Shares of PolyMedix Inc. (OTC: PYMX), a clinical-stage biotechnology company engaged in the development of first-in-class, small-molecule drugs for the treatment of serious acute care conditions, plunged in Tuesday’s trading session.
The penny stock of PYMX ended the day 20% lower at $0.680, with volume up from daily average of 366,450 to 2.15 million. The stock fell 37.61% in the last three trading sessions.
PolyMedix shares tumbled on Tuesday even as the company reported positive results from Phase II clinical trial with PMX-30063, first-in-class investigational antibiotic.
Daniel Jorgensen, MD, MPH, senior vice president of Clinical Development and chief medical officer at PolyMedix, said that he is very encouraged by the final results seen in PYMX’s first Phase II study and these results are particularly exciting as PMX-30063 is the first of a new class of antibiotics that imitates the body’s own immune system and its ability to fight off bacteria.