Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : PolyMedix -- Ignore unavailable to you. Want to Upgrade?

To: tnsaf who wrote (69)	3/7/2013 4:51:30 PM
From: tnsaf	Respond to of 77

PolyMedix plans reverse stock split PolyMedix has called a special meeting of its stockholders for March 15 to vote on a proposal that would authorize a reverse stock split of the Radnor, Pa., biotechnology company’s common stock. Edward Smith, PolyMedix’s interim president and CEO, said the reverse split is part of plan to bring new capital into the company that would allow it to resume clinical activities. “Our primary financing opportunity includes a reverse stock split designed to increase the per share market price of our common stock and to permit a public offering in connection with an anticipated listing of our common stock on the NASDAQ Stock Market,” Smith said. “To be clear, if the reverse stock split is not approved and if we fail to meet NASDAQ’s initial listing requirements, we will not be able to execute on our primary financing opportunity.” PolyMedix is developing small-molecule drugs designed to mimic the activity of host defense proteins for the treatment of infectious diseases and innate immunity disorders. Its lead new drug candidate is an experimental antibiotic called Brilacidin. The company said in January that it implemented a plan to reduce costs and conserve cash while “evaluating financial and strategic alternatives.” It included delaying the start of clinical studies and reducing its number of employees from 28 to 17. Nicholas Landekicstepped down as the company’s president and CEO on Jan 30. Smith said Wednesday that if the company’s planned financing or an alternative transaction is completed [sic] by early April 2013, the company will likely halt operations. As of Dec. 31, PolyMedix had cash, cash equivalents and investments totaling $2.4 million, and accounts payable and accrued expenses totaling $3.1 million.