The units were priced at $0.70 per unit which at closing separated into a share of PolyMedix common stock and a five year warrant to purchase a share of PolyMedix common stock at $1.
Emerging Growth Equities of King of Prussia, Pennsylvania, Fordham Financial of New York, and Carter Securities of New York placed the units sold in the offering. The investors in the transaction were both institutional as well as individual investors.
This financing brings the total equity raised by PolyMedix since the inception of the company to $45.6 million in gross proceeds. These funds will be used to advance the first two drug candidates, PMX-30063 antibiotic and PMX-60056 heparin antagonist into human clinical trials in 2008 and Phase Ib clinical testing.
Nicholas Landekic, president and CEO of PolyMedix, said: “This is an important milestone in our growth and we are enthusiastically pressing forward with drug development programs that we believe offer innovative, life-saving therapies for serious infectious and cardiovascular diseases.”