PolyMedix

About PolyMedix

PolyMedix was a clinical-stage biotechnology company founded in 2002, with scientific roots tracing back to the University of Pennsylvania. The business founders were Nicholas Landekic and William DeGrado, while the scientific founders included DeGrado and Michael Klein. The company focused on developing small-molecule, biomimetic drugs that mimicked the activity of proteins to treat serious, life-threatening acute disorders. Its core technology was a proprietary computational drug design platform licensed from the University of Pennsylvania.

The company's development pipeline was centered on two primary therapeutic areas: infectious diseases and acute cardiovascular disorders. The lead antibiotic candidate was PMX-30063 (later named brilacidin), a defensin-mimetic designed to combat bacterial infections through a novel mechanism that physically disrupts the bacterial cell membrane, making resistance development less likely. Brilacidin entered Phase 1 clinical trials in August 2008 and later showed positive results in a Phase 2 trial for treating Acute Bacterial Skin and Skin Structure Infections (ABSSSI) caused by S. aureus. The other lead candidate was PMX-60056, a small-molecule antagonist designed to reverse the effects of the anticoagulants heparin and low molecular weight heparins (LMWH). This drug successfully completed multiple Phase 1 clinical studies.

PolyMedix went public via a reverse merger in 2006, raising $21.2 million, and was traded on the OTC Bulletin Board under the symbol PYMX. Despite promising clinical advancements, the company faced financial difficulties. In January 2013, CEO Nicholas Landekic's employment ceased, and CFO Edward F. Smith was appointed as interim CEO. By April 2013, PolyMedix defaulted on a significant payment and filed for Chapter 7 bankruptcy. In September 2013, Cellceutix Corporation (now Innovation Pharmaceuticals) acquired substantially all of PolyMedix's assets, including its clinical-stage drug candidates and intellectual property, from the bankruptcy court for $2.1 million in cash and 1.4 million shares of stock.