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Agreed, obviously. Although, usually they don't go to the trouble of going the interim route if a buyout deal is imminent.
I think it means a financing deal is planned. Good news for investors as that is not a bad route all things considered. Right now, I'd give up 50% of the company to go another year and see results on OM and the single dose ABBBSI trial. Not pretty, but this company was nearly ridden into the ground by poor financial management and our options are not that great right now.
Partnering makes sense as well, but that's difficult to pull off at these market cap levels.
Just my uninformed thoughts...
If there is a buyout deal in the works then it probably
did not include Nic staying around anyway.
Nic is gone. Little disappointed the board didn't already have the new CEO lined up as obviously time is of the essence. Possible that the plan is liquidation, but why not just go ahead and do it already? Possible that a buyout offer is on the table, but then why wouldn't Nic stay another couple of weeks and finish it off?
Finally it's quite possible that investors have agreed in principle to invest capital in return for new leadership. That's the likely answer in my opinion.
Good news if that's the case even with some dilution.
Paid for in advance I Presume!
http://www.investors.polymedix.com/eventdetail.cfm?EventID=124780
I need to get a job at one of these companies so I can take a trip to Europe on SOMEBODY ELSE'S last dime. Only biotech officers and politicians.
At this point I hope its the company that is for sale.
That is so right.
The best product in the world will go bankrupt with S H I T T Y MANAGEMENT.
The best product in the world will go bankrupt with S H I T T Y MANAGEMENT.
"or a potential sale of the company or its assets." The key threat everybody is whistling as the walk by is "OR THE ASSETS"!
Why do people post prs?
PRs by its definition means everyone can see and read it the same way you did.
PolyMedix Engages Investment Banker, Amends Credit Facility
RADNOR, Pa., Jan. 23, 2013 (GLOBE NEWSWIRE) -- PolyMedix, Inc. (OTCBB:PYMX), a biotechnology company focused on developing innovative therapeutic drugs intended to treat patients with serious acute-care conditions, today announced that it has engaged Canaccord Genuity Inc. as its financial advisor to review and assist with the company's strategic and financial alternatives, including a licensing transaction around its lead antibiotic compound, brilacidin, or a potential sale of the company or its assets. PolyMedix continues to work with its financing advisors on a financing transaction that could permit the company to remain independent and continue the clinical development of brilacidin. As previously reported, the company's cash and investment balances are not sufficient to fund any new clinical trials and the company has implemented a plan to reduce costs and resulting cash outflows, including scaling back operations, personnel reductions, and deferrals and reductions in compensation.
PolyMedix also announced that it has amended its loan and security agreement with MidCap Financial SBIC, LP. Primarily, the amendment provides for a forty-five day fundraising period in consideration for the provision of additional collateral to MidCap. PolyMedix will file a current report on Form 8-K with the Securities and Exchange Commission which will include a brief description of the material terms of the amendment.
Or perhaps this is a desperate last-ditch attempt to hook up with a big investor?
Cowen and Company 33rd Annual Health Care Conference
Mar 4–6, 2013
Location: Boston Marriott Copley Place
------------------------
Polymedix plans to present again to the investment community finally. See above.
Here's a guess that they plan to have some sort of financing arrangements announced by then and hopefully clinical trials initiated as well or at least be imminent.
The time between clinical trials has taken way too long, but that can be forgiven with a reasonable financing/partnership and a successful single dose trial.
Time for action.
I say again..Most promising molecule out there..
Come on Nic...many companies have figured out our process..
If China started making our product..would we have the money to go chase them?? And 3 years later???? Maybe some money..
Lets make a deal for something to get the cash coming in??
Clothes companies??Mouthwash..home products..something easy??
hanging in here again this year..I have tried to match them up with a few guys..Everybody do the same...ppplllleeeaassee..
GLTA
Wonder if Nic accomplished anything in San Francisco. From Twitter: @BiotechStockRsr
Most awkward moment at #JPM13 - Running into $PYMX CEO at a party after spending most of the last 4 months calling for him to be fired.
Story hasn't changed. As long as the company doesnt go under. Risk to reward ratio even better now.
Lot's of people selling... This next month or two should be interesting as the company still has a lot of potential, but significant risk as to whether they can realize it. Should know something soon now.
Anyway, it's about time for some news regarding go-forward plans from the company. Q1:13 is here and they've got a ABSSSI Phase IIb and an Oral Mucositis trial to fund and get started. Both high reward programs for this mkt cap so we'll see.
Haven't sold a share, so holding for now. The position has become quite underweight due to the share price drop, but I am not adding until I see the forward plan and approve of it.
Almost go time, folks.
I forgot to say I AM OUT OF THE COLON.........GONE.
