PolyMedix Closes $15 Million Registered Equity Financing

Funds To Be Used To Advance First Two Drug Candidates Into Human
Clinical Trials and Phase IB Testing
RADNOR, Pa.--(Business Wire)--
PolyMedix Inc. (OTC BB: PYMX, http://polymedix.com), an emerging
biotechnology company developing acute care therapeutic drug products
for infectious diseases and cardiovascular disorders, announced today
that it has completed a registered offering in which it raised a total
of $15 million in gross proceeds from the sale of common stock units.
The units were priced at $0.70 per unit which at closing separated
into a share of PolyMedix common stock and a five year warrant to
purchase a share of PolyMedix common stock at $1.00. Emerging Growth
Equities of King of Prussia, PA, Fordham Financial of New York, and
Carter Securities of New York placed the units sold in the offering.
The investors in the transaction were both institutional as well as
individual investors.

This financing brings the total equity raised by PolyMedix since
the inception of the company to $45.6 million in gross proceeds. These
funds will be used to advance the first two drug candidates, PMX-30063
antibiotic and PMX-60056 heparin antagonist into human clinical trials
in 2008 and Phase IB clinical testing.

"I would like to thank EGE, Fordham, and Carter for their
first-rate performance in this financing, particularly given the very
difficult conditions in the capital markets," said Nicholas Landekic,
President and Chief Executive Officer of PolyMedix. "We are very
pleased with the terms and response from investors that resulted in an
over-subscribed offering. The investors that participated are leading
institutional funds and accredited investors. The fact that we have
been able to close this transaction on what we consider to be
favorable terms we believe speaks to the potential of our drug
pipeline and the importance of the illnesses and diseases we are
combating. This financing gives PolyMedix the capital to advance our
two lead drug development programs into human clinical development and
the important Phase IB proof of concept studies. This is an important
milestone in our growth and we are enthusiastically pressing forward
with drug development programs that we believe offer innovative,
life-saving therapies for serious infectious and cardiovascular
diseases."

About PolyMedix, Inc.

PolyMedix is a publicly traded biotechnology company focused on
the development of novel drugs and biomaterials for the treatment of
infectious diseases and acute cardiovascular disorders. PolyMedix's
compounds are based on biomimetics: non-peptide small molecule drugs
that mimic the activity of proteins. The Company's antibiotic
compounds, including PMX-30063 - small molecule mimetics of human
host-defense proteins - have a completely different mechanism of
action from current antibiotic drugs, a mechanism which is intended to
make bacterial resistance unlikely to develop. These compounds are
being developed as rapidly acting antibiotics for serious systemic and
local infections. The Company plans to continue the development of
polymeric formulations as antimicrobial biomaterials, which can be
used as additives to paints, plastics, and textiles to create
self-sterilizing products and surfaces. The Company's heptagonist
compounds, including PMX-60056, reverse the activity of both heparin
and Low Molecular Weight Heparins, with the goal of developing an
antagonist drug that is safer and easier to use than currently
approved therapy. For more information, please visit PolyMedix on its
website at www.polymedix.com.

This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and that could cause
PolyMedix's actual results and experience to differ materially from
anticipated results and expectations expressed in these forward
looking statements. PolyMedix has in some cases identified
forward-looking statements by using words such as "anticipates,"
"believes," "hopes," "estimates," "looks," "expects," "plans,"
"intends" and similar expression.. Among other things, there can be no
assurance that PolyMedix's compounds will enter or successfully
complete clinical testing or be granted regulatory approval to be sold
and marketed in the Unites States or elsewhere. A more complete
description of these risks, uncertainties and assumptions is included
in PolyMedix's filings with the Securities and Exchange Commission.
You should not place undue reliance on any forward-looking statements.
PolyMedix undertakes no obligation to release publicly the results of
any revisions to any such forward-looking statements that may be made
to reflect events or circumstances after the date of this press
release or to reflect the occurrence of unanticipated events.

PolyMedix, Inc.
Lona Cornish, 484-598-2340
lcornish@polymedix.com
or
The Investor Relations Group
212-825-3210
Investors:
Erika Moran
emoran@investorrelationsgroup.com
or
Media:
Steven Melfi
smelfi@investorrelationsgroup.com

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