PolyMedix Receives $1.6 Million Contract from the Defense Threat Reduction Agency (DTRA) to Develop Antibiotic Compounds to Combat Biowarfare Pathogens

RADNOR, Pa.--(BUSINESS WIRE)--PolyMedix, Inc. (OTC BB: PYMX, www.polymedix.com), an emerging biotechnology company developing acute care products for infectious diseases and acute cardiovascular disorders, has received a research contract from the Defense Threat Reduction Agency (DTRA) in the amount of $1.6 million to develop new defensin-mimetic antibiotic compounds to combat biowarfare pathogens.

“We appreciate the DTRA’s interest in our novel antibiotic approach, and look forward to continuing this work and identifying new generations of antimicrobial compounds. Safeguarding public safety against these dangerous infectious threats is a critically important goal.”

The sponsoring agency for this research contract is the DTRA. The research contract provides $1.6 million of support to PolyMedix over one year. The research contract will support four scientific staff at PolyMedix. The primary goal of the contract is to devise more effective rapid-response countermeasures against biowarfare bacterial pathogens and other public health threats. The work to be conducted by PolyMedix will include preclinical animal efficacy studies for intravenous defensin-mimetic antibiotic agents against Category A and B biopathogens, including the infectious agents which cause anthrax, plague, and tularemia.

In September 2004 PolyMedix received a Phase I SBIR grant from the National Institutes of Health (NIH) in the amount of $167,000 to study its novel defensin-mimetic antibiotic compounds against anthrax and other biowarfare pathogens. The results of that work suggest that certain of PolyMedix’s antimicrobial compounds demonstrated antimicrobial activity in test-tube experiments against the infectious agents, which cause anthrax, plague, tularemia, and listeria.

“This award represents the seventh outside supported funding received by PolyMedix, and the second related to biodefense,” said Nicholas Landekic, President and C.E.O. of PolyMedix. “We appreciate the DTRA’s interest in our novel antibiotic approach, and look forward to continuing this work and identifying new generations of antimicrobial compounds. Safeguarding public safety against these dangerous infectious threats is a critically important goal.”

PolyMedix’s lead defensin-mimetic antibiotic compound is PMX-30063, currently in Phase I clinical development. On December 10, 2008, PolyMedix announced the results of the first Phase I human clinical study with PMX-30063. The results of that study suggest that it should be possible to achieve clinically therapeutic levels with daily doses of PMX-30063 which are lower than those associated with any adverse effects seen in the single dose study. On May 15, 2009, PolyMedix announced that it had received regulatory clearance from Health Canada to initiate a second Phase I clinical study with PMX-30063. This Phase IB clinical study will assess the safety of PMX-30063 given repeatedly over a period of several days. The initial indication planned for PMX-30063 is as a treatment for pan-Staphylococcal infections, including MRSA (methicillin-resistant Staphylococcus aureus).

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. PolyMedix’s compounds are based on biomimetics: non-peptide small molecule drug candidates that mimic the activity of proteins. The Company’s antibiotic compounds, including PMX-30063 – small molecule mimetics of human host-defense proteins - have a mechanism of action distinct from those of current antibiotic drugs, a mechanism which is intended to make bacterial resistance unlikely to develop. The Company’s goal is to develop these as rapidly acting antibiotics for serious systemic and local infections. The Company plans to continue the development of polymeric formulations as antimicrobial biomaterials, which can be used as additives to paints, plastics, and textiles to create self-sterilizing products and surfaces. The Company’s heptagonist compounds, including PMX-60056, reverse the activity of both heparin and Low Molecular Weight Heparins, with the goal of developing an antagonist drug that is safer and easier to use than currently approved therapy. For more information, please visit PolyMedix on its website at www.polymedix.com.

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and that could cause PolyMedix’s actual results and experience to differ materially from anticipated results and expectations expressed in these forward looking statements. PolyMedix has in some cases identified forward-looking statements by using words such as “anticipates,” “believes,” “hopes,” “estimates,” “looks,” “expects,” “plans,” “intends”, “goal”, “potential,” “may,” ”suggest,” and similar expressions. Among other things, there can be no assurance that PolyMedix’s compounds will enter or successfully complete clinical testing or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risks, uncertainties and assumptions is included in PolyMedix’s filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. PolyMedix undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.