Ryan & Maniskas, LLP (
) announces it has filed a class action lawsuit in the U.S. District Court for the Eastern District of Pennsylvania, on behalf of purchasers of PolyMedix, Inc. (OTC BB: PYMX) ("PolyMedix" or the "Company") shares between March 7, 2011 and May 10, 2012 (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at
PolyMedix is a clinical stage biotechnology Company that develops drugs for the treatment of serious acute care conditions. Throughout the Class Period, the Company had two experimental compounds in clinical trials, PMX-30063 and PMX-60056. One of these prospective drugs, 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.
The complaint alleges that beginning on March 7, 2011, the Company, along with its Chief Executive Officer, Chief Financial Officer, and Vice President of Cardiovascular Clinical Development, issued a series of materially false and misleading statements to investors about PMX-60056's commercial viability, safety, and market potential that caused shares of PolyMedix to trade at artificially high prices. Specifically, it is alleged that officials at PolyMedix failed to disclose to investors that: (a) the Company's experimental compounds caused hypotension more often and at lower doses than acknowledged; (b) varying doses of the compound would not eliminate its adverse side effects on a patient's blood pressure; and (c) as a result, the development of the Company's drug pipeline and the business prospects of PolyMedix were at significant risk.
On May 10, 2012, PolyMedix issued a press release disclosing to investors for the time that the Company was halting patient enrollment in clinical trials for PMX-60056 "due to observations of reductions in blood pressure." When the true state of PMX-60056's clinical development and adverse side effects became public, shares of PolyMedix's common stock declined a staggering 29%, closing on May 11, 2012 at just $0.36 per share.