I make lots of money in the sane part of the stock market. I don't ever touch banks or pharma because it is all bullshit. I went onto PYMX because it looked like a sure winner with time ..............................(Bwaaaaahahahahahaha). Between pie in the sky, starvation for funding and shitty entrenched management, pharma is not for me. I will just look at my stump any time I see another "sure blockbuster" again to remind me.
>>> 24,223 square feet <<<
5000 was for the business, the rest was to house Nic's ego
The facts are: 1. No insider buying since 05/31/2011; 2. No interest from large companies even at a chump change price. The big boys spend more on coffee for the office. If there are any real possibilities here, why these two real facts? I am in pretty deep and waited to sell because I thought the loss would be more valuable this year. Please put aside the hopes, biases and flames and give me a logical rebuttal of this as I am trying to make up my mind whether to pull the trigger on this pie in the sky.
Is anybody left out there? I feel like the scout that came back to Custer"s troop. I saw this note on the !0k: "We currently lease 24,223 square feet of office and laboratory facilities at 170 N. Radnor-Chester Road; Suite 300 in Radnor, Pennsylvania, pursuant to a twelve-year lease." Does anybody know why they ever needed that much space? Who is it leased from......insiders?
Not that much money..
Maybe a slip of the finger for market buy is right..
Never have seen a company with so much potential..
Not use some of it to get to the big leagues..
Maybe afraid of fame and money??
Common nowdays...
36 K shares coming near the end of the day, so perhaps news of a partnership is leaking out (?) If so, then some insider trading likely going on at some level (to complement the ongoing class action lawsuit, lol).
But if it is indeed a partnership, that would be great news. Even if the terms aren't the greatest, clinical development can proceed again, and the reverse split/financing scenario won't be needed. If a partnership, it will be interesting to see how many clinical indications and territories are involved.
Maybe we finally have some good news coming out.
Not sure what to make of this. Just someone who hit buy at market close and it went up on thin volume...or is there some news coming out?
Next couple of days should tell.
WThell.....someone bought in
Just jumped up 50 % before the close..
Any ideas...just that time of the year??
13D posted by Target Capital Management, LLC mirrors PolyMedix Shareholder Group Assessment?
This is an interesting read: http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001029574%2D12%2D000024%2Etxt&FilePath=%5C2012%5C11%5C20%5C&CoName=POLYMEDIX%2C+INC&FormType=SC+13D%2FA&RcvdDate=11%2F20%2F2012&pdf=
"Underperformance and Dilution
The underperformance of the Issuer's Common Shares over the past several years speaks for itself. In any comparison of the performance of the Common Shares of PolyMedix to either a composite of biotech stocks or a stock exchange composite would show large underperformance by the PolyMedix Common Shares compared to biotech stocks or the general market (see the five- year total return comparison set forth in the Issuer's Form 10- K for the fiscal year ended December 31, 2011). In 2012, the per share price further declined and plummeted to 6.666 cents per share on November 14, 2012.
Dilution of Common Shares has contributed to this underperformance. The number of outstanding Common Shares have almost doubled over the past three years. Given the Issuer's future cash needs, if cash is raised through issuance of more Common Shares based on the current depressed market price, the dilutive impact will further decrease shareholder value.
The Board Needs More Credibility with Shareholders and Investors.
Credibility has been an issue for several years. In Stephen A. Springer's April 27, 2009 letter to the Board of Directors, he stated:
"The Company's success is dependant on achieving credibility in the marketplace.. Inconsistent positions as to the Company's capital needs also undermine that credibility.
If the Company loses credibility and the marketplace perceives that there will be disruptions in the Company's achieving its business goals, the situation will create a "field day" for short sellers of the Company's stock. A depressed market for the Company's stock impairs the Company's ability to raise additional capital at a reasonable cost and greatly dilutes the holdings of current shareholders."
The Reporting Person believes that what was true in 2009 is still true in 2012. For example, on April 23, 2012, when the Issuer issued a Press Release announcing "Positive Results" from its Phase 2 Clinical Trial with PMX-30063, the stock price went in the opposite direction and declined from a per share price of approximately $1.25 to a per share price of approximately $.67 on April 24, 2012.
Board and Management Should Be Aligned with the Shareholders.
The Reporting Person believes that the Issuer's Board and management should be aligned with the best interests of the Shareholders, both in ownership and in their actions. According to the 2012 Proxy Statement, the total number of Common Shares currently owned by all Directors and Executive Officers as a Group (does not include options or warrants which have not been exercised) is 3,876,700 Common Shares out of 106,305,860 Common Shares outstanding. The combined ownership of Common Shares by all twelve directors and Executive Officers totals only 3.6%, and the only significant ownership of Common Shares by the directors and executive officers is held by Frank P. Slattery, Jr., the Issuer's Chairman of the Board (1,850,100 Common Shares are held by Mr. Slattery).
