Shares of PolyMedix Inc. (OTC: PYMX)
, a biotechnology company engaged in the development of innovative therapeutic drugs to treat patients with serious acute-care conditions, are sinking in today’s trading after the company provided an update on PMX-60056, an anticoagulant reversing agent.
PYMX said that it has stopped enrollment in two clinical trials for PMX-60056. The announcement sent PYMX shares to a new 52-week low of $0.25. At last check, the stock was trading 44.27% lower at $0.326 on above average volume of 6.60 million.
PolyMedix has stopped enrollment for a Phase 2 clinical trial for reversing the anticoagulant activity of unfractionated heparin (UFH) in patients undergoing percutaneous coronary intervention procedures, and a Phase 1B/2 clinical trial for reversing the anticoagulant activity of the low molecular weight heparin enoxaparin in healthy volunteers.
The decision to stop enrollment in the clinical trials was taken after PYMX observed reductions in blood pressure during the studies. The company said that the side effects could be addressed with PMX-60056 being delivered in a larger volume over a longer infusion time. However, given the limited resources and current capital market conditions, PYMX decided to not incur additional expenses related to the PMX-60056 program. The company instead plans to focus on the development of PMX-30063.
Nicholas Landekic, President and CEO of PolyMedix, said that he is disappointed that PYMX will not continue to fund the development of PMX-60056. Landekic said that PYMX believes in the medical needs and commercial opportunities for an anticoagulant reversing agent, and plans to seek strategic partnerships to further develop the program. He added that given the recent positive results from Phase 2 clinical trial with PMX-30063, PYMX is prioritizing its efforts based on available capital.