Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities that purchased the common stock of PolyMedix, Inc. (“PolyMedix” or the “Company”) (OTC BB: PYMX) between December 15, 2010 and April 4, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of PolyMedix during the Class Period, or purchased shares prior to the Class Period and still hold PolyMedix, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/polymedix-inc-pymx.
PolyMedix, a Delaware corporation headquartered in Radnor, Pennsylvania, is a clinical stage biotechnology company that develops small-molecule drugs for the treatment of serious acute care conditions. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the Defendants misled investors about the commercial viability, safety, and market potential for PMX-60056. PMX-60056 was a cardiovascular compound that was intended to reverse the activity of common blood clotting agents in order to avoid the risk of stroke. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on February 9, 2011, the Company initiated Phase 2 clinical trials for PMX-60056 even though Phase 1 clinical trial results suggested that this drug was linked to adverse blood pressure side effects, specifically hypertension. Despite Defendants’ knowledge or reckless disregard of PMX-60056’s adverse side effect, they made no mention as to the severity of this problem, and its effect on the continued development and marketability of this new drug compound.