PolyMedix is touting positive topline data from the mid-stage study of its lead antibiotic today. But the upbeat news and supporting remarks from analysts couldn't keep its share price ($PYMX) from sliding more than 20% this morning.
The Radnor, PA-based biotech said all three doses of the antibiotic PMX-30063 hit efficacy and safety marks in the mid-stage study. And the high and low doses of the antibiotic outperformed Cubicin in the control arm.
The results quickly earned praise from Cowen's Simos Simeonidis, who said: "Overall, we view the data as very positive for PMX-30063 and PYMX." But Simeonidis added that he still has some pointed questions about p-values and other points. And investors seemed to have a few questions of their own as the biotech's shares quickly skidded lower on the news.
"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," said CMO Daniel Jorgensen. "This study demonstrates clinical response rates that are early, sustained, and consistent across all treatment groups. In our next clinical trial, planned for later this year, we will explore ways to optimize the dosing regimen, which will include shorter courses of therapy and the administration of PMX-30063 as a single dose."
Just a few days ago, PolyMedix announced that it had completed a $12 million credit facility that would fund operations and allow the company to restructure its debt.
- here's the press release