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news.PolyMedix, a developer of acute care therapeutic drug products for infectious diseases and cardiovascular disorders, has completed a $4.25 million private placement of preferred stock units.
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Each unit was priced at $7 and consisted of one share of PolyMedix convertible preferred stock and a five year warrant initially exercisable for one share of PolyMedix convertible preferred stock at $10 per share. Emerging Growth Equities of King of Prussia, Pennsylvania was the placement agent and Carter Securities of New York acted as a selected dealer in the private placement.
Upon an increase to the number of authorized shares of common stock available for issuance, the convertible preferred stock will automatically convert to 10 shares of common stock and each warrant will become exercisable for 10 shares of common stock at an exercise price of $1 per share.
The funds raised in the private placement will be used to continue the clinical development of the company’s first two drug candidates, PMX-30063 antibiotic and PMX-60056 anticoagulant reversing agent. This financing brings the total equity raised by PolyMedix since the company’s inception to $50 million in gross proceeds.
Nicholas Landekic, president and CEO of PolyMedix, said: “We greatly appreciate the interest and support of the institutional and individual investors who participated in this placement.”