PolyMedix, Inc. stockholders have overwhelmingly approved a reverse stock split of the company’s common stock at a ratio of up to fifty-for-one. According to the Radnor, Pennsylvania-based company, “The primary purposes for the reverse stock split are to increase the per share price of the company’s common stock to meet the listing requirements of the NASDAQ Stock Market and to facilitate a public offering of up to $25 million of common stock.” The biotech’s stockholders also evidently approved a reduction in the number of authorized shares of common stock from 250 million to 25 million. PolyMedix, Inc.’s common stock reportedly began trading on a post-split basis on March 18, 2013.

The company, which develops small-molecule drugs intended to mimic host defense protein activity to treat infectious diseases and innate immunity disorders, said that it intends to use the offering’s net proceeds to conduct additional clinical trials for brilacidin, an experimental antibiotic designed “to exploit a method of bacterial cell killing, via biophysical membrane attack, against which bacteria have not shown development of resistance in multiple preclinical studies.” It also plans to develop brilacidin as a “topical treatment for radiation and chemotherapy-induced cancer oral mucositis, a common and often debilitating complication of cancer treatments.” See PolyMedix, Inc. News Release, March 15, 2013.