PolyMedix Closes $4.25 Million Private Placement Financing

Financing Follows $15 Million Public Offering Completed in July 2008

RADNOR, Pa. PolyMedix Inc., an emerging biotechnology company developing acute care therapeutic drug products for infectious diseases and cardiovascular disorders, announced today that it has completed a $4.25 million private placement of preferred stock units. Each unit was priced at $7.00 and consisted of one share of PolyMedix convertible preferred stock and a five year warrant initially exercisable for one share of PolyMedix convertible preferred stock at $10.00 per share. Emerging Growth Equities Ltd. of King of Prussia, PA was the placement agent and Carter Securities of New York acted as a selected dealer in the private placement.

Upon an increase to the number of authorized shares of common stock available for issuance, the convertible preferred stock will automatically convert to ten shares of common stock and each warrant will become exercisable for ten shares of common stock at an exercise price of $1.00 per share.

The funds raised in the private placement will be used to continue to the clinical development of the Company’s first two drug candidates, PMX-30063 antibiotic and PMX-60056 anticoagulant reversing agent, which we call a heptagonist. This financing brings the total equity raised by PolyMedix since the Company’s inception to $50 million in gross proceeds.

“We greatly appreciate the interest and support of the institutional and individual investors who participated in this placement,” commented Nicholas Landekic, President and Chief Executive Officer of PolyMedix. “In particular, we are flattered by the participation of both current and new PolyMedix stockholders who invested in this financing round, despite the current turbulent state of the capital markets, and resulted in an over-subscribed offering similar to what we experienced in our July public offering. We believe this interest speaks to the potential of our drug pipeline and the importance of the illnesses and diseases we are combating. We continue to press forward with the development of our compounds, which we believe offer innovative, life-saving therapies for serious infectious and cardiovascular diseases,” added Nicholas Landekic.

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.