PolyMedix Receives Phase 2 NIH Grant to Develop a Novel Antimicrobial Defensin Mimetic for Oral Candidiasis

PolyMedix, Inc. (OTC BB: PYMX), an emerging biotechnology company focused on developing new therapeutic drugs to treat acute cardiovascular disorders and infectious diseases, has received a Phase 2 grant in the amount of $986,000 from the National Institute of Health (NIH) to support the development of defensin mimetic antimicrobial compounds for the treatment of oral candidiasis. This grant will fund this research project through August 31, 2012. This award represents the 14^th grant or research contract received to date by PolyMedix.

This is the second grant received from the NIH for the treatment of oral candidiasis. Under the first portion of this grant, which was awarded in 2008, PolyMedix identified several small molecule defensin mimetic compounds with activity against Candida. The primary goal of this grant is to determine the optimal compounds and conditions under which PolyMedix’s defensin mimetic antimicrobials can be applied to oral mucosa in order to efficiently clear an oral Candida infection. The goal of this phase is to provide a development lead candidate for further development as a topical treatment for oral candidiasis. Working with PolyMedix on this grant is Gill Diamond, Ph.D., Associate Professor, Department of Oral Biology at University of Medicine and Dentistry of New Jersey.

"Oral Candidiasis is a common infection of the oral cavity caused by an overgrowth of the yeast fungus, Candida,” commented Richard Scott, Ph.D., Vice President for Research at PolyMedix. "We believe our small molecule defensin mimetic compounds represent a novel approach to developing new agents to treat these painful and sometimes life-threatening infections, with the important advantage of limited opportunity for the development of resistance. Several of our defensin-mimetic antimicrobial compounds have demonstrated promising activity against fungal strains that often cause human infectious diseases and are resistant to existing anti-fungal agents. With this funding from the NIH we are able to continue our research in developing a compound to potentially address this major medical need.”

PolyMedix’s small molecule defensin-mimetic antimicrobial compounds are designed to mimic human host defense proteins, the body’s natural defense against bacterial infections. Host defense proteins use a simple, but effective method for killing bacteria and other microbes by targeting the microbial membranes and disrupting them. This mechanism of action makes it difficult for resistance to develop.

PolyMedix’s lead small molecule defensin-mimetic antibiotic compound is PMX-30063. PolyMedix has recently initiated a Phase 2 clinical trial in Canada to evaluate the safety and efficacy of PMX-30063 in patients as an initial treatment for Acute Bacterial Skin and Skin Structure Infections (ABSSSI) caused by Staph. Results from two Phase 1 studies demonstrated that PMX-30063 could be safely administered in single or divided IV doses, at levels that exceeded theoretical efficacious levels predicted by animal models. In addition, PMX-30063 killed Staph bacteria, including MRSA, in human serum in blood samples drawn from subjects in the study.

About PolyMedix, Inc.

PolyMedix is a publicly traded biotechnology company focused on the development of novel drugs and biomaterials for the treatment of serious acute cardiovascular disorders and infectious diseases. PolyMedix uses a rational drug design approach to create non-peptide small molecule drug candidates and polymers that mimic the activity of proteins. PMX-60056, PolyMedix’s lead heptagonist compound, is being developed to reverse the anticoagulant activity of both heparin and low molecular weight heparins. PolyMedix believes that PMX-60056 could potentially be a safer and easier to use anticoagulant reversing agent, with broader activity, than the currently approved therapy for reversing heparin. PMX-30063, PolyMedix’s lead antibiotic compound, is a small molecule that mimics human host-defense proteins and has a mechanism of action distinct from those of current antibiotic drugs, a mechanism which is intended to make bacterial resistance unlikely to develop. PolyMedix plans to develop this compound for serious systemic Staphylococcal infections, including methicillin resistant Staphylococcus aureus (MRSA). Both PMX-60056 heptagonist and PMX-30063 antibiotic are undergoing clinical testing. PolyMedix also plans to continue the development of its PolyCides™, polymeric formulations as antimicrobial biomaterials, which can be used as additives to paints, plastics, and textiles to create self-sterilizing products and surfaces. For more information, please visit our 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, uncertainties and assumptions 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 factors that could cause actual results to differ materially from those expressed in forward-looking statements, PolyMedix’s compounds may not 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 risk factors 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.