The lack of communications by the Board and management with shareholders and investors has reinforced the perception that the Board and management are not aligned with the shareholders. The quarterly conference calls with shareholders and investors have been discontinued. At the May 1, 2012 annual meeting, frustration was expressed by shareholders that the Board and management would not disclose their strategy and refused to discuss the status of its heparin reversal agent (one of the Company's two products in development). Less than ten days later, development of the heparin reversal agent was discontinued.
In July, 2012, the Chairman of the Board told the Reporting Person that, since there is a lawsuit against the Company, the Issuer's counsel has advised the Board to have no short term discussions with Shareholders - even though the Reporting Person has no connection to that lawsuit.
Plans and Proposals.
For the foregoing reasons, the Reporting Person believes that it is important that the Board takes steps to align itself with the interests of the Shareholders. The Reporting Person believes that open communications by the Board with the Reporting Person and other Shareholders is crucial to addressing the current difficulties facing the Issuer.
It is proposed that the Reporting Person communicate directly with Frank P. Slattery, Jr. The Reporting Person would like to reestablish a constructive relationship with Mr. Slattery and the Board. Not only is Mr. Slattery the Issuer's Chairman of the Board, but Mr. Slattery is the only director or executive officer who has significant ownership of Common Shares.
The Reporting Person has no set agenda for his communications with Mr. Slattery. Communications could cover issues such as the potential sale of PolyMedix (either an asset sale or a stock sale); a potential partnership with another biotech company in the development of its products; the need to prevent options from being issued at the current depressed price which would cause further dilution of the Common Shares; greater representation of shareholder interests on the Issuer's Board of Directors; or other matters of interest to the shareholders. It is intended that this communication be constructive and further the best interests of the shareholders."
I couldn't have said it better...
Nic's stubborn strategy of only considering a partnership after good Phase 2 results would have made good sense if PYMX had been developing a better characterized drug entity. The problem was that with a radically new mechanistic approach like defensin mimetics, considerable tinkering to optimize the dose/safety profile could be expected.
And that was exactly what happened with both the antibiotic and the heptagonist - both had blood pressure issues significant enough to require a second Phase 2 to sort out, and PYMX just didn't have the financial wherewithal to do it. The sheer number of clinical indications to explore would also have been much better dealt with by an early broad partnership with a big pharma.
With PYMX's near death experience this year, Nic has hopefully seen the light and will abandon his go it alone 'next Amgen' fetish. Personally though, I won't be convinced until a partnership is actually announced. I still consider the odds of him going the R/S-financing route as more likely.
Gandalf, The funding dilemma remains, but hopefully Nic will now be more willing to partner. Polymedix has ~ 3 months of cash left if they're frugal, so Nic has to quickly decide between a partnership and a reverse split/financing.
With Nic's notorious reluctance to partner, the surge in the pps might actually motivate him to do the R/S-financing. On the other hand, knowing that the FDA hasn't erected a roadblock will be a plus for any prospective partners out there.
Hopefully Nic changes his stripes and finally does the partnership. Even if the terms aren't the greatest, it's better than mega dilution, at least from a shareholder's perspective.
prespective: 1.5 million*.22
with trades going from .09
so,........ about less than $300k worth of trades.
sell before the next news of rs and dillution.
PYMX :)
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Yeah, I am still in the stock, just not on the board much any more. There's nothing really all that interesting to discuss. Just waiting for the financial situation to clarify itself.
Although, I do love the price action today! Maybe next week we will see some follow-through?
This was important news today as I was somewhat concerned about what the FDA would say about the single dose design. That is a big deal. Now let's announce a partnership and send the stock really soaring!
That's not JUST my opinion...
read the prior posts here...
:(
An RS is not ALWAYS a bad thing...
but when done under these circumstances
it usually does NOT turn out well
for the shareholders....
So, in your opinion, it'll do Reverse Split?
Hmmm, that isn't good for the current shareholders. Will be careful with it.
on the bright side...
I could dump it today
for double the $ I would have gotten
YESTERDAY!
LOL! WHAT A DEAL!!!
That was my thought when I read it...
They might get partners who will invest in them. This way, both will be winners.
Hondaboost, It's "subject to the availability of adequate cash resources", so therein lies the rub.
The question is how do they raise the money -- reverse split/financing, a partnership, or some combination.
>> early of next year as their Phase 2 results coming out <<<
The trial hasn't started yet.
PYMX, High as $1.5. It'll go over $1 the early of next year as their Phase 2 results coming out.
With the positive results with FDA, PYMX will continue phase 2 trial. This is extremely bullish.
Going back to $0.20's.
