PolyMedix Inc. (PYMX.OB) of Radnor Files for Chapter 7 Bankruptcy Protection
4/2/2013 8:15:30 AM
PolyMedix, Inc., a small biotech company in Radnor, Pa., filed for Chapter 7 bankruptcy protection Monday, according to a filing with the Securities and Exchange Commission. In January, PolyMedix replaced then-chief executive officer Nicholas Landekic with chief financial officer Edward F. Smith as interim CEO. Smith resigned Monday, according to the SEC filing. A company spokeswoman did not return a call or e-mail requesting comment. With its most advanced drug only in stage two (of three) clinical trials, according to the firm’s website, product revenue was uncertain and far in the future. The SEC filing said the company faced a payment of $6.8 million to MidCap Financial SBIC, LP, and “substantially all of the assets” were pledged to pay the lender. A MidCap Financial spokeswoman did not return a call or e-mail.
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