Grant Represents Eighth Outside Grant or Research Supported Funding
Radnor, PA, June 12, 2009 -- PolyMedix, Inc. (OTC BB: PYMX), an emerging biotechnology company developing acute care products for infectious diseases and acute cardiovascular disorders, has received a Phase II Small Business Innovation Research (SBIR) grant in the amount of $923,080, to be disbursed over two years, to support the development of anticoagulant reversing agents, compounds PolyMedix calls heptagonists.
The sponsoring agency for this grant is the National Institutes of Health (NIH). This Phase II SBIR grant follows successful completion of a Phase I SBIR grant in the amount of $100,000 received by PolyMedix in September 2007 to support this work. This grant is expected to support four scientific staff at PolyMedix. The primary goal of the work funded by this Phase II grant will be to discover lead compound(s) suitable for development as antagonists to the anticoagulation activities of low molecular weight heparins (LMWHs), such as Lovenox® (enoxaparin) and fondaparinux. LMWHs are widely used anticoagulant drugs to prevent blood clotting. However, they have the risk of potentially serious bleeding side effects. There is currently no approved reversing agent for a LMWH which could be used in case of bleeding complications.
This grant represents the eighth outside supported funding, in the form of a grant or research contract, received by PolyMedix.
PolyMedix’s lead heptagonist compound is PMX-60056, currently in Phase I clinical trials. On March 11, 2009, PolyMedix announced the successful completion of the first segment of a Phase I clinical study with PMX-60056. PMX-60056 is a novel small-molecule drug candidate designed to block the anticoagulant action of heparin and LMWH, clot prevention drugs which are commonly used in a number of applications. The data from the first Phase I study demonstrated that single intravenous doses can be given at levels that will support a therapeutic proof-of-concept Phase IB clinical trial. As resources allow, PolyMedix plans further clinical development for this drug as an agent for the rapid reversal of heparin after surgery, for emergencies where heparin anticoagulation presents a clinical problem, and potentially for the reversal of LMWHs when bleeding complications are experienced.
About PolyMedix, Inc.
PolyMedix is a publicly traded biotechnology company focused on the development of novel drugs and biomaterials for the treatment of infectious diseases and acute cardiovascular disorders. PolyMedixÕs compounds are based on biomimetics: non-peptide small molecule drugs that mimic the activity of proteins. The CompanyÕs antibiotic compounds Ð small molecule mimetics of human host-defense proteins - are believed to have a completely different mechanism of action from all current antibiotic drugs, a mechanism which is intended to make bacterial resistance unlikely to develop. These compounds are being developed as broadspectrum, rapid-acting antibiotics for serious systemic and local infections. The Company is also developing polymeric formulations as antimicrobial biomaterials, which can be used as additives to paints, plastics, and textiles to create self-sterilizing products and surfaces. The CompanyÕs anticoagulant antagonist compounds reverse the activity of both heparin and low molecular weight heparins, in keeping with our goal of developing an antagonist drug that is safer and easier to use than current approved therapy. PolyMedix plans to file IND applications during the first quarter of 2008 in anticipation of commencing human clinical trials for both its antibiotic drug and its anticoagulant antagonist. For more information, please visit PolyMedix on its website at www.polymedix.com.
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