PolyMedix stops trials of anticoagulant PMX-60056 on safety concerns

US biotech firm PolyMedix (OTCBB: PYMX) has issued an update on its anticoagulant reversing agent PMX-60056, saying it has stopped enrollment in two clinical trials for the compound, news which saw the company’s shares plunge 39% to $0.36.

PolyMedix has halted a Phase II study for reversing the anticoagulant activity of unfractionated heparin (UFH) in patients undergoing percutaneous coronary intervention procedures and a Phase Ib/II trial for reversing the anticoagulant activity of the low molecular weight heparin enoxaparin in healthy volunteers.

In these clinical studies, PMX-60056 showed activity in neutralizing both UFH and enoxaparin, as measured by activated clotting time (ACT) and anti-factor Xa activity, respectively. PolyMedix decided to stop enrollment in both clinical trials due to observations of reductions in blood pressure. The company believes these side effects could be addressed with PMX-60056 being delivered in a larger volume over a longer infusion time. Furthermore, given the limited resources and current capital market conditions, PolyMedix has made the strategic decision to not incur additional expenses relating to the PMX-60056 program and instead focus its development efforts and resources on PMX-30063.