PolyMedix Inc., a Radnor company developing medicines based on technology licensed from the University of Pennsylvania, said it will raise $35 million through the sale of its stock and warrants to purchase shares of its common stock.
The biotechnology company plans to use the proceeds to commercialize potential new drugs for infectious and cardiovascular diseases, fund research, and generate working capital. PolyMedix uses a computational drug-design technology to develop antibiotic compounds, including an intravenous injectable antibiotic to treat hospital-acquired infections.
PolyMedix has raised about $30 million in equity financing since the company was founded in 2002. The stock was trading at $1.80 a share on the OTC Bulletin Board.