Posted on Wed, Nov. 11, 2009
PolyMedix Inc. will sell stock and warrants totaling up to $21 million, the Radnor biotechnology company said today.
The sale will be organized into units, with each unit costing $1 and consisting of one share of PolyMedix common stock and a warrant for five years to buy 0.30 additional shares of stock at $1.25 each. The sale is expected to close on Monday.
The company's shares were trading at 94 cents, down 35 cents, in noon trading today.
Proceeds of the sale will be used to continue developing two medicines, an antibiotic and a drug that restores the body's blood-clotting ability after surgery.
The company develops acute-care therapeutic drug products for infectious diseases and cardiovascular disorders. -Paul Schweizer
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