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Biotech / Medical : Biotech Valuation

CRSP 62.57

-2.5%

Oct 29 3:59 PM EDT

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From: Biomaven	11/12/2009 2:50:08 PM
	1 Recommendation Read Replies (1) of 52153

For an off-the-radar small biotech, Polymedix (PYMX on the BB) is worth a look. Stock came down sharply yesterday after a registered direct at $1 (plus some warrants) that raised a decent amount of cash. (I am now long). They have two interesting programs, both internally developed and recently into humans on a very small scale. The first is a small molecule that reverses heparin by binding to a section of it irreversibly - meant to compete with an old drug called protamine which has a number of drawbacks. Significantly the PYMX compound also has the potential to reverse low molecular weight heparins, which protamine cannot do. I could easily see some maker of of one of the LMWHs signing up as a partner as it could boost the sales of their existing drug. Sort of program where efficacy is easy to determine, so really the risk lies in the safety side. Their second program is a much more ambitious one - it's an alternative form of antibiotic that in theory would not engender resistance. It's a small molecule analog of the human defensin system. Defensins selectively bind to cell walls of bacteria (but not much to human cells) and disrupt them. The company claims their molecules are considerably more selective than natural defensins and show excellent in vitro and animal model efficacy against a wide range of bacteria. Their overall approach of finding a defensin mimetic has a lot of merit (confirmed by an independent expert in the area that I know) - the risk here is again all on the tox side. Their DLT was some reversible parasthesias at dosage levels they say are above what they need. That's a very unusual DLT, so I don't really know what to make of it. But still a very interesting potential platform with long-shot blockbuster potential. (Their technology also may apply to malaria and TB). Peter

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