April 5, 2010 (FinancialWire) — PolyMedix, Inc. (OTCBB: PYMX), a biotechnology firm focused on developing new therapeutic drugs to treat acute cardiovascular disorders and infectious diseases, said has secured a $14 million credit facility with Hercules Technology II, L.P., an affiliate of Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC).

PolyMedix said it expects that proceeds from the facility may be used to fund certain Phase 3 enabling activities for its two lead compounds, PMX-60056 and PMX-30063, including manufacturing and toxicology studies, and for other general corporate purposes.

In addition, PolyMedix has filed a shelf registration statement to sell up to $100 million of company securities in the future.

According to PolyMedix, the $14 million credit facility with Hercules provides for an initial advance of $10 million, interest-only payments for at least nine months, and bears per annum interest at the greater of 12.35% or prime plus 7.1%, not to exceed 14%.

Subject to the terms of the facility, PolyMedix may obtain an additional advance of $4 million. Repayment of principal begins in 2011. As part of the financing, Hercules received a warrant to purchase 627,586 shares of PolyMedix common stock at an exercise price equal to the 20-day volume weighted average price of PolyMedix’s common stock prior to the closing of the facility, or $1.16 per share.

If Pennsylvania-based PolyMedix borrows the additional $4 million available under the facility, the warrant would become exercisable for an additional 156,896 shares at a purchase price of $1.16 per share. The warrants will expire in five years from the date of the grant.

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