PolyMedix, Inc.(fka PYMXQ)

[gfp927z]

Looks like the 2nd tranche ($4 mil) of the April 2012 credit facility is no longer available (see below).

PYMX got only $1.1 mil in working capital from the April credit facility, because of the $8 mil received, $5.7 mil went to paying off an old credit facility, and now $1.2 mil has to be returned to reduce the debt outstanding.

So this will exacerbate the need to raise money. There is a net loss of $5.2 mil in working capital that would have otherwise been available -




>>> Item 1.01. Entry Into A Material Definitive Agreement.


On June 11, 2012, PolyMedix, Inc., a Delaware corporation (the “Company”) and the Company’s wholly owned subsidiary, PolyMedix Pharmaceuticals, Inc. (collectively, the “Borrowers”), entered into a First Amendment to Loan and Security Agreement with MidCap Financial SBIC, LP, a Delaware limited partnership, as administrative agent and lender. The first amendment, among other things, amended certain terms of the credit facility to reflect the Company’s determination to discontinue its independent clinical development of the anticoagulant reversing compound, PMX-60056, and to seek a strategic partner, which the Company announced on May 10, 2012. Also, under the terms of the first amendment, the maximum amount of credit facility was reduced to the amount of the initial advance of $8.0 million and the prepayment penalty applicable during the first year of the credit facility was reduced to zero, absent an event of default. On the date of the amendment, the Borrowers also made a $1.2 million prepayment reducing its debt outstanding to $6.8 million. The foregoing description of the First Amendment to Loan and Security Agreement is qualified in its entirety by reference to the full text of the First Amendment to Loan and Security Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

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http://sec.gov/Archives/edgar/data/1341843/000134184312000029/form8k.htm




(From April 10, 2012 -- >>> PolyMedix received an initial advance of $8.0 million at closing. A second tranche of $4.0 million is available subject to the terms of the facility. The facility provides for interest-only payments for the first nine months and bears a per annum interest rate fixed at 11.95%. Approximately $5.7 million of the proceeds were used to pay off PolyMedix's previously outstanding credit facility. The remaining proceeds will be used for general working capital purposes.<<< )