWHs, and 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.
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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