RADNOR, Pa., March 15, 2013 (GLOBE NEWSWIRE) -- PolyMedix, Inc. (OTCBB:PYMX), a biotechnology company developing small-molecule drugs designed to mimic the activity of host defense proteins (HDPs) for the treatment of infectious diseases and innate immune disorders, today announced that its stockholders voted overwhelmingly to approve a reverse stock split of the company's common stock at a ratio of up to fifty-for-one. The company's board of directors subsequently fixed the reverse stock split ratio at fifty-for-one and fixed the record date for the reverse stock split.
The fifty-for-one reverse stock split of PolyMedix's common stock will take effect at 5:00 p.m. ET on Friday, March 15, 2013. The Company's common stock will begin trading on a post-split basis on Monday, March 18, 2013. Stockholders at the effective time will receive one new share of common stock for every fifty shares that they hold. PolyMedix will not issue any fractional shares as a result of the reverse split. Instead, PolyMedix stockholders who otherwise would have been entitled to a fraction of a share will receive a full share of common stock.
The primary purposes for the reverse stock split are to increase the per share price of the company's common stock to meet the listing requirements of The NASDAQ Stock Market and to facilitate a public offering of up to $25 million of common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.PolyMedix's stockholders also approved a reduction of the number of authorized shares of common stock from 250,000,000 to 25,000,000. The offering of the shares will be made under the company's shelf registration statement, which was previously filed with, and declared effective by, the Securities and Exchange Commission. The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus, copies of which may be obtained from Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY 10019, telephone: 212-813-1010 or email: email@example.com.