Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against PolyMedix, Inc.

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 info@rigrodskylong.com, 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.

Finally, on May 10, 2012, the Company issued a press release disclosing for the first time to investors that the Company “decided to stop enrollment in both [PMX-60056] clinical trials due to observations of reduction in blood pressure.” On this news, the price of the Company’s stock declined nearly 39%, closing at $0.39 on May 11, 2012.

If you wish to serve as lead plaintiff, you must move the Court no later than August 31, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Copyright Business Wire 2010

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