Polymedix and University of Massachusetts Amherst receive up to $6.6 million NIH grant to develop new antibiotics

Radnor, PA - PolyMedix, Inc. (OTC BB: PYMX), an emerging biotechnology company developing acute care products for infectious diseases and acute cardiovascular disorders, and the University of Massachusetts at Amherst, Department of Polymer Sciences and Engineering, announced today that they have received a NIH grant to support the development of antimicrobial defensin-mimetic compounds for biodefense and emerging food-borne infectious diseases.

The sponsoring agency for the grant is Cooperative Research Partnerships for Biodefense and Emerging Infectious Disease of the National Institutes of Health. The grant provides PolyMedix and the University of Massachusetts $977,658 for one year, of which PolyMedix expects to receive $265,539. The grant recommends funding for an additional four years, subject to availability of funds and satisfactory performance, which brings the potential value of the grant up to an aggregate of $6.6 million over the five year period. The amount of support expected to be received by PolyMedix is up to $3.5 million over the five year period, and is planned to support three scientific staff. The primary goal of the grant is to characterize PolyMedix’s antimicrobial defensin mimetic compounds and develop a clinical lead candidate for treating food-borne illnesses with an emphasis on Gram-negative bacteria. The principal investigator at the University of Massachusetts for the grant is Dr. Gregory Tew, Professor at the Department of Polymer Sciences and Engineering, and a scientific founder of PolyMedix.

“This grant will allow us to expand the chemical landscape of antimicrobial peptide mimics with a focus on important food-borne illnesses caused by Gram-negative pathogens. It also represents an outstanding relationship between the University of Massachusetts and PolyMedix”, said Dr. Gregory Tew of the University of Massachusetts.

“We greatly appreciate the continued support of NIH and their recognition of the significance of our novel antibiotic compounds and drug discovery technology,” said Nicholas Landekic, President and C.E.O of PolyMedix. “This award could enable the development of the next generations of novel antibiotics for drug resistant bacteria and emerging infections. This grant represents the tenth outside funding received by PolyMedix and supports work that we would otherwise not be in a position to pursue at this time. We are proud to receive this important grant and to continue our work with the University of Massachusetts and Dr. Gregory Tew”.

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 June 5, 2009 PolyMedix announced that it had initiated dosing in a second 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 drugs that mimic the activity of proteins. The Company's antibiotic compounds - 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 Company's 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.

Press releases contain forward-looking statements 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 tried, wherever possible, to identify these forward-looking statements by using words such as "anticipates," "believes," “hopes,” "estimates," "looks," "expects," "plans," "intends" 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 Unites 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 forwardlooking 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.

SOURCE: PolyMedix

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