PYMX, Great news out with FDA:
PolyMedix Announces Successful Meeting With FDA for Brilacidin
2012-11-16 08:32 ET - News Release
RADNOR, Pa., Nov. 16, 2012 (GLOBE NEWSWIRE) -- PolyMedix, Inc. (OTCBB:PYMX), a biotechnology company dedicated to developing novel treatments for infectious diseases with defensin-mimetic antimicrobial agents, today announced that it had a Type B meeting with the Division of Anti-Infective Products of the United States Food and Drug Administration (FDA). As a result of the meeting, PolyMedix has direction with respect to the design and conduct of its planned Phase 2B dose-optimization clinical trial using brilacidin for the treatment of acute bacterial skin and skin structure infections (ABSSSI) caused by Staphylococcus aureus (including MRSA) and Streptococcus pyogenes.
"We are pleased with the outcome of our meeting with the FDA, and appreciate the Division's assistance and guidance," commented Dr. Daniel Jorgensen, Senior Vice President of Clinical Development and Chief Medical Officer at PolyMedix. "As a result of this meeting, we are encouraged by our planned path to advance the clinical development of brilacidin, including use of single-dose and three-day dosing regimens, in a Phase 2B dose-optimization clinical trial."
In advance of the meeting, PolyMedix provided the FDA with the Phase 2B clinical trial plans for brilacidin. PolyMedix received support for its proposed regimens of one and three day dosing, as well as guidance to enhance the proposed Phase 2B protocol. Subject to the availability of adequate cash resources, PolyMedix plans to initiate the Phase 2B dose-optimization study in early 2013.
>>> a lot more than "some" <<<
Agreed, a lot of dilution is pretty much inevitable. By my calculations, after a 1/6 reverse split they'll have up to 220 mil shares theoretically available to use for financings, but the amount they can realistically use is limited since they could lose control of the company.
After a 1/6 split they'll have approx 18 mil shares outstanding and 30 mil fully diluted. If a financing is priced at .50 cents post-split they could sell 30 mil shares, though some of that will be taken up by warrants. So figure something like 20 mil shares plus 10 mil warrants. Priced at .50 cents that would net them approx $10 mil in cash proceeds, which isn't enough money on its own to proceed with a clinical trial and pay corporate overhead for very long.
To get additional cash, they have several choices -
1) Partner some clinical indications/territories
2) Issue more than 30 mil shares in the equity financing, while making sure that no single buyer ends up with over 50% ownership of the company. This is risky since two of the buyers could combine forces and control over 50%. The financing deal is already a desperation financing, so either way the financing entity(s) will likely demand and get several seats on the BOD as part of the deal.
Of course Nic's biggest concern is keeping his job, so perhaps this crisis will finally force him into a broad pharma partnership. That's what PYMX should have done a long time ago IMO.
Some dilution? I posit there will be a lot more than "some".
Look at the math. The company is likely to need at least $20M to continue operations, finance the Brilacidin Phase 2 ABSSSI trials and the Phase 1 oral mucositis trials and continue paying its lavish salaries. Even at $.10/share and with a 1:6 RS, and even assuming the stock doesn't drop more pre/post split, they would need to sell 33M shares. After a 1:6 RS but before selling new shares, they would have 106M/6 = 17.6M shares outstanding.
So essentially, all existing shares would be diluted by a factor of almost 3. And that assumes the stock maintains the $.10/$.60 pre/post-split price. If it doesn't, they would likely have to try to sell even more shares.
Bottomline IMO is that the company will survive, albeit with some dilution, and the continued development of defensin mimetics will happen.
A market cap of $8 million seems like the buy of the century considering that defensin mimetics has the potential to cure virtually every infectious disease on the planet. The best strategy is to get a large pharma partner onboard as soon as possible.
>>> I'm beginning to think they are considering filing for Chapter 11 bankruptcy <<<
I doubt that's it (though you never know), since PYMX still has partnerable assets, and the ability to do the reverse split/financing. Distressed biotechs can survive for years, just look at Bianco/CTIC and others.
As I see it, Nic will take one of these two paths -
1) Reverse split / financing, using the money to fund the Phase 2B ABSSSI dose optimization trial in 2013. Then with that data in hand, he seeks a partnership (choice of partnering ex-US rights, full global rights, some or all of the infectious disease indications, with the potential for a co-promote option retained by PYMX). In other words - the same basic strategy Nic has had all along.
2) Partner some or all of the infectious disease indications now, based on the clinical data to date. Nic can carve out oral mucositis from the deal and use that as the inhouse program going forward.
I'm figuring he goes with #1
I'm beginning to think they are considering filing for Chapter 11 bankruptcy protection. It would freeze out the current shareholders and allow them to emerge with zero debt. I've been very tempted to average down myself at <$.10 but that thought keeps nagging at the back of my mind. I wouldn't put it past Nic to screw the current shareholders in return for the opportunity to continue his agenda.
The second scenario of an RS followed by equity sales is another reason I'm holding off on investing more. I believe any such announcement will drive the PPS down again, possibly to $.05 pre-split. That may be my opportunity.
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