NEW YORK, July 13, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at PolyMedix, Inc. ("PolyMedix" or the "Company") (OTC BB: PYMX).
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The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company's experimental compounds caused hypotension more often and at lower doses than acknowledged; (2) varying doses of the compound would not eliminate its adverse side effects on a patient's blood pressure; and (3) as a result, the development of the Company's drug pipeline and business prospects were at significant risk.
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 concerning the commercial viability, safety and market potential of the Company's experimental drug, PMX-60056, which caused Company shares to trade at artificially inflated prices.
On May 10, 2012, PolyMedix issued a press release disclosing to investors 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 $0.36 per share.
Request more information now by clicking here: www.faruqilaw.com/PYMX. There is no cost or obligation to you.
If you purchased PolyMedix securities between March 7, 2011 and May 10, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/PYMX. You can also contact us by calling Juan Monteverde, Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org, email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding PolyMedix's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan Monteverde, Esq.
Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP