PolyMedix of Radnor files for Chapter 7 bankruptcy protection

PolyMedix, Inc., a small biotech company in Radnor, Pa., filed for Chapter 7 bankruptcy protection Monday, according to a filing with the Securities and Exchange Commission.

In January, PolyMedix replaced then-chief executive officer Nicholas Landekic with chief financial officer Edward F. Smith as interim CEO. Smith resigned Monday, according to the SEC filing.

A company spokeswoman did not return a call or e-mail requesting comment. With its most advanced drug only in stage two (of three) clinical trials, according to the firm’s website, product revenue was uncertain and far in the future.

The SEC filing said the company faced a payment of $6.8 million to MidCap Financial SBIC, LP, and “substantially all of the assets” were pledged to pay the lender. A MidCap Financial spokeswoman did not return a call or e-mail.

In the perfunctory statement every company makes about what it does, PolyMedix says this:

PolyMedix is a clinical stage biotechnology company developing small-molecule drugs designed to mimic the activity of host defense proteins (HDPs) for the treatment of infectious diseases and innate immunity disorders. PolyMedix’s compounds are designed to imitate the mechanism of action of HDPs, which contribute to natural human immunity. In contrast to existing antibiotics, PolyMedix’s brilacidin, was designed to exploit a method of bacterial cell killing, via biophysical membrane attack, against which bacteria have not shown development of resistance in multiple preclinical studies. Brilacidin showed efficacy similar to an active control, and was safely administered in a Phase 2 clinical trial in patients with ABSSSI caused by Staphylococcus aureus bacteria (including methicillin-resistant Staphylococcus aureus (MRSA)). PolyMedix has plans to initiate a Phase 2B dose optimization study with brilacidin in ABSSSI patients and also to develop brilacidin as a topical treatment for radiation and chemotherapy-induced cancer oral mucositis, a common and often debilitating complication of cancer treatments.

Monday's SEC filing is here.

The last quarterly financial report was filed with the SEC in November and that is here.