This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Ryan & Maniskas, LLP Files Class Action Lawsuit Against PolyMedix, Inc.

Stocks in this article: PYMX

Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/pymx) 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 rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/pymx.

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,828.24 +0.49 0.00%
S&P 500 2,067.56 -5.27 -0.25%
NASDAQ 4,791.63 +4.3130 0.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs